Asia Pacific Resources Project Update.Business Editors Asia Pacific Resources (FRANKFURT: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 ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :APQ.TO) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :APQCF) Since the closing of the rights offering in April, the new Board of Directors and Chief Executive have been developing a plan to increase shareholder value. This process recognizes the strategic nature of the Udon u·don n. A thick Japanese noodle made with wheat flour, usually served in soup or broth. [Japanese, wheat noodle.] project, arguably the best undeveloped potash deposit in the world, as well as financing and timing considerations. Strategy The Board has engaged a team of internationally recognized engineering consulting firms to review the economics of a staged project development to allow an accelerated schedule and lower up-front capital expenditure, compared to the 1998 Kilborn Western Feasibility Study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. , which contemplated production of 2.0 million tonnes / year. The Company expects to be in a position to determine the specific project development program by year-end. When implemented, the project will generate significant job creation benefits and royalty payments to the Thai Government, which will be shared with local communities. Thai Minerals Act The proposed amendments to the Thai Minerals Act, which will bring the existing Act into line with international standards for underground mining, have been passed by the Senate and are expected to be considered by the House in August. Once the amendments are signed into law, the Company intends to immediately apply for the necessary Mining Leases. The Board is encouraged by apparent progress on these Amendments. Social and Environmental The Thai Government has approved the Environmental Impact Assessment (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. ), prepared according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. international standards for the South deposit (formerly known as Somboon). The EIA for the North deposit (formerly known as Udon) is now in preparation. Underground potash mining and surface processing, while practiced in a number of countries without significant environmental impacts, are new in Thailand. The Company has commenced a major program to explain to constituents in Thailand the modern environmental management systems discussed in the EIA, which will be used to fully protect the surrounding environment. The Company's environmental management program will be carried out in collaboration with the Thai Government, which holds a 10% free carried stock interest in the operating company operating company A business that engages in transactions with outsiders. , Asia Pacific Potash Corporation. About Asia Pacific Resources The Company has identified two large potash deposits, the Udon North and Udon South deposits near Udon Thani in northeast Thailand. In September 1998, the Company completed a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. on the South deposit, which ranks among the highest-grade potash resources in the world, and is currently working to secure various development approvals required from the Thai authorities. It is anticipated that the current study will be reviewed and optimized during 2002 so that the project's future development will be able to capitalise fully on the inherent competitive strengths of the resource, as well as its location close to the growing potash markets of Asia. On behalf of the Board of Directors, John Bovard, President and Chief Executive Officer The information provided in this news release may contain forward-looking statements within the meaning of the Safe Harbour provisions of the US Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on Asia Pacific Resources Ltd.'s current expectations and beliefs and are subject to a number of risks and uncertainty that can cause actual results to differ materially from those described in the forward looking statements. |
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