MEGAPROJECT gets betterKeep an I on this one. Is going to be BIG. A winner!!!
Cheers
Vangelis
Tuesday, March 22, 2005
Golden Patriot To Renegotiate Interest in Ambaji Project
Further to the Company’s news release dated June 7, 2004 wherein the Company had announced the acquisition, pursuant to an agreement dated February 12, 2004 of a 32.5% interest in the Ambaji copper-zinc-lead project (Ambaji Project), the Company wishes to announce that it has commenced negotiations to increase its interest to a majority interest
Under the original agreement the Ambaji Project is held on the following basis:
Golden Patriot Mining Inc. (GPM) 32.5%
Binani Industries Ltd (Binani) 32.5%
Gujarat Minerals Development Corporation (GMDC) 25.0%
Rajasthan State mines & Metals Ltd (RSMML) 10.0%
Total 100.0%
About the Ambaji Project
In May of 2001, the United States Trade and Development Agency (TDA) sanctioned a grant to fund a Bankable Feasibility Study (the “Bankable Feasibility Study”) for the Ambaji Project that was subsequently completed by Steffen Robertson and Kirsten (U.S.) Inc. (“SRK”) in March of 2003.
Further, as reported in the Company’s news release dated August 26, 2004, the Company had previously filed a Technical Report on the Ambaji Project prepared by SRK and Gustavson Associates, LLC (Gustavson) conforming to National Policy Instrument 43-101 with the TSX Venture Exchange. The Technical Report was commissioned by the Company to ensure that the otherwise stringent resource and reserve estimates utilized in the Bankable Feasibility study conformed to the National Policy Instrument 43-1-101 standard.
According to the Bankable Feasibility Study, “The location of the project in India presents a unique opportunity to take advantage of low labor rates, high education and experience levels of the Indian mining community; relatively low cost engineering and strong construction management expertise and access to state-of-the-art process technology and equipment from the United States and to low cost common mining and process equipment manufactured in India”.
The total cost of the Ambaji Project including pre-production interest, is estimated at US $29 million. Further details on this project are available at the Company’s website: https://www.goldenpatriot.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Raj Chowdhry" "Marek Kreczmer"
Raj I. Chowdhry, C.A. Marek Kreczmer, MSc., P. Eng
President & Director Director