Great news
Calgary May 10, 2001 - Radar Acquisitions Corp. (RAC - CDNX)
Update on Riverbend Project
John Bergen ( President of Radar ) reports,
Radar’s Buick Coal Project and Heavy Minerals Project are currently being reviewed by Kvaerner E&C’s Toronto office. Kvaerner has provided design, engineering, procurement, construction and project management services for mines and metals processing facilities on every continent. Many of these projects involved the investment of hundreds of millions of dollars. Kvaerner’s team of over 9000 employees operating from over 30 offices world-wide have facilitated many projects, similar to Radar’s Limon Colorado Heavy Minerals and Coal Project, from conception through to start-up. Kvaerner’s breadth of capability makes them an ideal complement to Radar’s team.
An aspect of Radar’s project that is of particular interest is the occurrence of the coal seams overlying the heavy mineral deposit. The overburden (the term given to the layers of material between the mineral and the surface) must be removed in order to, in turn, remove the resource. In the case of our Limon Colorado property, the cost of removing the overburden could likely be shared between the Coal Project and the Heavy Minerals Project. With the costs of overburden removal reduced for each resource, the prospective economics of each resource are increased.
Coal is the predominant fuel source used for electric power. Coal currently provides around 36% of the world’s electricity. Cleaner, efficient and environmentally aware methods have been developed for the cleaner burning of coal. The most modern technologies being developed allow substantially lower emissions than even a few years ago. The Bush administration has budgeted $150 million for the next year to support the development of cleaner technologies. Vice President Cheney calls coal the most available and most affordable way to generate power. He recently stated that over the next two decades, it will take between 1,300 and 1,900 new power plants - or one every week for 20 years - just to meet projected increases in nation-wide demand. (Rocky Mountain News May 1/2001)
The coal situated on the Limon Colorado property is a soft lignite. There are many coal generating power plants around the world that use a similar coal.
Comparison of Limon Coal and Other Similar Coals
SOURCE NAME Btu/LB SULPHUR% ASH% US$/sTON
Falkirk (ND)* 6232 0.6 11.4 $9.51
Alcoa (TX)* 6468 1.1 17.5 $15.72
Dolet Hills Mining (LA)* 6644 1.14 15.4 $16.89
Freedom Mine (ND)* 6588 0.64 9.1 $8.81
Utility Coals Ltd. (SK)** 6760 0.4 10.8 ............
Radar (CO)*** 6328 0.5 12.5 ............
* - Federal Energy Regulatory Commission (FERC) Form 423 (2000 Lignite Sales)
** - Department of Energy, Mines and Resources (Mines Branch Ottawa)
Evaluation of Canadian Coals: Saskatchewan, Alberta and British Columbia - 1971 T. E. Tibbetts Fuels Research Centre June 1972 *** - TS2 Consulting - Buick Coal Project Limon, Colorado U.S.A. October 2000
To date, Radar has leases (aprroved, pending approval and assigned under letter of intent) of coal and heavy minerals covering approx. 17,000 acres. The leases follow the major trend of coal and heavy minerals.
The upcoming scoping study report by Kvaerner will address the economic viability of the property.
John Bergen
President and Director
For Further information contact:
Radar Acquisitions Corp. Boardmarker Consultancy Group Inc.
Tel: (403) 262-3797 Tel: (403) 517-2270
Fax: (403) 233-2344 Fax: (403) 517-2289
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