IBX International Barytex Resources Com Npv

VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: IBX) announces that on February 22, 2008, Shituru Mining Corporation Sprl. ("SMCO") has received notification from the DRC Minister of Mines regarding the results of the review of the mining agreement (the "Agreement") between East China Capital Holdings ("ECCH"), a subsidiary of the Company, and Generale Des Carrieres et des Mines ("Gecamines"). SMCO is the entity which holds the exploitation permit on the Shituru copper deposit near Likasi, Katanga Province.

The Company, through its subsidiary ECCH, is earning a 65% interest in the Shituru deposit; Gecamines has a 25% carried interest.

The Government of the DRC has requested a response to its letter by March 2, 2008.

The letter requests an opinion on areas identified in the review which are considered deficiencies in the Agreement and lists requirements to correct these deficiencies.

The requirements set out in the letter are as follows:

- SMCO must submit a feasibility study to the Government.

- The feasibility study must identify and evaluate the actual contributions of the concerned parties with a view to the fair distribution of shares.

- Staged cash payments currently specified in the Agreement should be paid without delay.

- A 2% royalty should be paid to Gecamines.

- SMCO must submit a plan for the social impact of the project.

- Gecamines must play an active role in the daily management of SMCO.

The Company is preparing a letter providing its opinion with respect to the points raised. It believes a number of the deficiencies identified in the letter are being addressed in the Feasibility Study currently underway and due for completion in Q3-08. The company expects to hold further discussions with the Government to clarify points raised in the letter.

The Company believes that it has complied fully with the terms of the Agreement and has involved Gecamines in playing an active role in the management of the joint venture. It is the Company's belief that the Government's requirements are essentially being met and any impact as a result of the Government's review of the Agreement should be minimal.

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 feasibility studies. 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 feasibility studies.

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. Leo King President (604) 688-9368 (604) 688-9336 (FAX) Email: ibx@telus.net Website: www.barytex.com

International Barytex Resources Com Npv (TSXV:IBX)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024

International Barytex Resources Com Npv (TSXV:IBX)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024