A great release - they have financing, they have an operator and they even have the property w/ a defined marketable product. Once they get the mining law in paper from GB - they should be ramping up an awareness program for the mkt. To date - you might call their promotion a little lacking - a cult following is not gonna move this one much higher. New blood is required - or a takeover!
Champion appoints operator for Farim mine
Champion Resources Inc CHL
Shares issued 24,184,440 Oct 20 close $1.10
Thu 21 Oct 99 News Release
Mr. Michael McInnis reports
Champion Resources has signed a framework agreement with Met-Chem Canada
Inc. and Time Mining (Pty) Limited to become the contract operator of the
Farim phosphate mine in Guinea Bissau, West Africa. Met-Chem and Time have
formed a joint venture that will operate the mine and the processing plant
once construction is completed in early 2001. The engagement of an operator
experienced in mineral operations in Africa represents another important
step toward putting the Farim deposit into production.
Prior to mine startup, MCTM will monitor the plant construction, locate and
employ staff for the project and provide appropriate training of key
personnel. Once the mine is commissioned, MCTM will undertake the
day-to-day operations of the facilities under Champion's supervision, which
will include implementation of appropriate control systems, operator
training, placement of key personnel, running the process plant and power
plant, supervision of contract mining operations, communications and
co-ordination of the transportation of phosphate rock to market.
Met-Chem is recognized as a highly qualified operations and consulting firm
in the mining industry in Canada and abroad. It was established in 1969 and
has its headquarters in Montreal, Que. Met-Chem is a wholly owned
subsidiary of USX Engineers and Consultants, Inc., which is part of the
U.S. Steel Group of USX Corporation in Pittsburgh, Pa. Time Mining (Pty)
Limited was founded in 1987 and has its head office in Johannesburg, South
Africa. It is a project development and operations group that manages,
designs, develops and executes mining and metallurgical projects throughout
Africa. The joint venture partners are very experienced in African
projects, having operated in numerous countries in the continent.
Champion Resources has a 100-per-cent interest in the Farim phosphate
project, which has phosphate reserves in excess of 105 million tonnes
grading 29.8 per cent P(2)O(5) with a mine life of over 25 years. Annual
production from Farim is planned to reach 1.5 million dry tonnes of
phosphate rock concentrate grading 32 per cent to 34 per cent P(2)O(5).
(c) Copyright 1999 Canjex Publishing Ltd. |
