So Planetary Resources is not bogus. Its the world's newest space company and it will start prospecting near Earth asteroids by the end of 2013. The asteroid mining startup is backed up by a bunch of rich and famous people including James Cameron, Google's Larry Page and Eric Schmidt.

Its launch event was held at the Museum of Flight in Seattle.

Founders Peter Diamandis and Eric Anderson dished out some details in the press conference, and you can check out the video above for it.

“We’re not just going to talk about mining asteroids, we’re going to do it,” insisted Anderson. He described a new brand of spacecraft, the Arkyd series, that will launch new space telescopes in a two-year time frame.

Launching the telescopes, will be used to identify near earth asteroids that are rich in water and precious metals such as platinum which can be worth on upwards of $1,500 an ounce. Over 9,000 NEAs have been discovered so far and its likely less than 1% of the total number of asteroids that intersect Earth's orbit.

“We’re going to drastically reduce the cost of visiting these asteroids, from hundreds of thousands of dollars to tens of thousands,” he added. “We’re going to put a network of gas stations up there.”

Other investors include Microsoft veteran (and astronaut) Charles Simonyi, and Ross Perot Jr. — not just the son of the former presidential candidate, but the first man to fly a helicopter around the world.