Blue Pearl, Endako Sign Memorandum for Milling Circuit.TORONTO -- Blue Pearl Mining (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BLE)(TSX:BLE.WT)(FRANKFURT:A6R) is pleased to announce that it has signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. ("MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ") with Endako Mines (a joint venture of Thompson Creek Mining Ltd. and Sojitz Moly moly herb given by Hermes to Odysseus to ward off Circe’s spells. [Gk. Myth.: Odyssey] See : Protection Resources Inc.) for construction of a milling circuit to process ore from Blue Pearl's Davidson Project near Smithers Smithers is a surname, and may refer to: People People with the surname Smithers
Blue Pearl will build, at its expense, a milling circuit capable of processing 2000 tonnes of ore per day and producing saleable molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. concentrate at the Endako Mine, approximately 200 km by road from the Davidson Project. Blue Pearl will benefit from Endako's existing infrastructure. Under the terms of the MOU, Endako will provide the management, supplies and personnel to operate the Blue Pearl circuit and will be responsible for its maintenance. Blue Pearl will pay Endako for the costs of operating the circuit. Blue Pearl engaged Hatch Ltd Hatch is a global multidisciplinary management, engineering and development consultancy. Its group companies have more than 7,400 staff in 80 offices on six continents. The company was founded in Toronto, Canada, by W.S. Atkins as W.S. Atkins & Associates in 1955. . in 2005 to undertake 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 mining a high grade portion of the Davidson Project's Main Deposit, shipping ore to an area facility and constructing a 2000-tonne-per-day milling circuit. The study is focusing on a portion of the orebody containing a measured and indicated resource of 6,680,000 tonnes grading 0.599% MoS2 (0.39% Mo) at a cutoff grade of 0.44% MoS2. This portion of the deposit is estimated to contain 52.8 million pounds of molybdenum. This resource is part of a larger deposit estimated to contain a measured and indicated mineral resource of 75.3 million tonnes grading 0.295% MoS2 at a cutoff grade of 0.20% MoS2. This mineral resource was estimated by Giroux Consultants Ltd. in a Technical Report filed on Sedar on March 7, 2005. Regarding this mineral resource, Gary Giroux, P. Eng., is the independent qualified person in accordance with National Instrument 43-101. Molybdenum currently sells for approximately US$24 per lb. The feasibility study is expected to be completed in the third quarter of 2006. Further testing will be carried out to ensure compatibility of Blue Pearl's material with the Endako facility. On signing of a definitive agreement, which is expected to take place before May 31, 2006, Blue Pearl will pay Endako US$5 million, half of which may be paid, at Blue Pearl's discretion, in Blue Pearl shares. Blue Pearl will also pay to Endako a sliding-scale fee based on the market price of molybdenum, ranging from US$0.80 to US$2.00 per pound of molybdenum produced, subject to a minimum monthly fee. The MOU, which is non-binding, allows for separate agreements to deal with the roasting and marketing of Blue Pearl's concentrate. About Blue Pearl Blue Pearl is a Canadian mineral resource company focused solely on developing the Davidson molybdenum project near Smithers, B.C. Shares outstanding: 45,943,827 Blue Pearl Mining Ltd. (TSX:BLE) (TSX:BLE.WT) |
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