A new company backed by two Google Inc. billionaires, film director James Cameron and other space exploration proponents is aiming high in the hunt for natural resources—with mining asteroids the possible target.

The venture, called Planetary Resources Inc., revealed little in a press release this week except to say that it would "overlay two critical sectors—space exploration and natural resources—to add trillions of dollars to the global GDP" and "help ensure humanity's prosperity." The company is formally unveiling its plans at an event Tuesday in Seattle.

Peter Diamandis, a proponent of non-governmental space flight, is behind Planetary Resources.

While the announcement may cause some people to snicker at what could be a page out of a sci-fi novel or a Hollywood movie scene, Planetary Resources is making its debut just as scientists at the National Aeronautics and Space Administration and other groups are embracing the notion of mining "near-Earth asteroids" and providing blueprints for how such a feat would be accomplished.

The possibility of extracting raw materials such as iron and nickel from asteroids has been discussed for decades, but the cost, scientific expertise and technical prowess of fulfilling such as feat have remained an obstacle. NASA experts have projected it could cost tens of billions of dollars and take well over a decade to land astronauts on an asteroid.

Tuesday's event is being hosted by Peter H. Diamandis and Eric Anderson, known for their efforts to develop commercial space exploration, and two former NASA officials.

...People listed by Planetary Resources as members of its "investor and advisor group" include Larry Page, Google's chief executive, and Eric Schmidt, the company's executive chairman; Mr. Cameron, whose film "Avatar" depicted a corporate venture to extract natural resources from another planet; former Microsoft Corp. executive Charles Simonyi, who has made two trips to space and funded other related activity; Ram Shriram, a Google director and venture capitalist; and Ross Perot Jr., son of the Texas technology entrepreneur and former presidential candidate Ross Perot.

Former NASA Mars mission manager Chris Lewicki is listed in the press release as president and chief engineer of Planetary Resources, with Messrs. Diamandis and Anderson as co-chairmen.

None of the men could be reached for comment. A spokeswoman for Planetary Resources, which discloses few details on its website, declined to comment.