Krikor:
Latest PR from CSL... the project keeps moving along. Looks like we could see some initial sample results in a month or so.
Regards,
Howy
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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
October 12, 2005
Stanley Sandner, Chairman and CEO of Cadre Resources Ltd. (the Company) is pleased to announce that recent proclamations, made in Venezuela as to the future of the mining industry in that country, have little or no effect on the Company’s bajo Caroni Project.
Reports from international and domestic mining companies operating in Venezuela report “business as usual” and express little or no concern as to their current or future operations, namely Hecla, Bolivar Gold, Gold Reserve, the Chinese and others. Also, recent Reuters and Venezuelan Chambers of Mines reports clarifying the situation state that legitimate and serious companies with valid projects are not the target of any changes.
The concerns stated and changes called for, by President Chavez, relate directly to the Km 88 area and Las Cristinas mining concessions in particular and are directed to small scale illegal and “invader” miners. Also, potential mining areas held by foreign and domestic oligarchy’s interests that are not actively working to develop their mining concessions will come under scrutiny.
The Company is continuing with its environmental impact assessment under a working permit to carry out the initial stage of a three stage (Bankable) Feasibility Study. Stage 1 (sub bottom profiling) has been completed with the location and cubication of some 160,000,000 tons of material that should be removed as part of a river rejuvenation and clean up program. The final portion of Stage 1 is small scale sampling and analysis of the material as required, completing the Environmental Impact Assessment (EIA).
The Company’s technical and environmental personnel are currently in the process of obtaining and submitting these small scale samples. The total results of Stage 1 are expected to be completed in a month and will be presented to the Ministry of Environment to justify the removal of a larger volume of material as Stage 2 bulk sampling. That stage is to take 50-100 larger, (20 ton each) samples or “bulk samples” and determine complete assessment, quality and economic value of the material. This stage will include the presentation of an environmentally friendly method of large-scale material removal, processing and marketing. This aspect of the project has been extensively researched and developed based on existing information and modern state-of-the-art technology.
The Company is fully confident that it will be given the environmental approval leading to a final permit to proceed with the development of its bajo Caroni Project.
“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. |
