Wow did ido.v ever tank mid-day, some doofus at ML sold it down right to one loonie through weak bids ... i just added a bunch, obviously about fifteen per cent too high, lol
scq.v - if i had some i wouldn't be selling it today -
South Atlantic's commences with project
South Atlantic Resources Ltd
SCQ
Shares issued 32,379,744
2001-03-20 close $0.3
Wednesday Mar 21 2001
News Release
Mr. Edward Posey reports
South Atlantic's 38 per cent owned, publicly traded subsidiary, North Atlantic
Natural Resources AB (NAN), has commenced development of the Storliden
copper-zinc deposit with partner Boliden AB. The Storliden deposit is located in
the Skellefte mining district of northern Sweden.
The Storliden deposit will be developed and operated as an underground mine
through a joint operating agreement with Boliden acting as principal contractor.
Boliden will then treat the ore at its treatment facility located in the town of
Boliden, 90 kilometres from the Storliden mine.
Construction of the surface facilities and entrance for the new mine are to begin
immediately. Contracts for the development of the underground access tunnel and
the operation of the mine are now being finalized. First production of ore is
expected early in 2002.
The copper and zinc concentrates produced will be sold on the European market
with annual production of 25,000 tonnes of contained zinc metal and 10,000
tonnes of contained copper metal over a mine life of six years.
The estimated pretax net profit (undiscounted), over the mine life at current metal
prices and current exchange rates is $90-million (U.S.). Two-thirds of the net
profit will go to NAN and one-third to Boliden.
In addition, as part of the new agreement, NAN will receive $1-million (U.S.) and
will recover its costs for exploration over the life of the mine in the amount of
$5-million (U.S.). Further project economic and financing details will be finalized
in the coming weeks.
In addition to South Atlantic's 38-per-cent ownership of NAN, the company has,
as recently announced, acquired the Nordic Platinum project in Finland. The
Nordic Platinum project encompasses over 300-square kilometres and is directly
adjacent to and on strike with the recently announced Gold Fields/Outokumpu
Platinum Group Metal discoveries (three million ounces). South Atlantic will be
very shortly commencing a geophysical program on the project, to be followed by
drilling on several key targets within the next couple of weeks.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com
Quality can go unrecognised a long long time ... look at tnk.to - i still think those were nice holes, Mr Market doesn't care, i haven't even bought any myself ... just no sense of urgency ... but a person wouldn't want to put it off too long, thinking it out carefully and getting positioned .... i've got scq.v on the watchlist, for sure ... but damn, there are so many scraping the bottom - you know how much i like bay.to, well looks like i might get some more 1.31s of that PoS, aaargh, lol .... such is life |
