RE: Woodstock option From Minco's website.......this is not new or news...........I believe this deal will get done. I think its more of the two sides hammering out how it gets done. Adit I know you contacted IR but I still think we get news this week.
Manganese Project Evaluation
Buchans Minerals Corporation believes, and Minco agrees, that the opportunity exists to develop manganese carbonate deposits to produce EMM outside of China to meet the future demand from China and the rest of the world and that the Woodstock deposits have the scale and process characteristics to play a major role in this opportunity. Buchans wishes to advance the Woodstock project as rapidly as possible and, given the potential scale of the project, is seeking a partner to advance the project.
Minco has been granted the exclusive right, for a period of six months, to conduct a full evaluation and due diligence on the Woodstock property with a view to potentially entering into a joint-venture agreement with Buchans to develop the Woodstock manganese project. Minco has agreed to pay Buchans CDN$1 million for the exclusive six month option, and these funds will be used during the option period primarily for the advancement of the Woodstock project.
Based on the bench scale test program results a dynamic economic model which simulates the process flow sheet and quantifies conceptual operating and capital costs has been developed and will be evaluated by Minco during the Option Period. A treatment rate of 3,000 tonnes per day producing about 100,000 tonnes per year EMM over thirty years will be evaluated. A treatment rate of 6,000 tpd producing about 200,000 tpa EMM over 20 years may also be considered.
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