marcos:
Just received this. Now you've got your mention of Bateman! Excellent news.
Best regards,
Howy
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News Release.
Cadre Resources Ltd. TSX – CSL.h-V
Puerto Ordaz Venezuela, May 25, 2005
Stanley Sandner, Chairman & CEO of Cadre Resources Ltd. (the “Company”) is pleased to announce (INEA), the national institute responsible for water quality maintenance and coordination of aquatic activities, has granted the Company the go-ahead permit for its bajo Caroni project. The area of the permit covers the full 24Km X 4Km extent of the Macaqua Lake (reservoir) located near Puerto Ordaz in eastern Venezuela. The Company has spent some $3 million over several years in conjunction with major world-class companies such as Bateman Engineering BV and others developing this large, long term, socio-economic beneficial, sustainable and environmentally friendly project.
The permit will enable the Company to proceed with the sub-bottom profiling to precisely lay out, and cubicate the known aggregate deposits in preparation for the bulk sampling stage of the Feasibility Study (FS). In order to develop a systematic material removal plan it is necessary to precisely define material locations, depths, and thickness of the material volume and it’s content. Earlier preliminary feasibility studies indicate relatively low capital and operating costs, and an Internal Rate of Return in excess of 60% over twenty years. The FS will include ongoing environmental studies leading to an Environmental Impact Assessment (EIA).
The marketable material consists of high quality quartz granite aggregate with substantial “added values” yielding a total indicated market price in the order of $25-$30 per ton with operating costs in the order of $8-$9 per ton. Estimates are based on a target production rate of 10 million tons per year and an expected project life of 50+ years.
The Company has engaged, and received proposals from, two competent resident (Puerto Ordaz) technical and environmental groups that have had extensive and successful experience in the region. They will assist Cadre/Bateman with the required first stage starting with sub-bottom profiling, sampling and beyond.
Due to extensive earlier work done, the Feasibility Study is expected to be completed at an accelerated rate.
Arrangements for staged funding of the Feasibility Study are well advanced.
CADRE RESOURCES LTD.
Per: “Stanley L. Sandner”, CEO |
