Krikor:
News release out... at last the permit application has been submitted! The application appears to cover about 35 km of the river.
My understanding is that the law stipulates that the Ministry has to respond within 2 weeks -- but of course that's no guarantee that they will. However this is great progress IMO and we should hear one way or the other very soon.
I see Marcos has still got his offer to sell in at $0.49. Maybe I'll put some of mine up at $0.48... <vbg>
Regards,
Howy
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Cadre Resources Ltd.
P.O. Box 48836 Bentall Centre
595 Burrard St., Vancouver, B.C. CANADA V7X 1A8
Phone: (250) 447-6641
TSX Venture Exchange-CSL 12g-2(b):82-2911
NEWS RELEASE
September 3, 2003
R. Page Chilcott, the President of Cadre Resources Ltd. (the “Company”) announces the filing with the Ministerio de Energia y Minas (MEM) of the formal request to obtain exclusive mining rights to 25 concessions on the lower Caroni River, Bolivar State, Venezuela. The concessions comprise approximately 500 hectares (ha) each – a total of 12,463 ha.
Ley de Minas (Venezuela Mining Law) allows the maximum size concession area granted to 12,500 ha by any one company.
The concession filing follows the written acknowledgement dated April 2003 from MEM and Corporacion Venezuelana de Guayana (CVG) recommending Cadre proceed with a concession filing pursuant to the detailed ‘Propuesta’ (Proposal) previously filed with the MEM on August 21, 2002 and subsequently sent to the CVG.
The concession filing consists of two (2) blocks; Area 1 for 7,378 ha encompasses the area from the Macagua Dam to the Caruachi Dam (approx. 20 kms by 5 kms). Area 2 for 5,085 ha encompasses the area from the Caruachi Dam upstream (approx. 15 kms by 5 kms).
A detailed Autocad generated map of the lower Caroni River as background showing the concession layouts has been prepared as part of the submission application complete with NTS coordinates. Concession filing documents were registered with the MEM as of August 21, 2003.
The granting of satisfactory concession permitting will allow the preparation and arranging of finance to carry out a detailed Bankable Feasibility Study including bulk sampling, pilot plant processing, environmental impact, and socio-economic study etc. as a sustainable development in order to support the Company’s project plans.
CADRE RESOURCES LTD
Per:
R. Page Chilcott, President
The TSX Venture Exchange or any other regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. |
