Argosy Lifts Force Majeure on Musongati Project in Burundi.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--April 2, 2002 Argosy Minerals Inc.'s (ASX ASX See: Australian Stock Exchange :AGY AGY Agency ) wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Andover Resources NL suspended operations in Burundi at its Musongati Nickel Project The Nickel Project is a nickname for a transportation funding package enacted by the 2003 Washington State Legislature. The slogan for the package is "It’s your Nickel, Watch it Work." The $3. in April 2000, following its declaration of Force Majeure [French, A superior or irresistible power.] An event that is a result of the elements of nature, as opposed to one caused by human behavior. The term force majeure resulting from escalating political tension and the resulting deterioration in security in Burundi at that time. Over the past year there have been significant political changes in Burundi resulting from the peace initiative introduced by Nelson Mandela. This initiative culminated in the deployment of a South African peace keeping force in October last year and the establishment of a transitional government in November 2001. These measures have resulted in an easing of political tensions and improved security conditions ahead of ceasefire negotiations. Following the World Mining Ministers Forum held in Toronto, Canada, recently, Argosy management met with Burundi's Minister of Energy and Mines and the Director General of Geology and Mines. Discussions focused on the improving political and security climate in Burundi and the means by which the world class Musongati nickel laterite laterite Soil layer rich in iron oxide and sometimes aluminum, derived from a wide variety of rocks by leaching. It forms in tropical and subtropical regions where the climate is humid. project could be advanced, including addressing infrastructure issues in association with multilateral agencies. The improving security situation has resulted in Argosy notifying the Minister of Energy and Mines that it is withdrawing the declaration of force majeure with immediate effect and consequently announcing a resumption of operations in Burundi. The Musongati Complex lies within what has been referred to as the East African Nickel Belt, but is more correctly termed the Kabanga - Musongati Ultramafic ul·tra·maf·ic adj. Ultrabasic. ultramafic Containing mainly mafic minerals. Used of igneous rocks and often used interchangeably with ultrabasic. Dunite is an ultramafic rock. Alignment - a recognized metallogenic province hosting nickel and cobalt sulphide mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. to the north (Kabanga, Kasese), and platinum mineralization to the south (Mibango). The Musongati Complex comprises three distinct areas - Geyuka, Rubara and Buhinda, extending over some 16 square km in area, which are overlain o·ver·lain v. Past participle of overlie. by a high grade nickel laterite with an inferred resource of 185mt grading 1.31% nickel, 0.08% cobalt and 0.2% copper. During the period that work was suspended in Burundi, Argosy has been reviewing data relating to the Musongati project, specifically examining infrastructure issues relating to power, road and rail access required to develop the laterite resource. A new work program, currently being developed in conjunction with the Ministry of Mines, will continue studying these infrastructure issues. Additional studies will concentrate on the geology of the area following recent academic research which has identified similarities with other mining regions in the world, specifically the Bushveld Igneous Complex The Bushveld Igneous Complex (or BIC) is a large igneous intrusion within the Earth's crust which has been tilted and eroded and now outcrops around what appears to be the edge of a great geological basin. , the world's largest source of platinum group metals. ON BEHALF OF THE BOARD Cecil R. Bond, Corporate Secretary and C.F.O. CAUTIONARY STATEMENT This News Release includes certain "forward-looking statements" within the meaning of Section 21E of the U.S. Securities and Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Argosy, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Argosy's expectations are disclosed under the heading "Risk Factors" and elsewhere in Argosy's documents filed from time to time with the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. , the United States Securities and Exchange Commission and other regulatory authorities. All subsequent written and oral forward-looking statements attributable to Argosy or persons acting on its behalf are expressly qualified in their entirety by this notice. Argosy Minerals Inc. is a limited liability corporation registered under the Yukon Business Corporations Act. |
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