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Gold/Mining/Energy : ASIA PACIFIC RESOURCES -- Ignore unavailable to you. Want to Upgrade?

To: George Hassen who wrote (1427)	7/15/2001 3:16:54 PM
From: George Hassen	Read Replies (1) \| Respond to of 1437

NR is a utter joke. Asia Pacific Resources Ltd - News Release Asia Pacific acquires Somboon/Udon exploration licences Asia Pacific Resources Ltd APQ Shares issued 54,399,705 2001-07-09 close $0.68 Tuesday Jul 10 2001 News Release Mr. Robert Connochie reports Asia Pacific Resources' subsidiary, Asia Pacific Potash Corp. (APPC), last month acquired special atchayabats (exploration licences) for the 192 square kilometres covering the Somboon and Udon potash resources. The company also in June completed a $3-million private placement of treasury shares. These funds will be used for development programs in Thailand and general working capital. A new strategy has been developed having as its single objective the optimization of long-term shareholder value. There are three main components of the revised strategy: Recognize that project optimization and preliminary design engineering, contract evaluation and negotiation, corporate structuring, and other work must be completed before construction can begin. The remaining development program has an estimated cost of $19-million (U.S.) (including a $5-million (U.S.) payment to the government of Thailand upon receipt of the mining licences). Although it is difficult to forecast, a reasonable estimate to complete this work would be 12 to 18 months. Consider the total potash resource (Somboon and Udon) as one asset. This will allow us to focus on the development of a single, unified and highly competitive Thai potash producer. Actively encourage the participation of partners with the interest and strength to finance, build and operate the Somboon project. Acknowledge that such companies may require management control and be prepared to negotiate this in return for a stronger implementation plan with an enhanced probability of optimum success. The specific objectives for the remainder of the year are: to strengthen the company by restructuring the existing convertible debentures and raising additional funds for the development program; to complete the acquisition of the mining licences; to secure arrangements with a partner to ensure the development of the Somboon project on terms which meet the expectations of the company's shareholders; and to continue to strengthen the management team as necessary. During the past year world potash production and international trade increased by 2 per cent and 3 per cent respectively. Much of the growth occurred in the Asian markets of most interest to the company. Annual potash consumption in these markets is currently estimated by the International Fertilizer Association at about 13.9 million tonnes and is forecast to increase to 16.1 million tonnes by 2005. Selling prices remained relatively firm and are expected to increase modestly over the next few years. These projections confirm the company's belief that there will be a ready market for Somboon products. There are no other competitive green-field projects being developed in the region and the company anticipates that the proposed Somboon mine will be a very cost-competitive supplier to the Asian potash markets. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com