Champion Resources mining progress
Champion Resources Inc CHL
Shares issued 24,184,440 Jul 28 close $1.03
Wed 28 Jul 99 News Release
Mr. John Hiner reports
A number of facets of the technical due diligence program have been
successfully completed at the Farim Phosphate Project in Guinea Bissau,
West Africa.
The environmental assessment has been completed by Rescan Environmental
Services of Vancouver, B.C. Results indicate that there are no
environmental issues that will delay mine development.
Rescan also completed an on-site evaluation of the Cacheu River to confirm
its navigability for product transport. The river has a deep and clearly
defined channel to Binta, a port within 12 kilometres of Farim. The river
is deep and wide enough, not only to permit barging, but might be amenable
to ocean-going traffic, substantially reducing barging distance or
eliminating barges completely.
In addition, drilling is under way. Phosphate core samples will be sent to
Bateman Engineering in Johannesburg, South Africa, for metallurgical test
work and analysis. Champion has mobilized personnel to South Africa to
oversee this test work and other engineering-related activities.
Champion has been informed that the council of ministers, the ministry of
finance and the prime minister have approved the draft mining law. The law,
which modernizes the mining code, should be enacted in the August, 1999,
parliamentary session.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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