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Gold/Mining/Energy : Atacama Minerals

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To: kfdkfd who wrote (50)	2/23/1998 7:45:00 AM
From: kingfisher	of 105

Atacama Minerals Corp - US$77 million project financing in place Atacama Minerals Corp AAMShares issued 399250011998-02-20 close $1.45Monday Feb 23 1998Mr Robert Cogliandro reports Atacama Minerals has received a joint underwriting commitment from ABN AMRO Bank NV, and Dresdner Bank Canada offering a US$77 million project finance facility for Atacama's Aguas Blancas project in northern Chile. The offer is subject to completion of legal and technical due diligence and completion of closing documentation. The company anticipates a closing date of March 31 1998. The offer provides for a fully underwritten US$77 million facility and will complete the debt financing for the Aguas Blancas project. The receipt of this underwriting marks the passing of an important milestone towards the development of the Aguas blancas project and is the result of many months of intense negotiations. The completion of the debt package is one of the critical elements to completing the development of Aguas Blancas. The company has been conducting detailed and value engineering since December 1997 and intends to break ground on the project within the next two months. Atacama's Aguas Blancas project is 100km from the major northern Chilean port of Antofagasta. The orebody contains rich deposits of iodine and sodium sulphate and commercially exploitable nitrates. Results from new drilling programs indicate a project life in excess of 20 years at production rates of 1,000 tonnes of crude iodine and 300,000 tonnes of sodium sulphate per year. Potassium nitrate will be produced at the rate of 70,000 tonnes per year in the seventh year of the project. At completion, Aguas Blancas will mark Atacama's entry as a major new supplier of industrial mineral products. Production startup is scheduled for early 1999. Current prices for products to be produced by the company remain robust, with crude iodine selling for more than $20 per kg in extremely tight market conditions. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)

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