NEWS RELEASE
Cadre Resources Ltd (CSL.V)
Shares issued 4,063,218 1999-05-04 close $0.28
Friday May 7 1999
Mr. R. Page Chilcott reports:
Senior representative from Teck Corp., Martin Marietta Aggregate and Cantex
Engineering & Construction have concluded their visit to the site, accompanied by
company representatives.
As potential operator, the objective of the site visit by Teck is to satisfy all potential participants that the project has merit and is worthy of due diligence follow-up. Teck, as operator, would acquire a substantial interest in the project and assume financing responsibilities.
Cantex is to provide site preparation and equipment to sort, crush and stockpile aggregate and sand products prior to marketing and sales. Martin Marietta Aggregate is interested in purchasing processed gravel from the project, subject to ASTM standards. MMA has excellent deep water locations throughout the U.S. and Caribbean, and is in a good position to distribute gravel product.
A Superior/Cambridge senior representative previously visited the site and has issued to Cadre a "memo of understanding". The Superior group would finance Cadre with a combination of debt and equity. Cadre would then purchase the Carlessi property and equipment. Equipment includes dredges, concession and full lab and administration facilities.
Dredging Supply Company would supply dredging equipment to the project. As a U.S. exporter, DSC has applied for financing and insurance to EXIM Bank. A response is pending.
EXIM Bank insures receivables from foreign buyers against loss due to commercial and political risk of default.
The company holds an option agreement to purchase 100 per cent of the Rosita I concession in the Caruachi region, Lower Caroni River, Bolivar State, Venezuela. Regulatory acceptance is pending.
|
