Britannia Mining Inc. announced that it has executed a Memorandum of Understanding (MOU) with an iron ore producer in Malaysia, and is positioning to finalize iron ore distribution contracts of over $60 Million. Under the terms of the contract, Elit Mestika Mining will make available to Britannia 600,000 metric tons (Mt) of iron ore each year. The MOU calls for the parties to complete the commercial aspects in order to position the definitive agreements.

Once complete, the transaction will infuse product into Britannia's iron ore supply chain with as much as 6,000,000 metric tons, over the course of the agreement. The MOU indicates the term will be five years with an option to extend by five (5) years. Britannia will also be provided with road transportation and port loading facilities.

With investment dollars proposed by REM Capital, management is building its financial framework, allowing the company to quickly transition from MOU to a Definitive Supply Contract within second quarter. Anticipated revenues from immediate cash producing projects such as this, far exceed the Company's initial conservative projections.