Colossal Resources - CLPZF - Colbalt in Zambia Message Board

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Gold/Mining/Energy : Colossal Resources - CLPZF - Colbalt in Zambia

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To: Cornelis van Helden who wrote (306)	7/2/1997 4:09:00 PM
From: kfdkfd	of 501

News Release News Release - June 30, 1997 UPDATE ON ZAMBIA SLAG PROCESSING PROJECT FOR RECOVERY OF COBALT-CONTAINING INTERMEDIATES Colossal Resources Corp. (NASDAQ - CLPZF) reports continuing processing of Nkana slag in the two 15 tonne Arc Furnaces at the Qasim Mining Enterprises Limited (QMEL) Plant at Kabwe, Zambia. Mr. Dil Gujral, President and C.E.O. is also pleased to report that the QMEL Plant at Kabwe was officially opened by the President of Zambia, His Excellency Mr. Frederick J. T Chiluba on May 16, 1997. QMEL, in which Colossal holds 60% controlling interest, is producing and selling commercially saleable product at initial operating levels. QMEL is selling all the production output to customers in South Africa, Europe and Asia. The Company is also quoting on enquiries to prospective customers in India, Japan and North America on spot and contract supplies. QMEL's water granulated and milled powder product typically contains 10 to 12 percent Cobalt. Operations and plant improvements at Kabwe are being addressed vigorously and production levels are expected to rise. Over 80 tonnes of product has been sold to date and some 160 tonnes of products is expected to be delivered in July. Colossal also reports that engineering and process development work continues at the Brakpan Refinery in South Africa, managed by SACOLCo Pty Ltd., the 100% owned subsidiary of Colossal. SACOLCo management is about to award the first phase of Process Design and Test Work Contract for the Base Metal Refinery Project. Colossal (NASDAQ - CLPZF) continues to search for interesting and profitable venture opportunities in non-Ferrous and Precious Metals and other minerals and is currently assessing other projects in Africa and Asia. Dated at Vancouver, British Columbia, this 30th day of June, 1997. ______________________________ Dil Gujral President and Chief Executive Officer

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