Kria Resources Announces Permits to Begin Construction at the Halfmile Mine and Appointment of Vice President Operations
January 31 2011 - 8:11AM
Marketwired
Kria Resources Ltd. ("Kria" or the "Company") (TSX VENTURE: KIA) is
pleased to announce that it has received both the Industrial Lease
and Licence of Occupation from the New Brunswick Department of
Natural Resources and the Approval to Construct and Operate from
the New Brunswick Department of Environment permit to Construct and
Operate the Halfmile Mine and the required permit and mining lease
from the New Brunswick Department of Environment granting approval
to construct and operate the Halfmile Mine. The receipt of both
these permits allows Kria to begin construction activities at the
Halfmile mine site.
Kria is also pleased to announce the appointment of Mr. Paul
Keller, P.Eng. as Vice President Operations of the Company
effective February 1, 2011.
Mr. Keller brings extensive mine operations experience in Canada
with almost 30 years of experience most recently as Manager of
Technical Services for a major Canadian mining contractor where he
led a team of engineers and designers on various mining contracts.
Previously, Mr. Keller held the positions of Chief Operating
Officer and Vice President of Operations for a Canadian base metal
producer where he was responsible for leading the company through
the project development from feasibility, construction and
commissioning. Mr. Keller began his career with Rio Algom Limited
and has also worked in various management roles with Hemlo Mines
owned by Barrick in mine operations, engineering and
maintenance.
Mr. Keller holds a Bachelor of Engineering/Mining from
Laurentian University and is a Professional Engineer.
Mr. Mike Hoffman, the President and Chief Executive Officer of
the Company, stated, "The receipt of the approvals to construct and
operate the Halfmile Mine by the New Brunswick Department of
Environment and Natural Resources is an important milestone and
allows Kria to immediately begin site construction activities at
Halfmile with production expected to begin in the third quarter of
2011. We are also pleased that Paul Keller is joining our team at
this time and his experience and leadership will be invaluable in
working with all our stakeholders as we become the newest base
metal producer in New Brunswick."
In connection with the appointment Mr. Keller will be granted
300,000 Kria stock options with the price established at close the
day before he begins employment. The options shall vest immediately
and expire within five years from date of grant as per the terms of
Kria's stock option plan and shall remain subject to receipt of all
necessary regulatory approvals, including the approval of the TSX
Venture Exchange.
About Kria Resources Ltd.
Kria Resources is a base metal exploration and development
company focused on high-quality, advanced-stage base metal assets.
Kria's primary asset is the Halfmile Lake and Stratmat properties
near Bathurst, New Brunswick. The Halfmile Lake and Stratmat
projects are optioned by Kria from Xstrata, which is currently the
largest shareholder of Kria.
Kria completed a preliminary economic assessment ("PEA") on its
Halfmile Lake project in September 2010 that indicated the
project's economics improve if the mineral resource from Kria's
nearby Stratmat property is combined with the mineral resource from
Halfmile Lake. The combined Halfmile/Stratmat PEA estimated a
pre-tax NPV of C$253 million (8% discount rate) and IRR of over 20%
based on metal prices of US$1.03/lb Zn, US$3.03/lb Cu, US$0.92/lb
Pb and US$15.08/oz Ag. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.
Please refer to the Company's technical reports filed on SEDAR
for details regarding the NI 43-101 compliant resource estimates on
Halfmile, Stratmat and Ruttan. Prices and other assumptions
mentioned in this press release are Kria's internal assumptions and
estimates. Additional information is available at
www.kriaresources.com.
On January 17, 2010, Kria Resources announced that it has
entered into a definitive agreement (the "Agreement") with Trevali
Resources Corp. ("Trevali") (TSX: TV)(FRANKFURT: 4TI)(OTCQX: TREVF)
to complete a business combination whereby Trevali will acquire all
of the issued and outstanding common shares of Kria and Kria will
become a wholly owned subsidiary of Trevali (the "Transaction").
The Transaction will occur by way of a statutory plan of
arrangement and will be subject to receipt of all necessary
regulatory, court and shareholder approvals, including
disinterested shareholder approval by the Kria shareholders.
Kria has filed its notice of annual and special meeting (the
"Meeting") on January 24, 2011 and has set the record date as
February 16, 2011 with the Meeting to be held on March 30,
2011.
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the Transaction the anticipated timing
and results with respect to the completion of the Transaction, the
Halfmile property and the anticipated timing with respect to the
receipt of additional permits required to begin construction and
development of the mine, , exploration prospects, and timing with
respect to all regulatory approvals and shareholder approvals, if
required. Generally, forward-looking information can be identified
by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive, political and
social uncertainties; the actual results of current exploration
activities; timing and availability of external financing on
acceptable terms; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices
of mineral prices; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks
of the mining industry; and, delays in obtaining governmental
approvals or required financing or in the completion of activities.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Kria Resources Ltd. Mike Hoffman President and Chief
Executive Officer 416-861-2964 info@kriaresources.com
www.kriaresources.com
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