Cambior Withdraws From Lac Dore Vanadium Project.Business Editors LONDON, Ontario--(BUSINESS WIRE)--April 5, 2000 (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MKBY) McKenzie Bay International Ltd ("MKBY OTC-pinks") has received notice from Cambior ("CBJ CBJ Columbus Blue Jackets (NHL team) CBJ Central Bank of Jordan CBJ Conflict-Directed Backjumping CBJ Circuit Board Jack CBJ Code-Breakers Journal CBJ Class Broker for Java CBJ Color Bubble Jet Amex, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ") that they intend to withdraw from the Lac Dore Joint Venture, effective immediately. The Lac Dore Project, North America's largest vanadium vanadium (vənā`dēəm), metallic chemical element; symbol V; at. no. 23; at. wt. 50.9415; m.p. about 1,890°C;; b.p. 3,380°C;; sp. gr. about 6 at 20°C;; valence +2, +3, +4, or +5. Vanadium is a soft, ductile, silver-grey metal. deposit, located near Chibougamau, Quebec Chibougamau is a town in central Quebec, Canada, located on Lake Gilman. is in the final feasibility stage. Under the terms of the June 30, 1999 Joint Venture Agreement, Cambior was to earn a 40% interest in the Project by completing a Bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. Feasibility Study not later than June 30, 2001. The three party Joint Venture now reverts back to a previous agreement between Soquem, Inc (AGF AGF Assurances Générales de France AGF Army Ground Forces AGF American Growth Fund (mutual fund) AGF American General Finance AGF Arbeitsgemeinschaft der Grossforschungseinrichtungen AGF Anatomic Gift Foundation AGF Assume Good Faith ) -- 20% and McKenzie Bay Resources, Ltd -- 80%, a 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. of McKenzie Bay International Ltd. Cambior will have no retained interest in the Project, however, Cambior will receive an amount of McKenzie Bay Common Shares converted at US$2.00/share equal to 20% of the amount of expenditures made by Cambior. McKenzie Bay is now the operator. Pursuant to the previous Agreement, McKenzie Bay must deliver to Soquem an independent Bankable Feasibility Study not later than August 31, 2001. Soquem has the option to acquire a 20% interest in the Project, upon completion and acceptance of a Bankable Feasibility Study, by paying for 20% of Capital Expenditures (CAPEX) required to construct the mine and refinery. Cambior spent more than Cdn$300,000 towards the completion of the Feasibility study. Work performed included surface mapping, sampling verification, relogging previous diamond drill holes, baseline environmental study, concentrate grade analysis, surface sample assays and analysis and various other feasibility costs. McKenzie Bay will soon receive complete records pertaining to Cambior's period of work at Lac Dore. Once these records have been reviewed and evaluated, the Company will release this information. The Company will consider its alternatives once it has fully evaluated Cambior's work programs. McKenzie Bay Shares Now Trading in USA - MKBY (OTC-pinks) McKenzie Bay International Ltd. wishes to announce that its common shares are now trading under the symbol 'MKBY' in the USA on OTC-pinks. For quote and trade information, please contact McKenzie Bay's market maker, James Alexander of J. Alexander Securities 213/687-8400. McKenzie Bay, a Delaware corporation, is a holding company with two wholly owned subsidiaries, Great Western Diamond Company formed to acquire the Kelsey Lake Diamond Mine in Colorado, and McKenzie Bay Resources Ltd, owner of the Lac Dore Vanadium-Titanium deposit in Quebec. |
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