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 |
ISIN : CA44952P1009 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
IGC Res. est une société de production minière d'or basée en Australie. IGC Res. détient divers projets d'exploration au Canada, en Australie et en Tanzanie. Son principal projet en production est BLACKBURN - GREAT SOUTHERN PROJECT en Australie et ses principaux projets en exploration sont NARROWS au Canada, NGAKA en Tanzanie et UAROO en Australie. IGC Res. est cotée au Canada et en Allemagne. Sa capitalisation boursière aujourd'hui est 392 460 CA$ (368 245 US$, 269 813 €). La valeur de son action a atteint son plus haut niveau récent le 27 décembre 2006 à 0,90 CA$, et son plus bas niveau récent le 14 mars 2014 à 0,01 CA$. IGC Res. possède 26 164 000 actions en circulation. |