Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Krikor who wrote (1012)	11/21/2002 9:28:29 PM
From: Warren	Read Replies (1) \| Respond to of 1285

Cadre's Caroni application now with Venezuelan bigwigs Cadre Resources Ltd CSL Shares issued 8,971,715 Nov 18 close $0.07 Wed 20 Nov 2002 News Release Mr. R. Page Chilcott reports The filing of the lower Caroni River project formal application with ministry of energy and mines and Ingeomin on behalf of the Bateman/Cadre/Seabulk alliance has advanced to where it is being processed through top minister levels of the Venezuelan government as part of the due diligence process. The complexities of the proposed project involve metallic and non-metallic materials, environment sensitivities, and the interests of various regulatory authorities, which require protracted time. Concurrently with the application process, an independent prefeasibility study and compilation of data has been completed. That study, in an early assessment, indicates a ramp-up of less than two years from initial startup to full production at 10 million tons per year. The study estimates a capital cost of $58-million (U.S.), internal rate of return of 58 per cent and net present value of $228-million (U.S.) over 20 years. The cash flow index is projected to be 3.1. The application before the Venezuelan authorities seeks approval to conduct an independent, detailed and comprehensive feasibility study as a followup to the extensive prefeasibility work done to date. Feasibility study work will include the taking and testing of approximately 100 20-ton bulk samples, reserve estimates, mining and processing considerations, capital and operating costs, environmental and social impact assessment review, sustainability, and other socio-economic considerations. The application is to assure the alliance that a favourable outcome to the feasibility study will allow permitting and tenure in order to proceed with, and fully develop the project. Recent media reports state there is vigorous Venezuelan political interest in new projects, such as the lower Caroni River project, which offer environmentally friendly non-petroleum exports, foreign investment, foreign income, local taxes and socio-economic sustainable development. In addition, based on the prefeasibility study, the project anticipates the use of planned and existing under-used local infrastructure such as, among others, hydro power, highways, port facilities, communications and the Orinoco shipping channel. New job creation for the local labour force and use of local services is welcomed by the local community. Further, this state-of-the-art project, following a favourable feasibility study, would offer a short lead time to production. Self-sustaining remediation and the removal of excess sediments from the lower Caroni basin remains a prime objective of this project. Cadre, on behalf of the alliance, continues to monitor progress of the application and is optimistic the authorizations will be forthcoming. (c) Copyright 2002 Canjex Publishing Ltd.