CybeRelease: (OTC: TNRO) Announces Six-Month Results
(CybeRelease, January 25, 2007) - Lake Harmony, PA - Terra Nostra Resources Corporation (OTC BB: TNRO), is pleased to announce results of operations for the six months ended November 30th, 2006.
Consolidated revenues totaled US$111.9 million, yielding gross profits of $5.9 million, and consolidated EBITDA of $2.89 million. These consolidated figures include copper joint venture operations, stainless steel joint venture start-up operations, and Terra Nostra overhead.
The copper joint venture contributed revenues of $103.8 million from the production at Shandong Terra Nostra Jinpeng Metallurgical, comprised of approximately 11,000 metric tonnes (MT) of electrolytic copper and value added products, 3,000 MT of low-oxygen copper products, and precious metals produced as byproducts. Shandong Quanxin Stainless Steel revenues of $8.1 million are comprised of ramp up stainless steel billet production and trial production quantities of stainless steel strip.
Mr. Don Nicholson, CEO, comments “Terra Nostra is very encouraged with the progress being made by both joint venture companies. We have accomplished a great deal in getting the copper operations integrated into the U.S. holding company, and the effort our team in China has put into getting the stainless steel plant operational has been outstanding. As we finish our build out and put construction and ramp-up costs behind us, we expect that our stainless steel production will continue to expand and generate positive EBITDA this fiscal year.”
About Terra Nostra Resources Corporation
Terra Nostra is one of the leading copper producers in China through its 51% interest in Shandong Terra Nostra Jinpeng Metallurgical Co. Ltd., which has an existing and under construction production capacity of 170,000 MT of electrolytic copper, 20,000 MT of low-oxygen copper, and value-added copper rod and wire facilities. Terra Nostra is also emerging as a leading stainless steel producer in China through its 51% interest in Shandong Quanxin Stainless Steel Co. Ltd., a modern stainless steel production facility that commenced operations in early 2006 with a now expanded 230,000 MT casting mill, and a recently commissioned 150,000 MT rolling mill. The two joint venture companies, with total assets exceeding US$ 200 million and having over 800 employees, are located in the highly industrialized coastal province of Shandong, midway between Beijing and Shanghai.
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