Fabled Silver Gold Corp T.FCO

Anyone?

[GuyF]

Cameroon grants US miner permit on big cobalt deposit -------------------------------------------------------------------------------- A unit of US-based mining company Geovic, Geovic Cameroon, has been granted a permit to develop what it believes to be the world's largest primary cobalt deposit in the southeast of the West African country. A presidential decree published on Tuesday said the permit would run for 25 years and cover an area extending over 1 250 km (780 miles). Geovic said in a statement the deposit, located in Cameroon's Lomie region, was estimated to contain metal worth $10-billion. The company said it would require about $30-million to develop the first mining unit, with production expected to start in 2005. It plans to mine mainly cobalt, but also nickel. "Geovic exploration and development drilling and trenching since 1995 indicates the mine permit area encompasses a resource exceeding 240-million metric tons, grading approximately 0,3% cobalt and 0,6% nickel," it said. The decree said Geovic was expected to publish a detailed development plan for the deposit after the first four years of operation and provide social, educational, transport, and health infrastructures for local communities. The firm must also conform to the recommendations of an environmental study carried out earlier in the region. Geovic Cameroon is 55,5%-owned by Geovic. The rest is controlled by the Cameroonian government and other stakeholders. – Reuters.