HENDERSON, Nev.--(BUSINESS WIRE)--May 15, 2014 -- Double Crown Resources, Inc. (OTCQB: DDCC), a fully reporting company, (hereinafter, "Double Crown"), has updates on several positive developments which have been achieved recently with some of its most important projects. First, an agreement has been reached granting Double Crown rights to all barite ore from the Bilojom II barite mine in Guatemala. The formal contract signing for this agreement is expected next week. Barite is a strategic mineral needed for both on-shore and off-shore oilfield drilling methods today. Under terms of the agreement, Double Crown will partner with the mine’s original owner, Mr. Jorge Luis Avalos and his company, Geominas S.A. de CV, which is well established in Guatemala.
Secondly, a legal counterclaim brought over trade secrets and related issues involving Double Crown's Transprop AGG transport system has been dismissed without prejudice. This is a favorable court ruling for Double Crown and its wholly owned subsidiary DDCC Marketing Group, LLC. Although an amended counterclaim is expected to be filed in the near future, Double Crown strongly disputes its liability and intends both to defend itself vigorously and to obtain a declaratory judgment vindicating the unique, patentable characteristics of its system. Double Crown has filed a provisional patent application with the U.S. Patent & Trademark Office on April 11, 2014 to protect our ability to develop and market our transport system. We will move forward now with full development and commercial deployment of this important product. Plans for a greatly improved version of the transport system are currently in late stage development and a working prototype unit is expected within 30 days.
Regarding the new agreement for Guatemalan barite, Double Crown's Chief Operating Officer Antonio B. Castillo commented, "We have been working for over a year's time to bring the valuable mineral resources of Guatemala into our package of available assets for oilfield drilling customers. The barite from Guatemala is some of the best quality in the world and we will now have exclusive rights to 100% of the ore from the Bilojom II mining operation for this mineral in Guatemala. Sincere thanks must be expressed to everyone who made this arrangement possible especially our local business associate, Mr. Johans Perez. Mr. Perez and his team in Guatemala served as our boots on the ground throughout all of the research, surveying, sampling and other due diligence phases of this project. A successful result would not have been possible without their very professional, long-term commitment and dedication. Additionally, two weeks ago I traveled to Guatemala to meet with representatives of the government's Ministry of Energy and Mining. These representatives included Vice Minister Ivanova Ancheta Alvarado and General Director of Mining Fernando Castellanos Barquin. These high-ranking members of the Guatemalan government have shown tremendous support and enthusiasm for the project with Double Crown Resources. We are proud to be a part of the revitalization efforts in the mining industry of Guatemala and what this will mean to its people. It is our hope that revenue generated from the revitalization of the Guatemalan mining industry can change the lives of the local people in need.” At this time Double Crown also has an update on the company's first purchase order for barite from Mexico which was announced in February. Our management had a successful meeting last week with officers of the Mexican government to advance this project. As a result, we anticipate delivery to the purchaser's drilling site for proving-up tests in less than a month's time. More information will follow as it becomes available.
On the subject of Double Crown's aggregate material transport system, President Allen E. Lopez had this to say, "Recent design engineering work has produced a new system that is far advanced from the original Transprop AGG. We have worked diligently to perfect the interlocking, multi delivery/conveyance, transport system designed for multiple products and multiple industries. The advanced design is being prototyped now and will be tested at our facility in Texas in a few weeks. The new system will deliver where all the others fall short and will outperform the original Transprop AGG design in numerous key functions. The new design is a sophisticated, multi-function, manual/pneumatic, double stack, interlock, intermodel, industrial quantity, multi product, global transport, transload, transfer system. Improved features include; multiple conveyance units, interlocking boot, manual and pneumatic options, all mechanisms operable while units are stacked and multiple conveyance delivery system. Our management team is very appreciative of all the contributions from professional alliances we have forged to date. The steps forward we have taken are leading us steadily towards our primary goal of turning Double Crown Resources into a performing, profitable corporation. We are very bullish of the future and expect to be releasing more positive news shortly."
About Double Crown Resources, Inc.
Double Crown Resources, Inc. is a natural resource exploration and development company holding a 100% interest in the Bateman gold & nickel prospect near Thunder Bay, Ontario, Canada. In addition, Double Crown is targeting new properties as well as oilfield supply & service projects that have the potential for near-term positive cash flow. The company is presently reviewing a number of new natural resource properties that are near to, or in production, located in North, South and Latin America. Multiple oilfield service projects are currently under active development. Double Crown Resources, Inc., originally founded in 2006, is based in Henderson, NV.
Neither this press release nor any related calls or discussions constitutes an offer to sell, or the solicitation of an offer to buy, any securities.
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Double Crown Resources, Inc., please refer to its website at http://www.doublecrownresources.com/.