Fundy Acquires 40% Interest in Innovative Extraction Process.FREDERICTON, New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. -- The Board of Fundy Minerals Ltd ("Fundy" or "the Company") (OFEX OFEX Off Exchange (Over-The-Counter Market established in 1995, Specialising in Smaller Companies) :FUN), a Canadian exploration and development company with several gold and base metal properties in New Brunswick, Canada and Liberia, West Africa, announces that it has acquired a 40% interest in UK based Orlake Estates Limited ("Orlake"). Fundy trades on UK's OFEX market (www.ofex.com) symbol: FUN. Under terms of the agreement, Fundy has agreed to pay Pounds Sterling 46,000 plus 100,000 shares of Fundy common stock in consideration for the Orlake Shares and finance up to US$1million (Pounds Sterling 527,452) in development costs. Fundy will undertake a re-organization of the Orlake assets to best allow for R&D costs to be eligible for Canadian National Research Council grants for R&D in this sector of technology. Orlake has developed and holds intellectual property rights for a revolutionary mineral extraction process involving vaporised chlorine gas. In 2004, Orlake retained UK based global engineering firm SRK SRK Shah Rukh Khan (Indian actor) SRK Shoryuken (fighting games) SRK Soave-Redlich-Kwong (thermodynamic model) SRK Syk-Related Tyrosine Kinase (www.srk.com) who, in conjunction with Cardiff University, Wales Wales, Welsh Cymru, western peninsula and political division (principality) of Great Britain (1991 pop. 2,798,200), 8,016 sq mi (20,761 sq km), west of England; politically united with England since 1536. The capital is Cardiff. , has successfully advanced the extraction process involving run of mine concentrate and mine tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. from refractory gold projects in Nevada and Europe. Extraction efficacy has been compatible to or better than current industry methods for gold extraction from refractory ores. The Company will assist the advancement of the refining phase of the technology through relationships with SRK, Cardiff University, and the Research and Productivity Council of New Brunswick, Canada. Ultimately, the Company hopes to test a pilot plant early 2006, with an eventual roll out to the industry. The vaporized va·por·ize tr. & intr.v. va·por·ized, va·por·iz·ing, va·por·iz·es To convert or be converted into vapor. va process has the potential to dramatically change how mineral extraction is carried out, in particular reclaiming the vast amount of tailings and refractory mine ores around the world. Fundy Chairman, Jeff Michel, stated: "We are very enthusiastic about this acquisition as it satisfies Fundy's plan for diversified growth. We will manage Orlake's interest and further development under a Fundy subsidiary in a manner that is designed to improve and enhance shareholder value. Further, this process has already, in extraction tests and enhancements by SRK/Cardiff, shown potential that could dramatically transform the extraction and processing of minerals within the industry." The Directors of Fundy accept responsibility for this announcement. Notes to Editors: About Fundy Minerals Ltd Fundy was incorporated on 17 March 2004, and is based in New Brunswick (Canada). The Company is actively involved in the exploration of a range of properties. Its targets include gold, silver, copper and base metals. The founders of Fundy have more than 50 years combined geological experience. The Company has currently secured 100% interest in a total of seven mineral exploration and development properties in the Province of New Brunswick and 2000 square kilometres of permitted land in Liberia, West Africa. Each of the Canadian Prospects warranted bona fide [Latin, In good faith.] Honest; genuine; actual; authentic; acting without the intention of defrauding. A bona fide purchaser is one who purchases property for a valuable consideration that is inducement for entering into a contract and without suspicion of being exploration advancement that Fundy undertook in the 2004 field season, re-affirming the past historical exploration results, and generated encouraging confirmation of mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zones on each Prospect and strong assay results. Mineral exploration and mining play a significant role in New Brunswick's economy. During the last three years, the value of mineral production has grown from C$857 million to over C$953 million. In all of Canada, New Brunswick mineral production ranks: 1st for lead, zinc, bismuth bismuth (bĭz`məth) [Ger. Weisse Masse=white mass], metallic chemical element; symbol Bi; at. no. 83; at. wt. 208.9804; m.p. 271.3°C;; b.p. about 1,560°C;; sp. gr. 9.75 at 20°C;; valence +3 or +5. and antimony antimony (ăn`tĭmō'nē) [Lat. antimoneum], semimetallic chemical element; symbol Sb [Lat. stibium,=a mark]; at. no. 51; at. wt. 121.75; m.p. 630.74°C;; b.p. 1,750°C;; sp. gr. (metallic form) 6. ; and 2nd for silver. Reports and further information is available at the Company website at www.fundyminerals.com or at OFEX www.ofex.com Fundy Minerals Ltd. (OFEX:FUN) |
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