International Gold Resou... (CE) (USOTC:IGRU)
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International Gold Resources, Inc. (IGRU; Pink Sheets) announced today
that the Company has filed its amended application for approval of its
Cupixi mineral license with the Brazilian National Department of Mineral
Production (DNPM).
In October, 2007, IGR announced the discovery of a manganese target on
its Cupixi exploration claims in Amapa State, Brazil along with the
filing of its original mineral license application with the DNPM. During
the first half of 2008, in response to comments received from the DNPM,
the Company performed additional technical evaluation of the work
performed at the Cupixi project prior to the original October 2007
submittal.
The amended application report, prepared by Progem Consultaria e Meio
Ambiente Ltda. (Progem), an independent and highly respected geologic
consulting firm based in Goiania, Brazil addresses fully the DNPM’s
comments and further supports the existence of a potentially significant
manganese target at Cupixi. The Progem report indicates that the Company’s
Exploration Claim Block 858.034/2001 in the Cupixi area contains an
estimated minimum 26 million tonnes of manganese ore. The estimate is
based on a delineated surface area of approximately 2 km by 0.7 km
containing several manganese outcrops up to 150 meters in length. The
estimate is supported by soil samples, trenches of up to 18 meters, and
auger holes. The estimate is not compliant with Securities and Exchange
Commission and Canadian NI43-101 standards.
Company President and Chief Executive Officer, Robert L. Dumont
commented, “I am extremely pleased with the
quality of the work performed by Progem and the efforts of Mike Michels,
Vice President, Brazilian Operations and the rest of our Brazilian team
to complete this process. I look forward to receiving approval from the
DNPM to continue our exploration and development efforts at Cupixi.”
At such time as the Company’s amended mineral
license application is approved by the DNPM, the Company intends to seek
additional financing to drill on the property and conduct additional
feasibility work on Claim Block 858.034/2001 to further determine the
grades, depth, and potential economics of the manganese target. If
merited, then the Company will have one year from the date of approval
to seek a mining concession. An application for a mining concession must
include, among other things, a plan for economic development of the
deposit, description of processing and ancillary facilities, proof of
financial capacity, and satisfaction of various environmental and other
required operating permits.
The Cupixi target also appears to trend to the north-east extending on
to the Company’s Exploration Claim Block
858.037/2007 to the immediate north of Claim Block 858.034/2001, where
the Company had suspended drilling pending the approval of a mining
license for Claim Bock 858.034/2001. The Company has five years to work
on Claim Block 858.037/2007 before it must submit an application for a
mining license, providing further potential for exploration upside at
Cupixi.
About International Gold Resources:
The vision of International Gold Resources, Inc. is to become recognized
as one of the premier early stage mineral exploration companies in the
world.
This news release contains “forward-looking
statements” within the meaning of section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements include statements that
relate to the Company’s mining exploration
results, government mining permit approvals, estimates of tonnes of
manganese ore on the Company’s properties, the
sufficiency of soil sampling, trenching and auguring to estimate tones
of manganese ore, and the intention and ability to conduct additional
drilling and feasibility work on the Company’s
properties. Factors that could cause actual results to differ materially
from these forward-looking statements include, among others: the
uncertainty of operating in foreign countries; the volatility of mineral
prices; potential operating risks of mining, development, and
exploration; the uncertainty of estimates of mineralized material and
deposits; environmental and governmental proceedings, regulations, and
permits, including the mining license approval process and outcome;
changes in applicable laws, regulations, or legal requirements
pertaining to the Cupixi Project, the Company, and/or its affiliates;
availability of financing; force majeure events; and other risk factors
as described from time to time in the Company’s
filings with the Securities and Exchange Commission. These factors are
often beyond the Company’s ability to control
or predict.