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For Immediate Release
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08-07
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IGC ASSOCIATE, ATOMIC RESOURCES LIMITED, FINALIZES
COAL JV WITH TANZANIAN GOVERNMENT
VANCOUVER, Canada (TSXV: IGC; Frankfurt: I6G
(WKN: A0HGX4 and OTC: IGCGF) – April 29, 2008 - IGC Resources Inc. ("IGC" or the "Company") is pleased to announce that Atomic Resources Limited (ASX Code: ATQ "Atomic" an Australian listed company in which IGC holds 28.55%) has now signed a formal Joint Venture Agreement with the Tanzanian National Development Corporation ("NDC") to acquire 70% of the Mhukuru and Ngaka coal fields in southern Tanzania.
Although export coal will be a priority, the joint venture has the first right of refusal to supply all coal required to power generation projects as determined in a bankable feasibility study to be undertaken by Atomic, and that the price of coal in any such supply contracts shall be benchmarked against international coal prices.
Atomic is actively seeking a suitable drilling contractor to begin verification and validation drilling of the previous data with the express intention of updating and validating the information in the existing feasibility study, determining the potential viability of the proposed project, and to determine the work necessary for the proposed project to be taken to the bankable feasibility study stage within the six-month timeframe nominated in the agreement.
Based upon the detailed geological information provided by earlier studies including non-JORC compliant resource estimations and technical studies completed by the Colonial Development Corporation and the Taganyika Geological Survey in 1950s, the joint venture is seeking to develop a potential exploration target size of 100 million to 120 million tonnes of thermal coal suitable for power generation.
Note: The information in this release was taken from the Atomic Resources Limited release of April 21, 2008, which release complies with section 18 of the Australian
Code for Reporting of Mineral Resources and Ore Reserves ("JORC code") and guidelines in stating a resource potential target based upon the geological information provided. There are no resources or reserves currently available for the project areas that satisfy the JORC Code or the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") for reporting resources and reserves. The historic information provided is for reference only and the reader should not infer or assert that the information is correct, reliable, relevant or accurate and should not be relied upon.
For further information refer to the Atomic Resources’ website at www.atomicresources.com.au
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About IGC Resources Inc
.: IGC’s principal business activities are the exploration and development for mining of gold and copper projects in Australia and Africa while continuing to investigate other mineral resource prospects for potential acquisition globally. IGC also holds 28.8% of Australian-listed energy explorer, Atomic Resources Limited (ASX code: ATQ, www.atomicresources.com.au ) which focuses on coal and uranium exploration.
For more information, please visit our website at www.igcresources.com, email us at info@igcresources.com or call John Braden at +1 604-664-7424.
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Linda Holmes, Corporate Secretary, +1(250) 404-0310
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this release may constitute forward-looking statements which involve known and unknown inherent risks and uncertainties that are detailed in IGC’s periodic filings with Canadian securities regulators. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Actual events or results could differ materially from IGC’s expectations and projections.
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IGC Resources
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CODE : IGC.V |
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ISIN : CA44952P1009 |
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IGC Res. is a gold producing company based in Australia. IGC Res. holds various exploration projects in Australia, in Canada and in Tanzania. Its main asset in production is BLACKBURN - GREAT SOUTHERN PROJECT in Australia and its main exploration properties are NARROWS in Canada, NGAKA in Tanzania and UAROO in Australia. IGC Res. is listed in Canada and in Germany. Its market capitalisation is CA$ 392 460 as of today (US$ 368 245, € 269 813). Its stock quote reached its highest recent level on December 27, 2006 at CA$ 0.90, and its lowest recent point on March 14, 2014 at CA$ 0.01. IGC Res. has 26 164 000 shares outstanding. |