Here's the news...
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--March 10, 1997--INT'L PANORAMA RES.(VSE: ILP., NASDAQ: IPNRF.) The Company reports the conclusion of all test augur drilling on its tailings deposits at Kambove and Kakanda in the Shaba province of Zaire. Most of the samples have been shipped to independent laboratories in Johannesburg for assaying and metallurgical testing. In total, 280 holes aggregating 3,253 meters have been drilled at 100 meter spacings to an average depth of 11.6 meters, resulting in approximately 2,200 samples. Approximately one third of all assays have been analyzed to-date and check assays are currently underway.
The Company has anticipated receipt of assay data prior to this date. However, due to the expanded scope of the assay and leach tests, and logistical issues related to the transportation of samples to South Africa, the drilling results will be incorporated into the pre-feasibility report scheduled for April. The Company continues to use all available technical resources to develop this project. Separately, the Company is negotiating the acquisition of further substantial open-pit copper/cobalt and gold reserves in Africa.
Bateman Minerals and Industrial Ltd. (BMI) has committed to prepare a pre-feasibility report before the end of April 1997, and a full feasibility study by the end of August 1997. The pre-feasibility report will include reserve calculations and metals grades which will be verified by Steffen Robertson and Kirsten (CE) (Pty) Ltd., (SRK). In addition, the report will indicate project life, recommended production schedules, taking into account the world cobalt supply and demand and other factors, such as capital costs, operating costs, location and size of a cobalt/copper SXEW and sulfuric acid production plant, potential sites for future waste tailings, timing for construction and production, environmental impact studies and other relevant issues.
With regard to the recent media reports from Zaire, the Company is encouraged by peace talks underway involving Nelson Mandela, President of South Africa. It is expected that an end to hostilities in Zaire will pave the way for democratic elections and will benefit foreign mining companies active in Zaire.
International Panorama Resource Corp.
Adrian Hartmann, Chairman |
