To: DAVID BENNETT who wrote (56 ) 9/29/1999 2:49:00 PM From: rdww Read Replies (1) | Respond to of 176
Champion signs agreement with Bateman Champion Resources Inc CHL Shares issued 24,184,440 Sep 28 close $0.90 Wed 29 Sept 99 News Release Mr. Michael McInnis reports A framework agreement has been signed with Bateman Projects Ltd. for the supply of project services for the Farim phosphate project in Guinea Bissau, West Africa. This represents an important milestone for the Farim project, engaging an internationally recognized South African engineering firm to act as the primary contractor with responsibilities that will satisfy certain prerequisites required under the terms of the South African sourced project financing. The financing package is currently in the final approval process and a financing commitment is anticipated prior to year-end. The framework agreement will form the basis of a EPCM contract under which Bateman will execute, at a minimum, the complete engineering, procurement and construction management services for the processing plant, which will be designed to produce phosphate rock concentrate at a minimum grade of 32 per cent P(2)O(5). The contract will include operator training, commissioning, startup, performance testing and handover of the plant. Bateman will provide guarantees as outlined in the framework agreement including quality control and assurance, process and capacity guarantees, performance guarantees, equipment guarantees and completion guarantees. Bateman brings extensive African and phosphate experience to the Farim project through its phosphate and derivatives technology division. Champion Resources has a 100-per-cent interest in the Farim phosphate project, which has phosphate reserves in excess of 105 million tonnes grading 29.8 per cent P(2)O(5) with a mine life of over 25 years. Annual production from Farim is expected to reach 1.5 million dry tonnes of phosphate rock concentrate grading 32 per cent to 34 per cent P(2)O(5). (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com