GL Energy & Exploration Inc GEEX News release 23 July:
GL Energy and Exploration Inc. Announces Appointment of Director
VANCOUVER, British Columbia--(BUSINESS WIRE)--July 23, 2003--GL
Energy and Exploration Inc. (GEEX) is pleases to announce the
appointment of Mr. P.J. (Pec) Santos, P. Eng. to the Board of
Directors of the Company. Mr. Santos is President and CEO of SEM
Mining Corporation S.A. ("SEM"). SEM retains 40% interest (the
Operator) together with GEEX 60% interest in 2 Joint Venture
Agreements with the objective of achieving commercial production of
proven mineral reserves including Rutile (titanium), Gold, Zircon,
Magnatite, Olivine, Garnieite and Rare Earth Oxides (REO). The 2
proven deposits, covering an area of 12 square miles, are located in
Chile, South America.
The Duna Choapa Norte Orebody has a longevity of 17 years and the
La Barca Orebody 38 years. GEEX is negotiating $2,000,000 financing in
order to build a Pilot Plant having a capacity to process 1200 tons
per day of material and generating profits of $35,000 daily and
$13,000,000 annually. The purpose of the Pilot Plant is to determine
the final parameters for a Production Plant costing $8,000,000 and
having a capacity of 7,200 tons per day and capable of generating
$250,000 daily and $93,000,000 annually.
Certain of these statements contained in the press release may be
deemed forward-looking statements. Such statements, and other factors
that could cause actual results to differ materially from these
statements and matters are the risks and other factors detailed from
time to time, in the Company's reports with Securities and Exchange
Commissions, Quarterly Reports of Form 10-Q.
--30--TLM/na*
CONTACT: Pacific Bay Financial Corporation
Mike Skerry, Toll Free: 1-888-821-6607
KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: MINING/METALS MANAGEMENT CHANGES
SOURCE: GL Energy and Exploration Inc.
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