PAL heading to production. Up 12 % on the day.
MOLYmania the race is on.
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PEARL names Collison COO, hires Rescan for study
2005-03-31 11:48 ET - News Release
Mr. Ian McDonald reports
PEARL APPOINTS CHIEF OPERATING OFFICER, BEGINS ENVIRONMENTAL STUDY ON MOLYBDENUM PROJECT
Patent Enforcement and Royalties Ltd. has appointed Kenneth W. Collison, PEng, as chief operating officer of the company, effective April 1, 2005. Mr. Collison will be responsible for all aspects of developing the company's Yorke-Hardy molybdenum deposit near Smithers, B.C.
Mr. Collison brings to the company more than 25 years of experience in the mining industry. From 1996 to 2000, he was vice-president and general manager of Coeur Alaska, a subsidiary of Coeur d'Alene Mines Corp., where he was responsible for permitting, development, safety, environmental and engineering of the Kensington gold project, a proposed gold mine in Alaska. Prior to joining Coeur d'Alene he spent more than 20 years with Rio Algom Ltd. in various senior management positions, where his responsibilities included development of a number of mining projects. Since 2001 Mr. Collison has been with the State of Alaska, first as manager, village safe water program, and most recently as engineering manager for its Department of Transportation & Public Facilities.
The company is also pleased to announce that it has retained Rescan Environmental Services Ltd. of Vancouver, B.C., to conduct a baseline environmental study for the Yorke-Hardy project. The study will describe the project area in terms of meteorology, hydrology, hydrogeology, bedrock geology, aquatic resources (water quality, fish and fish habitat), terrain, soils and reclamation, vegetation, wildlife, heritage resources, traditional use, and land status.
Rescan has been a leader in providing environmental and engineering consulting services for the global resource industry since 1981 and has an established history of developing effective working relationships with aboriginal groups and local communities in order to address all stakeholders' concerns. Its previous work includes environmental permitting and monitoring for the Ekati diamond mine in the Northwest Territories, environmental permitting for the Voisey's Bay nickel mine in Labrador, and Climax Canada's Kitsault project decommissioning and closure.
PEARL is seeking shareholder approval on April 14, 2005, to change the name of the company to Blue Pearl Mining Ltd. and change the nature of its business to that of a resource company. The company has an option to acquire a 100-per-cent interest in the Yorke-Hardy property, which transaction is scheduled to close immediately following receipt of shareholder approval. The company recently completed a $10-million financing to advance the project (see Stockwatch on March 23, 2005). Proceeds of the financing are being held in escrow subject to satisfaction of the escrow conditions set out in the company's news release in Stockwatch on Feb. 23, 2005.
Based on a technical report compliant with National Instrument 43-101, and using a cut-off grade of 0.2 per cent MoS2, the Yorke-Hardy deposit is estimated to contain a measured and indicated mineral resource of 83 million tons grading 0.295 per cent MoS2 representing 489.6 million pounds of MoS2 or 293.5 million pounds of molybdenum. The current quoted producer price for molybdenum is $36.50 (U.S.) per pound. Reference is made to the company's press release in Stockwatch on March 3, 2005.
Gary Giroux, PEng, is the qualified person in accordance with National Instrument 43-101 and has read and approved this news release.
Completion of the acquisition of the Yorke-Hardy property is subject to a number of conditions, including but not limited to, exchange acceptance and disinterested shareholder approval of the company's change of business. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the change of business, any information released or received with respect to the change of business may not be accurate or complete and should not be relied upon. Trading in the securities of PEARL should be considered highly speculative. |
