International Barytex Resources Ltd.: Shituru Project Update
11 Janvier 2008 - 4:54PM
Marketwired
VANCOUVER, BRITISH COLUMBIA -
Owing to the uncertainty and market volatility felt by companies
working in the Democratic Republic of Congo (DRC) created from the
premature disclosure of a report by a special commission reviewing
mining contracts, INTERNATIONAL BARYTEX RESOURCES LTD. ("the
Company"), wishes to provide an update on its Shituru project
located near Likasi, Katanga Province, DRC.
Mining Contract Review:
In mid-2007 the DRC government announced it was forming a
commission to review mining contracts entered into by state owned
mining companies and private investors; 61 contracts were noted
including the contract for the Shituru property. Early in November
2007 the contents of a draft review of these contracts were
disclosed by unofficial sources. There was substantial reaction in
the capital markets to this news and the DRC government issued a
statement saying the report was only a draft and that a
parliamentary committee would start a review of the contracts early
in December 2007.
The Company has been in discussions with the DRC government
regarding the Shituru property since the unofficial disclosure of
the report. While the company has not received official
notification on the conclusion of the review it has been told
unofficially that the Shituru contract appears in good order and
there were minimal issues that require discussion.
Project Status:
The Company is waiting for the completion of the Preliminary
Assessment on the Shituru Project being prepared by independent
engineering firms. The Company expects it will receive the study in
the next few weeks. As reported previously this assessment has been
delayed to include the results of Whole Ore Leaching (WOL) tests
for low acid consuming ore which constitutes the majority of the
process plant feed in the initial 5 years of mining.
The flowsheet proposed for the project has now been largely
defined using the metallurgical tests carried out by SGS Lakefield
Research as part of the Preliminary Assessment. Exploiting the low
acid consuming nature of ore to be mined in the initial years will
result in lower process operating cost estimates and higher copper
recoveries for the early years of production. When increasing
tonnages of high acid consuming ore are encountered later in the
mine life, this material will be processed through a Flotation
plant to make a copper oxide concentrate with lower acid
consumption. This concentrate will then be leached and processed
into cathode copper in the proposed WOL / SX-EW plant built during
the initial construction period.
The metallurgical test program indicates improvement in recovery
from adopting Whole Ore Leach for low acid consuming ore as shown
in the table below.
------------------------------------------------------------
Copper Recovery Low Acid Consuming Ore %
------------------------------------------------------------
Whole Ore Leach (WOL) Flotation Concentrate Leach (FCL)
------------------------------------------------------------
85.5 75.6(U1)
------------------------------------------------------------
President Leo King states, "The metallurgical testwork for the
Preliminary Assessment has identified areas to be optimized for the
Feasibility Study. The good copper recovery achieved with a coarse
grind size is especially encouraging."
"We believe that recognizing the significance of Whole Ore
Leaching in the flowsheet is important as the metal recoveries
indicated by testwork will enhance the project economics."
"Given the uncertainty that disclosure of the draft mining
contract review has created for mining companies working in the DRC
we believe it is in the best interests of both the industry and the
DRC to conclude the parliamentary review process in an orderly but
expeditious manner."
"We continue to be encouraged by the potential of Shituru and
are moving forward with work to complete a Feasibility Study by
Q3-2008."
On behalf of the Board of Directors
INTERNATIONAL BARYTEX RESOURCES LTD.
Leo King, President and Director
Some statements in this news release contain forward-looking
information. These statements include, but are not limited to,
statements with respect to the completion and timing of preliminary
assessments. These statements address future events and conditions
and, as such, involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements.
Such factors include, among others, the ability to complete
contemplated and the timing of Preliminary Assessments.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: International Barytex Resources Ltd. Alf Hills CEO
(604) 688-9368 International Barytex Resources Ltd. Ivan Bebek
Manager, Investor Relations (604) 688-9368 (604) 688-9336 (FAX)
Email: investor@barytex.com Website: www.barytex.com
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