First American Scientific Corp. signs Agreement in Principle with Beau Pre Explorations Ltd. (BPD, CDNX)
First American Scientific Corp (FASC-OTC, BB)
VANCOUVER, Aug. 9 /CNW-PRN/ - C.L. Kantonen, President, is pleased to
announce the next phase in the development of First American Scientific Corp.
The company has entered into an agreement in principle with Beau Pre
Explorations Ltd. (BPD, CDNX) to commence an initial bench test of gold
bearing material that will be processed through the KDS Micronex(TM) system.
Previous testing has shown the ability of the KDS to separate precious metals
from similar ore.
It has been agreed that Beau Pre will supply ore on an ongoing basis to
be processed at FASC's facility. If the precious metal recovery proves
economically viable, FASC will have the option of locating KDS machines on
Beau Pre's high grade mining properties located on Valentine Mountain, Sooke
district, British Columbia, Canada. The agreement provides for both parties to
share 50-50 in the net operating profits under a joint venture operating
agreement.
Vancouver KDS location update:
During the last 4 months, management has been able to recover a working
machine from Tonasket, Washington and install it at Vancouver Blowers' Delta
fabrication site. After a complete retrofit the machine was placed in
operation at the end of June 2000. On-site improvements to the system include
a new input feeder and hopper system, the addition of temperature and pressure
gauges, improved heat resistant seals and a redesigned conveyor system.
Arrangements are currently underway to relocate the KDS Micronex(TM)
demonstration machine to its permanent location, but until rezoning is
complete, all processing will take place at the current site. During the past
5 weeks we have processed samples of more than 32 separate products from six 6
corporate groups in the mining, forestry and soil remediation industries.
Management is optimistic that this should result in 1 or 2 sales of the KDS
system. The next product to be processed will be the ore supplied from Beau
Pre Explorations Ltd.
Bakersfield project update:
Management has been diligently working, through its attorneys, to
finalize an agreement that will re-establish its control over this critical
production site. Upon completion of these negotiations which are expected to
be finalized before the end of August, 2000, FASC will have a fully
operational plant with two KDS machines complete with bagging equipment that
will be used to process a variety of materials, and to showcase a working
model for potential buyers. At this point in time the company has had several
interested parties from the junior mining sector who are seeking an
alternative method of recovering gold and other precious metals from their
ore.
Report from Ireland:
The technical report on our Irish equipment, prepared by Dr. Robin Clarke
of the University of Ulster, validated engineering principles and itemized the
maximum load speeds and stress factors for each component of the KDS
Micronex(TM). Based on this data, our Irish joint venture partners are
continuing to develop a plan to bring the throughput volume up to commercially
viable levels. A copy of the full report will be posted on our website in the
next week.
VideoMovieHouse.com project update:
FASC is pleased to announce the hiring of Mr. Steve Gaspar as Operations
Manager of VideoMovieHouse.com and the establishment of a
warehousing/fulfillment center in Clearbrook, BC, Canada. Mr. Gaspar expects
the web site to be fully operational in 4 - 6 weeks, with e-commerce sales
commencing in early October 2000.
Czech Republic project update:
FASC solicitors are continuing to evaluate the viability of this project.
At this point, we have been unable to register our US patents in the Czech
Republic. Until this is completed, management feels that the risk to the
shareholders and FASC is too great and will not proceed with sending equipment
and technology into a foreign jurisdiction until we are legally protected.
Appointment of new Director
Effective August 8, 2000, Mr. John Brian Nichols of Courtenay, BC,
Canada, has accepted the appointment to the position of Director of FASC.
Certain information and statements included in this release constitute
forward looking statements within the meaning of Federal Private Securities
Litigation Reform Act of 1995
ON BEHALF OF THE BOARD OF DIRECTORS
C.L. Kantonen (Chairman and President)
FASC: (NASD Bulletin Board)
Web Site: www.fasc.net
SOURCE First American Scientific Corp.
-0- 8/9/2000
/CONTACT: Investor Relations: Toll Free 877-778-7101 or 800-561-8656
To request a free copy of this organization's annual report, please go to
www.newswire.ca and click on reports@cnw/
-- VA007 --
0109 08/09/2000 18:17 EDT prnewswire.com
Copyright PR Newswire 1998. All rights reserved. |
