Asia Pacific Resources Ltd.: Major Advances in Somboon Project Permitting.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 1, 2000 Asia Pacific Resources (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :APQCF)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :APQ APQ Accordo di Programma Quadro APQ Association des Paraplégiques du Québec APQ Association des Pathologistes du Québec APQ Art Pepper Quartet (jazz group) APQ Armaments Planning Questionnaire APQ Advanced Placement Question .) Asia Pacific Resources Ltd. (NASDAQ:APQCF)(TSE:APQ.) (FRANKFURT:APQ.) is pleased to announce major advances in project permitting for the Somboon potash potash: see potassium carbonate. potash Name used for various inorganic compounds of potassium, chiefly the carbonate (K2CO3), a white crystalline material formerly obtained from wood ashes. project, a proposed 2 million tonne per annum Per annum Yearly. mine located near Udon Thani Udon Thani (Thai: อุดรธานี) is a city in the north-east of Thailand (Isan). It has a population of 142,670. in northeast Thailand. These developments shall assist Asia Pacific in finalizing the project equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay structure. 1. Special Atchayabats Special Atchayabats are exclusive "prospecting" licences issued under the Thai Minerals Act. Applications were filed for a total of 53 Special Atchayabats and, in June 2000, the Ministry of Industry published a Notification in the Government Gazette confirming the exclusive right of Asia Pacific Potash Corp. (APPC (Advanced Program-to-Program Communications) A high-level protocol from IBM that allows one program to interact with another across the network. It supports client/server and distributed computing by providing a common programming interface on all IBM platforms. ) to apply for and receive such licences. APPC's applications were approved at a recent meeting of the Minerals Act Committee and the Ministry of Industry has now issued all 53 Special Atchayabats to the company. The licences give APPC security of tenure over an area of 848 square kilometers, including both the Somboon and Udon u·don n. A thick Japanese noodle made with wheat flour, usually served in soup or broth. [Japanese, wheat noodle.] deposits, and are the first stage of a two-stage mining licencing process. The second stage, long term mining licences (Prathanabats), the issue of which are guaranteed to APPC, will follow immediately after enactment of certain amendments to the Minerals Act. In addition to facilitating the finalization of the Somboon licencing process, the Special Atchayabats provide ample time for completion of feasibility studies and EIA's for future mining developments within the Udon deposit. 2. Amendments to the Minerals Act The Somboon mine will be the largest underground mine constructed in Thailand. To facilitate the development of large-scale potash mines in the Kingdom, amendments to the existing Minerals Act have been proposed by the Ministry of Industry. The amendments include: - For mines at depths greater than 50 metres it will no longer be required to obtain the consent of surface rights holders. - Mining licence (Prathanabats) areas will be increased from 300 rai to 10,000 rai (1 rai = 1,600 square metres). - The term of an Atchayabat will be extended from three to five years. These amendments greatly simplify the process of acquiring the long-term mining licences (Prathanabats). Following approval by the Council of State, the legislation has been approved by the House of Representatives and forwarded to the Senate for ratification, after which they will be signed into law. As for any major project, permitting for the Somboon project has been a lengthy and complex process. APPC has now completed most of the process and, after the amendments to the Mineral Act become law, will finalize the mining licences for the project. The issue of the Special Atchayabats, following the acceptance of the project EIA (Electronic Industries Alliance, Arlington, VA, www.eia.org) A membership organization founded in 1924 as the Radio Manufacturing Association. It sets standards for consumer products and electronic components. and granting of promotional privileges by the Board of Investment will greatly advance the project implementation. 3. Prathanabat Applications Having obtained the Special Atchayabats, APPC is required to file a project feasibility study and receive approval for the project's Environmental Impact Assessment (EIA) to obtain the long-term mining licences for the Somboon project. APPC has already filed both of these documents, and the EIA has been approved. Preparation for the Prathanabat applications, with the assistance of the Department of Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature , has now commenced and they will be filed immediately upon the amendments to the Minerals Act becoming law. The Prathanabats will have an initial term of 25 years and grant APPC the exclusive right to produce and market potash and industrial-grade salt. The term of the Prathanabats may be extended provided the mine is still in production. Asia Pacific's Somboon potash project is located near Udon Thani, Thailand, about 500 kms from Bangkok. The proposed mine will produce two million tonnes of potash annually. The strategically located mine is projected to be one of the lowest cost producers in the potash industry and will also enjoy a significant transportation cost advantage over other potash suppliers to the Asian region. Gerald D. Wright, Chief Executive Officer |
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