News release....
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Cadre Resources Ltd.
P.O. Box 48836 Bentall Centre
595 Burrard St., Vancouver, B.C. V7X 1A8
Phone: (250) 447-6641
TSX Venture Exchange-CSL 12g-2(b):82-2911 BB: CDRUF NEWS RELEASE
September 10, 2002
R. Page Chilcott, the President of Cadre Resources Ltd. (the "Company") announces CADRE RESOURCES LTD. and BATEMAN B.V. as members of a Strategic Alliance, have filed a formal application (the "Application") with Venezuelan authorities for permits to remove 10 million tons of sand and gravel per year on a long term basis subject to the positive and acceptable outcome of a detailed Feasibility Study (FS).
Attached to that Application is the "Proposal to Study the Feasibility of the Extraction and Remediation of Mercury Contaminated Sediments in the Lower Caroni River, Venezuela" (the "Proposal"). This Proposal follows extensive preliminary studies conducted over the last decade, both private and public, related to the contamination and excessive sediments in the Lower Caroni basin. The preliminary conclusion of those studies indicates that a large-scale "clean up" program would be, not only environmentally necessary, but also, technically and economically feasible. An extensive bibliography within the Proposal outlines the extensive research that has gone into this Application.
The Proposal has been formally filed with the Ministry of Mines (MEM) and INGEOMIN (coordinating organization between the Alliance and various other ministries) under Venezuela Mining Law through what is called "Taquilla Unica" which receipts the Application for several ministries. Additional copies of the Proposal have been left with the National Assembly New National Projects Department, and advisors to each of CVG/EDELCA (Venezuela hydroelectric power company), Ambiente (environmental security), Ministry of Environment, and Fundacion la Salle (environmental).
Simultaneously with the permitting Application, the Alliance is seeking approval to conduct a detailed Feasibility Study. The FS will consist of taking 75-100 large diameter (+/- 120 cm) 20-25 ton samples in cased holes, along predetermined grid lines combined with sub-bottom profiles. Samples will be taken to the pilot plant for processing and evaluation. Environmental, transportation, shipping, marketing, sustainability and economics will form an integral part of the FS. Bateman will oversee the FS.
SEABULK SYSTEMS INC., the third member of the Alliance, will assist in the planning and development of a shiploading and marine transportation system. The Alliance has also secured an Environmental Assessment Team that will form an integral part of the FS to study, review and report the environmental impact of the planned project.
A response from the Venezuelan authorities to the permit Application and the Proposal is expected within the next few weeks.
Cadre representatives remain in Venezuela monitoring the progress of the permit Application process.
CADRE RESOURCES LTD.
"Page Chilcott"
R. Page Chilcott, President |
