Hi Micheal,
I agree. This is great news! Hope the promotion will lead to happier times. Here is the article in full:
FEBRUARY 4, 1997
Major Fund Managers Focus on International Panorama's
Kambove/Kakanda Cobalt Deposit
VANCOUVER, BRITISH COLUMBIA--On February 7th, 1997, a
group of twenty-nine major fund managers, mining analysts,
media representatives and company representatives will embark
on an inspection tour of International Panorama's massive
Kambove/Kakanda cobalt-copper deposit in Zaire, as well as two
other major mining deposits in the area.
This influential international delegation will also meet
with the Company's venture partner, La Generale des Carrieres
et des Mines (Gecamines), the Zaire state mining company. This
seven day tour underlines the increased focus from international investment analysts on one of the world's
largest cobalt-copper deposits and its potential as a
world-class investment.
International Panorama's project, in which it holds,
subject to regulatory approval, a 51 percent working interest,
contains reserves which are reported by Gecamines to exceed 61
million tonnes, grading an average of 0.19 percent cobalt and
0.98 percent copper. This is equivalent to 255 million pounds
of cobalt and 1.3 billion pounds of copper, with an in-ground
metal value of over US$6 billion, based on current metal
prices. The Company expects at least 85 percent of the
resource to be recoverable, resulting in potential net profits
to the Company of US$80 - 100 million annually after tax
during the project life. Preliminary feasibility projections
indicate a project life of 10 - 13 years.
The Company commissioned Bateman Minerals & Industrial
Ltd. of Johannesburg last year to prepare a feasibility study
to verify the tonnage and grade of the resource, and to
determine the optimum recovery methods, plant design,
operating cost and capital required. Based on a dual plant
design for each location, capital cost should not exceed
US$190 million. However, the Company is presently evaluating
several plant design and production scenarios which would
require significantly smaller capital expenditures. The
Company is working towards production commencing in late 1998.
International Panorama Resource Corp.
Adrian Hartmann, Chairman
FOR FURTHER INFORMATION PLEASE CONTACT:
International Panorama Resource Corp. Adrian Hartmann
Chairman (604) 687-7294 1-800-931-1818 |
