Colossal announces two cobalt/copper slag processing furnaces operational at the Kabwe plant in Zambia.VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 30, 1996-- Colossal Resources Corp. (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; VSE See DOS/VSE. VSE - Virtual Storage Extended :CLP 1. CLP - Cornell List Processor. 2. CLP - Constraint Logic Programming. ) is pleased to report that further to the news release of Sept. 4, 1996, the second 15-tonne Electric Arc Furnace An electric arc furnace (EAF) is a furnace that heats charged material by means of an electric arc. Arc furnaces range in size from small units of approximately one ton capacity (used in foundries for producing cast iron products) up to about 400 ton units used for secondary at the recently constructed Qasim Mining Enterprises Limited (QMEL) plant at Kabwe in Zambia was hot commissioned on Sept. 29, 1996, and successfully melted a charge of cobalt and copper slag from ZCCM's Nkana Slag Dump. With both 15 tonne furnaces now operational QMEL will be processing slag primary and reduction melting to produce a cobalt- rich cobalt/copper/iron granulated alloy suitable for processing to higher value added cobalt products. In the coming weeks slag processing will be extended to two and three shift operations as more recently hired personnel are trained and ancillary materials handling facilities come on line. QMEL has hired 50 people in Zambia and expects this number to increase to 130 in 1997. At Kabwe an induction melting furnace for settling and granulating cobalt-rich alloy will be commissioned in November and a 10 tonne electric furnace will be installed in December when slag processing should increase to the planned first year level of about 300 tonnes per day (90,000 TPA (Transient Program Area) See transient area. TPA - Transient Program Area ) to yield around 40,000 kg of contained cobalt per month. Colossal is also pleased to report that the first commercial sale of cobalt alloy was made in September. According to Dil Gujral, president & 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. , "This achievement marks the culmination of a tremendous effort by our management, advisors, employees and our partners in OMEL. Colossal Resources Corp. is now well on its way to become one of the major players in the cobalt market." Colossal Resources Corp. continues to search for interesting sources of residues and slags for profitable venture opportunities in non-ferrous and precious metals and is currently assessing projects in southern Africa and other parts of the world. 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 Resoures Corp., Vancouver Dil Gujral, 604/688-0044 or 604/689-9778 or 800/298-0244 or Investor Relations: Darrel Hackman, 303/306-6351 |
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