BE Resources Completes Review of Overall Strategy
14 Octobre 2011 - 2:33PM
Marketwired
BE Resources Inc. (TSX VENTURE:BER) ("BE" or the "Company")
announced that the Company has completed the review of its overall
strategy, assets and operations, which was initiated with the
appointment of two new directors on August 24, 2011 and changes to
the management team announced on August 25, 2011.
The conclusion of the board is that it will cease exploration
work on its New Mexico properties and place the Warm Springs
project on care and maintenance. The Company's focus will turn to
acquiring an interest in more traditional precious and base metal
exploration properties. The Company has been examining a number of
opportunities in DRC, Bolivia, British Columbia, Mexico and Quebec
and has entered into a memorandum of understanding respecting four
mining concessions in Bolivia where the target minerals are gold,
palladium and platinum, under which memorandum of understanding the
Company has 90 days to conduct due diligence.
This change in focus is based on a number of important factors
including a comparison of the Company's drilling results to date at
its Warm Springs project to the cut-off grades for seven rare earth
projects and one beryllium project that P&E Mining Consultants
Inc., a technical advisor to the Company, has selected for
benchmarking purposes. The average TREO for drill hole numbers 1,
2, 3, 10, 11, 12, 14, 15, 16, 17 and 19 as calculated by P&E
are well below the TREO cut-off grades at the benchmarking projects
(the latter being 1.12%), and the average BeO grades for the same
eleven holes, plus drill hole numbers 4 and 5, are also well below
the BeO cut-off grades at the benchmarking project (the latter
being 0.06%). Cut-off grades represent break-even on an operating
cost basis, without taking into consideration capital costs.
Additional factors include high permitting costs to date and
drilling costs to date which have been high due to extensive
monitoring obligations imposed at Warm Springs by the New Mexico
Mining and Minerals Division. The Company has therefore decided to
conserve cash and seek out other projects.
The Company is pleased to announce that Mani Verma P.Eng. has
agreed to join the board of directors of the Company. His
appointment is effective immediately, subject to the approval of
the TSX Venture Exchange. Mr. Verma is one of the founders of Micon
International Limited, mineral industry consultants. He brings to
the board over 35 years experience as a mining engineer, working
with both mining companies and major consulting firms. Mr. Verma is
a Professional Engineer in Ontario, Canada. Mike Swedak, a recent
appointee to the board, has for personal reasons resigned from the
board.
Eugene Puritch, P. Eng. of P&E, a Qualifed Person (as
defined under National Instrument 43-101), has verified the data
relating to the Company disclosed in, and approved the technical
contents of, this news release.
Cautionary Statements
Certain statements contained in this news release may contain
forward-looking information within the meaning of United States and
Canadian securities laws. Such forward-looking information is
identified by words such as "estimates", "intends", "plans",
"expects", "believes", "may" and "will" and include, without
limitation, the statement that the Company's focus will turn to
acquiring an interest in more traditional precious and base metal
exploration properties. There can be no assurance that such
statements will prove to be accurate; actual results and future
events could differ materially from such statements. Factors that
could cause actual results to differ materially include, among
others, uncertainties as to metal prices, the state of the capital
markets, the global economy, regulatory requirements and an
inability on the part of the Company to raise the funds necessary
to carry out its objectives. Reference is also made to the risk
factors contained in the Company's annual report on Form 10-K for
the year ended December 31, 2010. Most of these factors are outside
the control of the Company. Investors are cautioned not to put
undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the
Company expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new
information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: BE Resources Inc. Jon Pereira President & CEO
(416) 214-7824
BE Resources Inc. (TSXV:BER)
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