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

To: Krikor who wrote (1224)	8/7/2005 8:25:17 PM
From: TrueScouse	Respond to of 1285

Krikor: I continue to like the way that the company is approaching the project. I spoke with them late last week. Some things that became clear to me... - The "Phase 1" survey work has been completed and Cadre expects to receive the report from the consultants very soon. This will not only come up with some sort of "reserve" estimate, based on the total tonnage of materials above either the capa or bedrock, but will also identify 2 or 3 prospective sites for sampling. - They are likely to focus in on areas that have been gone over by earlier miners and identified as particularly promising. - They will be sampling below the capa as well, since there could be major reserves between the first layer of capa and bedrock. - The permit application for the sampling is under way and will be submitted as soon as the Phase 1 report is complete. There should be no major delays and the two consultants working on this are very experienced as moving stuff quickly through the Venezuelan bureaucracy. - Samples may only need to be quite small. About 99% of the "stuff" is sand and gravel and can be extracted first, with only the 1% or so needing detailed analysis. - The cost of the work to date has been a lot less than Bateman's original estimates, since they're using local resources. They've also identified local lab facilities for assaying for gold. Any gold found is likely to respond to a simple fire assay. - Bateman is still very much on board as a project partner, for funding, supply of equipment or consulting services. - CSL is hoping to qualify for Tier 2 on the TSX soon -- to be able to drop the "dot.h". OK... that's as much as I know for now. Best regards, Howy