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Gold/Mining/Energy : Cadre Resources (CSL.V) Awaiting production #'s and Financ -- Ignore unavailable to you. Want to Upgrade?

To: Francis R. Biscan Jr. who wrote (672)	7/27/1999 7:03:00 PM
From: Spiney	Read Replies (2) \| Respond to of 1285

News Release Teck Corporation is continuing its evaluation of the Caroni River gold/diamond/aggregate project. The initial site visit, together with information and other material provided by Cadre, indicates a potentially economic project. Teck is nearing completion of an extensive „in house‰ review to determine optimum scale and magnitude of the Caroni project. The objective is to identify the economic boundaries of the project followed by a focus on detailed analysis. This review includes consultation with Martin Marietta Aggregate as a marketing agent. Markets, environmental and political concerns are being addressed in addition to capital costs, optimum size, and the integration of related infrastructure such as that needed for processing and shipping of minerals and aggregates. Discussions with Venezuelan authorities will define concession tenure and permitting arrangements. Under the direction of a full time project manager, this economic study includes mining and marketing of the sand/gravel and associated by-product minerals and to confirm the substantial potential for exploitation on a scale of several million tons per year. Initial startup is projected to be six million tons/year with expansion to ten or twelve million tons/year and more. This review and resulting report is to be completed shortly. Earlier Cadre projections indicated an initial three million tons/year operation expanded to a nine or ten million tons/year rate to be very profitable and able to support substantial infrastructure. Cadre, Teck and others have held preliminary financing discussions as to exploitation of the project. Assuming a positive report, Cadre expects to enter into definitive arrangements for a Joint Venture with Teck. After establishing mutually satisfactory arrangements, sampling and pilot project work will follow, leading to a bankable feasibility study. Teck and Cadre are proceeding on the assumption Teck will operate the project. Cadre will share costs as defined in a Joint Venture agreement. Martin Marietta expects to market six to ten million tons/year of aggregate based on competitive commercial terms. CADRE RESOURCES LTD. R. Page Chilcott, President