Hola Marcos:
Great news here!
The Venezuela government seems to want the project to be moving fast. I agree with Howy assessment that this is a darling of the people's government of Venezuela. I love it!!!
Go Cadre, go ...
Cadre Resources Ltd.
Valencia, Venezuela
Phone: (250) 447-6641
TSX Venture Exchange-CSL 12g-2(b):82-2911
NEWS RELEASE
February 10, 2005
On February 1 & 2, 2005, Cadre Resources Ltd. (the “Company”) CEO, another Company director and lawyers met with the General Manager and other senior officials of the Puerto Ordaz ‘water supply department’ – Gerencia de Obras, Sanitarios y Hidraulicos (GOSH) and presented a Proposal (“Propuesta”) as requested. The Proposal is for the much needed sediment removal program, described as a “maintenance program”, to restore the quality of the potable water supply. GOSH had indicated to the Company earlier, an interest in removing some 2-4 million tons of (high quality) sand and gravel from a 600 square meter area. That area is within the draw-point ‘sphere of influence’ near the main Puerto Ordaz potable water intake located in the Caroni River, some 8km south of the City.
This GOSH water intake area is located near the center of the Macagua reservoir –about mid-way between the Macagua and Caruachi dams and located within the same area in which the Company is in advanced stage negotiations with the power company, EDELCA. Negotiations involve the removal of approximately 10 million tons per year of material from the 24km X 4km Macagua reservoir. Current EDELCA estimates indicate the potential removal of high quality sand and gravel (plus other value-added materials) from the Macagua reservoir totaling 100 to 150 million tons, or more.
Results from meetings with GOSH, EDELCA and the Company were received positively, whereby, they wish to pursue each proposal and further evaluate precise volumes via sub-bottom profiling and sampling, while utilizing the most technologically advanced and cost-effective methods for the environmentally safe removal and treatment of material. These programs follow along the lines of the first stage terms of the Company’s Bankable Feasibility Study.
The main objective in the GOSH program is develop and establish a ‘quick start-up’ phase for the much larger long term EDELCA Bajo Caroni “reservoir maintenance” project.
In addition to the GOSH program, the Company is also concurrently preparing a formal presentation to EDELCA to proceed with sub-bottom profiling along with side scan sonar and sampling, which is also pursuant to terms of the proposed Bankable Feasibility Study of the entire Macagua reservoir. Present plans indicate the GOSH area project is to be done first followed by the EDELCA project throughout the entire reservoir.
Both plans include the long term objective to initiate an ongoing maintenance program in order to preserve the integrity, sustainability and longevity of the Bajo Caroni reservoirs.
CADRE RESOURCES LTD.
Per: “Stanley L. Sandner”, CEO
The statements made in this News Release may contain certain forward looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company.
The TSX Venture Exchange or any other regulatory authority has not reviewed, and does not accept responsibility for, the adequacy or accuracy of this news release. |
