Calliope Metals Corporation - Agreement Over Nakety Ore Body in New Caledonia.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--May 14, 1998-- Calliope calliope, in music calliope, in music, an instrument also called steam organ or steam piano in which steam is forced through a series of whistles controlled by a keyboard. Metals Corp(VSE See DOS/VSE. VSE - Virtual Storage Extended :CYO CYO abbr. Catholic Youth Organization CYO n abbr (US) (= Catholic Youth Organization) → JC f .) Calliope Metals Corporation is pleased to announce the successful negotiation of an agreement to incorporate a joint venture company 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. in respect of the Nakety ore body in New Caledonia with Societe des Mines de la Tontouta (SMT (1) (Surface Mount Technology) See surface mount. (2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management ). New Caledonia has some of the highest grades and the largest resources of lateritic lat·er·ite n. A red residual soil in humid tropical and subtropical regions that is leached of soluble minerals, aluminum hydroxides, and silica but still contains concentrations of iron oxides and iron hydroxides. nickel in the world. Calliope will now expand its existing feasibility study to include expansion of the existing SMT mine and the development of an on site nickel / cobalt pressure acid leach processing plant to exploit the Nakety ore body. Nakety was the source of the 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. ore bulk sample sent by Calliope to SICI's (previously Sherritt Technology Division) metallurgical testing facilities in Canada. The ore is particularly suited to the SICI SICI Serial Item and Contribution Identifier SICI Supreme Islamic Council of Iraq SICI South Idaho Correctional Institution SICI Società Italiana di Citologia (Italian) SICI Standard Individual Contribution Identifier Pressure Acid Leach technology. Following on from this successful metallurgical testwork an exclusive technology license was granted to Calliope by SICI. As announced on 1 May 1998, this licence has been extended to cover an exclusive zone that encompasses the Nakety ore body. The Resource Services Group of Australia was commissioned by Calliope to fully investigate and validate the existing databases over the Nakety or body. This included geological interpretation and creation of three-dimensional models of the laterite profile by examining successive sections across the drill hole database and then interactively digitising the interpreted geology to produce the 3D model. These geological interpretations were validated using analytical data to confirm the boundaries of the laterite profile and key horizons. Detailed geo-statistical analysis was conducted on the deposits and distribution statistical of Ni, Co and MgO were determined for each area. Variogram modelling was completed in 3D using the Isatis geostatistical software package, developed by the Centre de Geostatistique at Foutainbleu in France. The modelling of robust variography from high density drilling (ie drill spacings of less than 50m) has allowed for high confidence grade estimation to be completed. In areas of more widely spaced drilling resource estimates reflect global grade tonnage estimates considered to be of robust confidence. Applying a cut off grade of 0.8 percent nickel to the limonite limonite (līm`ənīt) or brown hematite (hĕm`ətīt, hē`–), yellowish to dark brown mineral, a hydrated oxide of iron, FeO(OH)·nH2 and 1.4 percent nickel to the saprolite sap·ro·lite n. Soft, partially decomposed rock rich in clay and remaining in its original place. saprolite , the following resources are estimated for the Nakety ore body, classified according to the guidelines of the AusIMM / JORC JORC Joint Ore Reserves Committee : -0-
Measured, Indicated and Ni Co
Inferred Resources Mt (wet) percent percent
TOTAL 125.512 1.47 0.12
The Board has reviewed the financeability of the Calliope Nickel Project in Gladstone. Consequently, in view of the prevailing and forecast metal prices the Board has concluded that the project sited at Gladstone is not financeable under current conditions. This confirms its previous decision to fully investigate relocating the project adjacent to the Nakety ore body in New Caledonia, to reduce operating costs associated with ore handling and transportation,(some US60 cents per pound of nickel). The study to date indicates that siting the project in New Caledonia will allow the orebody to be fully exploited and result in higher economic returns to the project even under lower forecast metal price scenarios. To this end a doubling of capacity of the refinery to process 4M wet tons per annum is under review. Peter H Lloyd Acting CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ON BEHALF OF THE BOARD CAUTIONARY STATEMENT The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved the contents of this News Release. This News Release includes certain "forward-looking statements" within the meaning of Section 21E of the US 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 mineralisation and reserves, exploration results, and future plans and objectives of Calliope, 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 Calliope's expectation are disclosed under the heading "Risk Factors" and elsewhere in Calliope's documents filed from time to time with The Vancouver Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities. All subsequent written and oral forward-looking statements attributable to Calliope or persons acting on its behalf are expressly qualified in their entirety by this notice. CONTACT: Calliope Metals Corporation Peter H. Lloyd, 61/8-9474-4178 Email: info@calliopemetals.com.au or Calliope Metals Corporation Yale Simpson, 604/689-9188 Email: info@calliopemetals.com.au |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion