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Gold/Mining/Energy : Champion Resources - CHL.vse -- Ignore unavailable to you. Want to Upgrade?

To: rdww who wrote (34)	4/5/1999 3:45:00 PM
From: rdww	Read Replies (1) \| Respond to of 176

Champion begins Farim technical diligence program Champion Resources Inc CHL Shares issued 16,746,940 Apr 1 close $0.64 Mon 5 Apr 99 News Release Mr. Richard Bailes reports The company's management recently met with officials of the new government of Guinea, Bissau, West Africa. The meetings were intended to review Champion's past work in the country and outline the company's proposed work program for the Farim phosphate project. The Prime Minister expressed his full support for the project and indicated that his government is prepared to co-operate fully to ensure that the project will be developed as soon as possible. Management met also with the Secretary of Commerce and the Secretary of State for Natural Resources to present the company's plans for the development of Farim. Both ministers expressed their full support for the project. The company has begun the organization of the field portion of the Farim technical diligence program. The program will consist of diamond drilling to confirm the phosphate reserve and to obtain core for beneficiation and metallurgical testwork. Hydrological studies, evaluation of the Cacheu River for barge transport and an environmental baseline study will be undertaken. The Farim project is owned by Champion Industrial Minerals Inc., a wholly owned subsidiary of Champion Resources, and is scheduled for production at an initial rate of 750,000 tonnes per year of phosphate rock concentrate. Reserves, which are 105 million tonnes grading 29.8 per cent P2O5, could support higher production rates. The company has agreed to the terms of an $84-million (U.S.) non-recourse loan with a South African financial institution to advance Farim to production, subject to formal approval, technical due diligence and off-take contracts. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com