This out today. Had this one on the ticker for quite a while and was ready to give up on it, but it seems to have started an upward climb?? Any thoughts on this NR??
Subject: Stockwatch: Golden Thunder Resources Ltd - News Release
Date: Mon, 14 Sep 1998 13:04:55 -0700
From: newsout@canada-stockwatch.com
Titanium/zircon processing plant to be acquired
Golden Thunder Resources Ltd GTH
Shares issued 2,522,156 Sep 11 close $0.24
Mon 14 Sept 98 News Release
Mr. Michael Dearden reports
Golden Thunder Resources has entered into an agreement to acquire a 50 per
cent interest in a titanium/zircon processing plant in Hainan Province,
China. The company is also in final negotiations to acquire an interest in
two titanium minerals properties in China. These projects are the first
stage of the company's corporate strategy to become a significant producer
of titanium minerals in China. These opportunities result from the work of
Golden Thunder's recently appointed president's extensive travels to China
since 1993. Mr. Sai has developed a network of contacts and a comprehensive
understanding of business and mining laws in China, and started the first
mineral exploration licence issued to a Sino/foreign joint venture.
HAINAN PROVINCE, CHINA
Golden Thunder Resources will purchase 50 per cent of the issued and
outstanding shares in Tai Yi Mining Co. Ltd. which has a titanium
minerals/zircon processing plant, in Wenchang County, Hainan Province, by
providing expansion capital of approximately $250,000 (U.S.). This capital
will be used to double production capacity to 4,000 tonnes zircon and
10,000 tonnes titanium minerals (ilmenite - 52 per cent TiO2) and 400
tonnes of rutile minerals (rutile - 95 per cent TiO2) per year. Current
world prices for these minerals are $450 (U.S.)/ton for zircon, $75
(U.S.)/ton for ilmenite and $600 (U.S.)/ton for rutile.
Zircon and titanium are two of the world's most widely used industrial
minerals. Zircon is used in the manufacturing of ceramics and foundry
refractories and titanium minerals are mainly used to manufacture titanium
dioxide, a white pigment used in paints, plastics and paper. China is a net
importer of zircon and titanium minerals.
Feedstock for the plant will be supplied by local mining companies at a
price based on the zircon/titanium content in the ore. After expansion, the
Wenchang plant will be able to produce over $3,000,000 in zircon and
titanium minerals concentrates per year at current world prices.
Approximately 60 per cent of the total known alluvial titanium reserves of
China are in Hainan Province, estimated at over 20 million tonnes of
titanium.
The company is also negotiating the acquisition of 100 per cent of the
shares of World Way Investments Co. of Hong Kong from Wong Shek Sang,
retired chief geologist for Guandong Province Bureau of Geology, Peoples
Republic of China. World Way has applications pending for two titanium
projects. The first project is a 60 square kilometre mineral sands
exploration and development concession in joint venture with the Hainan
Bureau of Geology (70 per cent World Way/30 per cent Hainan Bureau).
Previous drilling and sampling by the Hainan Bureau of Geology has
identified titanium minerals and zircon in the area.
HENAN PROVINCE, CHINA
The second project is a titanium (rutile - 95 per cent TiO2) exploration
and development joint venture in Henan Province with the Henan Bureau of
Geology. The Henan titanium deposit is a volcanic meta-sedimentary type,
encompassing a strike length of 26km by 800 - 1,500 metres wide. The Bureau
of Geology has identified five ore blocks of rutile from previous work that
includes trenching, pitting and drilling. The property is in close
proximity to roads, power and a major city. The Henan joint venture
interests are 70 per cent World Way and 30 per cent Henan Bureau of
Geology.
YUNNAN PROVINCE, CHINA
The company's Yunnan Yuntong joint venture is preparing an application to
the Ministry of Land & Resources for a permit to mine its gold property in
Yunnan Province. Plans are for a 200 tonnes per day heap leaching
operation. Golden Thunder is earning a 60 per cent interest in the Yuntong
joint venture by completing $240,000 (U.S.) of exploration expenditures.
The Vancouver Stock Exchange has approved the acquisition of the company's
interest in the Yuntong joint venture, and the company has issued 50,000
shares to Diamond Works Ltd. as per the agreement.
The company has completed its reorganization and is no longer deemed
inactive.
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