Warren:
Just got this by email.... CSL seems to be continuing to put the pieces together.
Howy
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NEWS RELEASE
August 8, 2002
R. Page Chilcott, the President of Cadre Resources Ltd. (the "Company") announces the signing of a Letter of Intent (the "LOI") between Cadre and Seabulk Systems Inc. ("Seabulk"). By this LOI, Seabulk and Cadre jointly agree to form a Strategic Alliance (the "Alliance") with the objective of developing jointly, a shiploading and marine transportation system using self-unloaders for the multi-product alluvial mineral-quartz/granite aggregate extraction project known as the Caroni River Project (the "Project") in the State of Bolivar, Venezuela.
Seabulk, headquartered in Richmond, British Columbia, has been involved in unique Bulk Materials Handling Systems for more than 12 years, undertaking unique proprietary and prototype, turn-key "design and build" projects for the marine industry world-wide.
Seabulk principal fields of activity include: Marine Terminals, Marine Transportation, Bulk Materials Handling Systems, Transhippers and Self-unloading Vessels. Terminals include - Rod Dog Alaska port facility for loading lead/zinc concentrates; Sechelt aggregate export terminal for North America's largest open-pit sand and gravel producer; Self-unloading vessels-conversions and/or design and build self-loading/self-unloading bulk carriers; Transhippers- semi-submersible and iron ore transhippers.
Subject to the concurrence of the Venezuelan Government Authority on the granting of satisfactory permitting assurances, the Alliance intends to finance and proceed with a Feasibility Study ("FS"). The FS will include the development of a new shiploading terminal at Puerto Ordaz and an economical marine transportation system compliant with IMO rules for the delivery of construction aggregates to markets in the U.S. and the Caribbean region.
Current members of the Alliance include Seabulk, Bateman Project Holdings Ltd and Cadre.
Personnel representing the Alliance, in the company of renowned environmental experts, are currently proceeding to Venezuela in order to present a detailed technical proposal and permit application.
Venezuelan acceptance of the permit application will allow the planning of a Feasibility Study.
CADRE RESOURCES LTD.
"Page Chilcott"
R. Page Chilcott, President |
