Another PR yesterday from CSL. Some good stuff in this one...
especially:
"Of particular importance, in the areas where these major deposits are located is that “added value” minerals are known to be particularly significant based on information believed to be reliable. Reported information indicates these mineral values may be 2-4 times higher than the average Bajo Caroni values."
Not sure, but I suspect that the "information believed to be reliable" could be that these were the favoured locations of the artisanal miners in the past.
But still no liquidity in the CSL trading. I don't know whether this is a good or bad thing! On the good side, if and when their sampling starts showing the existence of the gold and diamonds, as well as commercial grades of gravel and black sands, this one is going to *really* take off, with very few shares in the float. I'm amazed that they've continued for all these years without diluting the stock too much. It still has a market cap of less than $4 million CDN.
There was also an excellent article yesterday in Canada's Globe and Mail about Marcello Veiga, a CSL director. Dr. Veiga is in charge of a UN program called the Global Mercury Project, looking at reducing the damage caused by mercury pollution in artisanal mining. The program has just been moved from Vienna and is now based at UBC under Dr. Veiga's direction. I'm sure this will link in with Cadre's Caroni project in some way. It must be one of the first real-world examples of cleaning up the mercury from a major water source (while extracting lots of other goodies!) All this makes it much more likely that CSL will have support from the VZ government, because of the environmental goals of the project.
Getting closer...
Regards,
Howy
=================================
Cadre Resources Ltd.
P.O. Box 2297
Vancouver, B.C. CANADA V6B 3W5
Phone: (250) 447-6641
TSX Venture Exchange-CSL 12g-2(b):82-2911
NEWS RELEASE
July 25, 2005
Stanley L. Sandner, Chairman & and CEO of Cadre Resources Ltd (the “Company”) is pleased to announce that field work of the first phase of the three phase exploration, evaluation and Feasibility Study has been completed on the Company’s Bajo Caroni Project. This first phase consisted of sub-bottom profiling and a bathometric (water depth) survey with precision GPS satellite location points (+/- one meter). The profiling and survey covered the entire 24 km X 4 km area of the Macagua Lake (reservoir). Some 344 line kilometers of sub-bottom profiling at 500, 300 and 200 meter spacing located 3-4 major deposits of sand and gravel aggregate material with thicknesses of 5-20 meters. Preliminary estimates indicate the presence of as much as 100 million tons of high quality aggregate material. The main deposits located near Torre Toma and Torro Muerto are at a narrow portion of the Lake and very favorably located for access with all major infrastructure such as power and transport near by.
Water depths in these areas are a moderate 18-30 meters, ideal for material removal. Of particular importance, in the areas where these major deposits are located is that “added value” minerals are known to be particularly significant based on information believed to be reliable. Reported information indicates these mineral values may be 2-4 times higher than the average Bajo Caroni values.
Cubication and more precise location measurements from the extensive data gathered are currently underway with final results expected shortly.
Following processing of this data, the second phase will consist of systematic sampling of the deposits. That process involves preparing a report and presenting the data from phase one to the Environmental Ministry (known locally as the MARN). The Company has engaged the assistance of the local university, UNEG. Supported by MARN, UNEG have extensive experience in facilitating and studying similar environmentally oriented projects. Utilizing the support of the University, the Company expects timely approval for phase 2. Both UNEG and MARN have indicated a concerted interest in the Company’s project.
Following the bulk sampling, presentation and approval of a material removal plan and acceptance of a general project development plan, the Company expects to be issued an operating permit to proceed with removal of material at a planned rate of 2 million tons per year initially, ramping up to full scale 10 million TPY within two years.
Sand and gravel aggregate prices and demand are at all time highs while the added value mineral prices are also at very favorable levels, an opportune time to advance this ‘project of national interest’ into development.
Stanley L. Sandner, Chairman & CEO
Cadre Resources Ltd.
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. |
