Colossal acquires cobalt processing plant in South Africa.VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 30, 1996--Colossal Resources Corp. (the "company") (VSE See DOS/VSE. VSE - Virtual Storage Extended :CLP 1. CLP - Cornell List Processor. 2. CLP - Constraint Logic Programming. ; 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 :CLPZF), announced today that it has acquired pilot hydrometallurgical hy·dro·met·al·lur·gy n. The treatment of metal or the separation of metal from ores and ore concentrates by liquid processes, such as leaching, extraction, and precipitation. processing facilities to produce high-grade cobalt products. The company is currently installing and upgrading the plant on a leased site with power and all other services in Johannesburg, South Africa. A new subsidiary, SACOLCo. Pty, will operate the plant, which is expected to become operational within the next 60 days. Dr. Terry V. Ashworth has been designated general manager of the plant. The plant will be capable of treating granulated gran·u·late v. gran·u·lat·ed, gran·u·lat·ing, gran·u·lates v.tr. 1. To form into grains or granules. 2. To make rough and grainy. v.intr. cobalt-rich alloy produced by Colossal's recently commissioned KMPP KMPP Kansas Methamphetamine Prevention Project slag processing plant near Kabwe, Zambia, as well as other cobalt residues. Colossal will be capable of producing commercial-grade cobalt chemicals, sulphate and hydroxide, and/or oxide at a rate of about 10,000 kgs of cobalt-contained per month. These value-added products bring higher margins than intermediate cobalt products. Colossal's president and chief executive officer, Dil Gujral, commented: "This acquisition is part of our mid-term strategy to move quickly to generate revenues from value-added cobalt products for which there are important market opportunities in Asia, India and Japan." Following the successful operation of the plant in South Africa, Colossal plans to add a similar processing facility to the Kabwe plant to develop operational synergies and reduce operating costs and throughput times. Colossal continues to search for sources of residues and slags for profitable venture opportunities in non-ferrous and precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. . It is currently assessing projects in Southern Africa and other parts of the world. Through its 60% joint venture with Qasim Mining Enterprises Limited (QMEL), Colossal has access to approximately 8.6 million tonnes of slag at the Nkana Slag Dump, estimated to contain 56,000 tonnes of cobalt and 80,000 tonnes of copper, and conservatively valued at in excess of US$2.5 billion. 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 not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein. CONTACT: Colossal Resources Corp., Vancouver Dil Gujral, 604/688-0044 800/298-0244 fax, 604/684-2439 http://www.Colossal-Cobalt.com or Investor Relations: Darrel Hackman, 303/306-6351 |
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