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| Tuesday, 5 October 2004 |
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Mineral exploration project gets under way in Hambantota Colombo, Monday, Lankapuvath, A massive mineral exploration project will be implemented in the Hambantota district. WGI Heavy Minerals, Inc. said its 50-percent-owned subsidiary in Sri Lanka has received a 10 year mining lease on a 10.5 kilometre mineral deposit with an average width of 80 metres in Hambantota. The company 's internal drilling program has shown strong evidence of a commercial deposit of ilmenite, rutile, and garnet, containing significant quantities of titanium dioxide (TI02). The potential quantity and grade in the Sri Lankan property has not yet been verified by independent exploration or testing. An independent technical report is planned for the first quarter, 2005. "Obtaining these leases is a major milestone in our development in Sri Lanka. We have worked for six years to obtain access to these resources," Lindsay Gorrill, President and CEO of WGI heavy minerals told Lankapuvath. With the mining lease in place, we will now undertake the independent verification, market and cost review necessary to develop a production plan." "Our strategy has been to secure access to valuable deposits, develop and realise our production capacity and to produce and profitably market a diversified product mix of industrial-grade minerals from the Indian sub-continent. In addition, we will provide jobs, contribute to the communities and maintain the environment in our host locations," Gorrill said. "The recent opening of our pre-concentration plant, in Andhra Pradesh, India was another major milestone in the execution of this strategy WGI heavy Minerals, Inc. is a fully integrated miner, producer, and marketer of industrial-grade minerals. The company's operations include mining and processing facilities in Idaho, U.S. and Tamil Nadu and Andhra Pradesh, India. |
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