Here is today's release:
(Full text of press release from Canadian Corporate News)
JUNE 4, 1997
International Panorama Resources: Kakanda/Kambove Project
Ratified by New Government of the Democratic Republic of Congo
(Zaire)
VANCOUVER, BRITISH COLUMBIA--International Panorama
Resource Corp. ("ILP") announces that its copper/cobalt
project at Kakanda/Kambove has been formally ratified by the
Honorable Kambale Kabila Mututulo, Minister of Mines of the
new government of the Democratic Republic of Congo, formerly
Zaire.
The results of the pre-feasibility study released on May
27, 1997, indicates that the copper/cobalt defined tailings
and inferred open pit resource of over 34 million dry tonnes
provides for a production life of over 15 years. ILP
anticipates annual production rates of 3,500 tonnes cobalt and
45,000 tonnes copper, generating gross revenues of over $2.65
billion over the production life.
Net project revenues after operating expenses using $1.00
per pound for copper and $11.00 per pound for cobalt are
estimated to exceed US$1.56 billion. 85 percent of revenues
will be used to repay capital expenditures, estimated at
US$240 million, and 15 percent will be paid to the joint
venture partners. After capital pay back, ILP will receive 51
percent and Gecamines 49 percent of revenues. ILP expects
revenues for its
51 percent interest in the project to exceed US$664 million, after capital
payback and a royalty of 1.5 percent to Gecamines. This would result in
average annual earnings for ILP in excess of US$41 million. The pre-
feasibility study suggests a net present value (NPV) of US$203 million and
an internal rate of return (IRR) of 47 percent for ILP's interest in the
project.
ILP is proceeding with the completion of the full feasibility study and
commencing civil works in the last quarter of 1997. Production is
scheduled to begin mid-1999. ILP is trading on the Vancouver stock
exchange and is quoted on the U.S. OTC Bulletin Board.
International Panorama Resource Corp.
Adrian Hartmann, Chairman
FOR FURTHER INFORMATION PLEASE CONTACT:
International Panorama Resource Corp.
Adrian Hartmann
Chairman
1-800-931-1818
Website: intlpanorama.com |
