Hi John and others,
News out today. Perhaps this will start the ball rolling...
Best wishes
George
---
Subject: Hot Off The Wire: INTERNATIONAL PANORAMA RESOURCE CORP
Date: 24 Oct 1997 10:10:34 -0000
From: netnews@cdn-news.com
To: netnews@cdn-news.com
===================================================================
Canadian Corporate News --- Hot Off The Wire
News Release for "INTERNATIONAL PANORAMA RESOURCE CORP"
===================================================================
*** As of January 1, 1997, many Canadian public companies are
*** required to electronically file their disclosure documents.
*** Visit tefa.com for more information.
===================================================================
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERNATIONAL PANORAMA RESOURCE CORP.
VSE SYMBOL: ILP
OTC Bulletin Board SYMBOL: IPNRF
OCTOBER 24, 1997
International Panorama Resource: Feasibility Study Confirms Economic
Viability of Copper/Cobalt Project in Democratic Republic of Congo
VANCOUVER, BRITISH COLUMBIA--International Panorama Resource Corp.
("International Panorama") is pleased to report that Bateman
Minerals & Industrial Ltd. of Johannesburg has delivered its
Feasibility Study on the Kakanda copper/cobalt defined tailings
reserve and hard rock open pit measured resource. Kakanda is
located about 120 km northwest of Lubumbashi in Katanga Province,
Democratic Republic of Congo ("Congo").
The study indicates that, based on a likely 65 percent to 35
percent debt/equity financing ratio, the return on equity is 95
percent and the Net Present Value (NPV) of International
Panorama's 51 percent interest in the project is US$150 million,
discounted at 10 percent. Based on 100 percent equity, the
Kakanda project yields an Internal Rate of Return (IRR) of 37
percent, equivalent to an NPV of US$241 million, discounted at 10
percent.
FINANCIAL PROJECTIONS in US$
Gross revenues from copper/cobalt $2.1 billion
sales over project life
Operating cost, Congo taxes, royalties $1.0 billion
Net project revenues $1.1 billion
Cash flow for International Panorama's $639 million
51 percent interest
Project NPV $241 million
NPV for International Panorama's 51 percent $150 million
interest
Project IRR 37 percent
Return on equity 95 percent
Initial Capital costs $270 million
Capital pay-back period approx. 2 years
Production life approx. 14 years
RESOURCE Tonnage Cu grade Co grade
Defined Tailings 18,400,000 1.22 percent 0.15 percent
Reserve
Mineable Open Pit 11,300,000 3.14 percent 0.19 percent
Resource
International Panorama is the operator and owns a 51 percent
interest in the Kakanda project and will receive 92.5 percent of
revenues until capital costs are recovered. Gecamines, the Congo
state mining company, is International Panorama's 49 percent joint
venture partner.
The tailings reserve will provide annual plant feed averaging
three million tonnes for 7 years. Thereafter, the mineable hard
rock resource is expected to provide approximately 2 million
tonnes annual plant feed for additional 7 years. The processing
plant will consist of a solvent extraction electro-winning (SX-EW)
plant designed for annual production capacity of 3,500 tonnes
cobalt cathode and up to 54,000 tonnes copper cathode. A separate
acid production facility is included in the plant design and
construction budget. The mineable hard rock open pit resource has
been qualified as "measured" by Steffen Robertson Kirsten (SRK) of
Johannesburg, based on research of detailed records and data of
previous mining activity.
In addition to Bateman and SRK the following major consultants
were retained for the feasibility study: Techpro Mining and
Metallurgy Ltd., Mintek, Billiton Laboratories, Dump & Dune
Drillers (Pty) Ltd. and Performance Laboratories (Pty) Ltd.
International Panorama is very pleased with the solid financial
basis and strong earnings outlook for its Kakanda project in
Congo. Negotiations are underway with major mining companies and
international banks to arrange project financing.
International Panorama is traded on the Vancouver Stock Exchange
(ILP) and the U.S. OTC Bulletin Board (IPNRF).
INTERNATIONAL PANORAMA RESOURCE CORP.
Adrian Hartmann, Chairman
FOR FURTHER INFORMATION PLEASE CONTACT:
International Panorama Resource Corp.
Adrian Hartmann
Chairman
(604) 687-7294 or 1-800-931-1818 Toll Free
(604) 682-1329 (FAX)
Web site: intlpanorama.com
E-mail: intpan@istar.ca |
