TORONTO, April 6, 2010 (GLOBE NEWSWIRE) -- Aspire International, Inc. ("Aspire" or the "Company") (OTCBB:APIT -News) announced today that a Memorandum of Understanding (MOU) has been signed with the Ministry of Industry, Mines and Energy (MIME) of Cambodia for conducting geological data collection in Phnum Ngout area, Salakrau district, Pailin province, Ratanakmondol and Samlot districts, Battambang province, Kingdom of Cambodia.
The objective of the MOU is the cooperation of geological data collection for preliminary geological survey for mineral deposits in the above-mentioned area. The MIME Ministry of Cambodia agrees to allow the Company to cooperate with General Department of Mineral Resources (GDMR) to conduct the geological data collection to consider in applying for the exploration and exploiting licenses in the future.
Aspire Has Obtained the Right for Exploration and Geological Data Collection in Cambodia
The surface area by mining standards is quite exceptional at 261 square kilometers. This sizeable area under acquisition is considered to contain rich amounts of Iron Ore that, based on historical exploration data, represents a potential resource size believed to be in excess of 1 billion tons of exploitable Iron Ore.
Iron Ore has more than doubled in price over the past year and currently sells for as high as $140 per ton. With recent media reports of expectations of prices in excess of $200 per ton by year's end, it makes this MOU an especially valuable opportunity for Aspire to acquire a very sizeable Iron Ore deposit so close to China, which is by far the largest importer and most voracious consumer of Iron Ore in the entire world.
Aspire International Inc. (OTCBB:APIT - News) was registered on December 18, 2007 in the state of Maryland. Perfisans Networks Corporation, founded in 2001, is a wholly owned subsidiary of Aspire International Inc. and is headquartered in Markham, Ontario, Canada.