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Share Name | Share Symbol | Market | Type |
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CDN Maverick Capital Corp | CSE:CDN | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.135 | 0.13 | 0.14 | 0 | 09:50:10 |
RNS Number:4973L Caledon Resources PLC 23 May 2003 Caledon Resources PLC ("Caledon" or the "Company") Re: Business licence, joint venture agreement and change of Directorate Business Licence Caledon is pleased to announce that its Co-operative Joint Venture Company ("CJVC"), Blackwatch Resources China Limited, has been granted a business licence for mineral exploration in China. Under the terms of the Co-operative Joint Venture Agreement, Caledon (through its wholly owned subsidiary company, Blackwatch Resources Limited ("Blackwatch ")) will hold 85 per cent. of the CJVC through to the commencement of gold production. Caledon's partner for the joint venture company is the China National Gold Guangxi Corporation ("CNGGC"). CNGGC is one of the foremost mining and exploration groups in the Guangxi province, with an excellent knowledge of all aspects of doing business in the region and a demonstrated, strong willingness to assist the CJVC in attaining its goals. Joint Venture Agreement The official granting of the business licence follows the completion of a Joint Venture Agreement with CNGGC as well as approvals from the Chinese Ministry of Foreign Trade and Economic Cooperation and the State Planning Committee. After the commencement of gold production, CNGGC will be paid 1,500,000 Chinese Renminbi (#112,000) per annum for the first four years. Thereafter, the operating profits of the CJVC will be distributed on 90:10 basis. Blackwatch is the manager and operator of the CJVC. Prior to the formation of the CJVC, Blackwatch conducted an extensive reconnaissance program through the Guangxi Province, on both a local and regional scale. The CJVC will now focus on gold targets already identified from Blackwatch Resources Limited's earlier work, as well as the establishment of joint ventures with other mining groups in Guangxi. The CJVC has already established a fully functional exploration office in the capital of Guangxi Province, Nanning, and has key personnel in place. Guangxi is located in the southwest of China having a total area of 23.67 million sq. kms. and it has excellent infrastructure, with major road networks, railways, waterways and two major sea ports. The Province hosts numerous disseminated gold deposits that have been identified, and the CJVC will be targeting known deposits as well as new areas considered to have strong potential for the discovery of major gold deposits. Blackwatch is managed by Paul Ingram who is also a director of Caledon. Mr Ingram and his exploration team have over 15 years of exploration experience in South East Asia. Appointment of George Salamis as Managing Director The Company is also pleased to announce the appointment of George Salamis as Managing Director of Caledon. Mr. Salamis, currently a director of Caledon, is a graduate in Geology (B.Sc) from the Universite de Montreal Ecole Polytechnique. He has over 15 years' experience in the mining industry working as a geologist, in many different countries. His specific field of expertise relates to identifying, evaluating and managing international mining investment opportunities and field projects. He has worked in this capacity on behalf of Placer Dome and Cameco Inc. and his previous responsibilities have also included successfully completing mining financing initiatives with institutions based in North America, Europe and Asia. More recently, Mr. Salamis was a Vice President and Director of Riddarhyttan Resources AB, a Swedish exploration company successful in discovering gold resources in excess of 2 million ounces in Finland over the past three years. As Managing Director, Mr. Salamis will oversee Caledon's exploration focus in Southern China, as well as assisting in the management of the Company's day to day Corporate Affairs. Enquiries: Stephen R Dattels, Executive Chairman Tel: + 1 (416) 929 8212 or + 44 (207) 529 7512 George Salamis, Managing Director Tel: + 1 (519) 856 0883 Donal Douglas, Manager Investor & Institutional Relations Tel: + 44 (207) 529 7512 This information is provided by RNS The company news service from the London Stock Exchange END MSCEAASDAENDEFE
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