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Date: Mon, 10 Mar 1997 13:38:17 -0800
From: newsout@canada-stockwatch.com
Subject: Stockwatch: International Panorama Resource Corp - News Release
Kambove and Kakanda drilling completed
International Panorama Resource Corp ILP
Shares issued 10,986,365 Mar 7 close $2.24
Mon 10 Mar 97 News Release
Mr Adrian Hartmann reports
All test augur drilling on the company's tailings deposits at Kambove and
Kakanda in the Shaba province of Zaire has been completed. Most of the
samples have been shipped to independent laboratories in Johannesburg for
assaying and metallurgical testing. In total, 280 holes totalling 3,253
metres have been drilled at 100 metre spacings to an average depth of 11.6
metres, resulting in approximately 2,200 samples. Approximately one-third
of all assays has been analyzed to-date and check assays are currently
under way.
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 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. 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 sulphuric 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 under way 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. |
