CAMBRIDGE COMPLETES FINANCING AND ACQUISITION OF SKIMMER OIL SEPARATORS LTD.
CALGARY, Alberta, March 1 /PRNewswire/ -- Consolidated Cambridge Mines Ltd. (Vancouver: CRM) ("Cambridge") President Lawrence G. Ryckman announced the completion of the acquisition and financing of Skimmer Oil Separators Ltd. ("Skimmer") of Lloydminster, Alberta. Skimmer has developed a proprietary, environmentally sensitive process for the treatment of heavy oil sludge. Skimmer is currently constructing its first stationary facility in Lloydminster, which is scheduled to be completed within the next four to five months. Funding for the $3 million facility has been provided by Cambridge, the federal government through a Western Economic Diversification refundable contribution and the Alberta Provincial Government by way of a loan guarantee established September 1991. Skimmer's process will separate oil from sand and other contaminants, such as chlorides from sludge collected in storage tank bottoms and ecology pits found in heavy crude oil production areas. The Skimmer process is priced competitively with other disposal methods and recovers more than 99 percent of the oil, which can then be treated and refined. Current alternative methods of handling sludge include disposal or incineration which result in no oil or sand recovery. To the company's knowledge, there are no alternative processes available on a commercial scale to separate heavy oil from sludge. The company has been granted an operating permit from the Energy Resources Conservation Board (ERCB) for the operation of the new treatment facility. The facility is supported by Environment Canada as an opportunity for enhanced environmental protection as well. Dick Willcock, the developer of the process and president of Skimmer, said, "Oil companies worldwide are in need of an environmentally safe method to dispose of the volume of sludge being produced and currently have no facility to process the waste which recovers the oil." Cambridge plans to establish facilities either as principal or through licensing of the proprietary technology in other heavy oil producing markets worldwide. The Vancouver Stock Exchange has neither approved nor disapproved the contents of this release. -0- 03/01/93 /CONTACT: Larry Ryckman of Consolidated Cambridge Mines, 403-234-7157/ (CRM.)
CO: Consolidated Cambridge Mines Ltd.; Skimmer Oil Separators Ltd. ST: Alberta IN: MNG OIL SU: TNM
BP-LS -- LA019 -- 1508 03/01/93 14:17 EST
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|Date:||Mar 1, 1993|
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