VANCOUVER, Feb. 29 /CNW/ - Pebble Creek is pleased to announce that Vice
Admiral Vijay S. Mathur (Retd.), PVSM, AVSM, VSM, has joined its Indian
subsidiary Adi Gold Mining Pvt. Ltd. as Senior Vice President. VAdm. Mathur
had a 39-year career with the Indian Navy prior to retirement last year. In
his latest posting he was in charge of logistics and supply-chain management,
inventory control and human resource development. He provided logistic support
to over 900 Indian Navy ships and units, with over 50,000 personnel, and had
an annual materials budget of more than $350 million. Since joining the
Company he has introduced discipline and efficiency to administration and cost
control. The Company is pleased to have him heading its New Delhi and
country-wide business and governmental relations.
The Company invites shareholders and interested persons to the annual
convention of the Prospectors & Developers Association of Canada, March 2-5 in
Toronto, Canada, at the Metro Toronto Convention Centre, South Building. The
Company has Booth 2647 in the Investors Exchange hall. Admission to the
Investors Exchange is free.
The Company's President and CEO, Andrew Nevin, will co-chair a Technical
Session on India and Pakistan, both of which are new exploration venues now
opening up. The session is on Tuesday morning, March 4, in Room 716 of the
Convention Centre. Four speakers, all with foreign, private-sector companies,
will discuss their mining and exploration projects in India or Pakistan. The
speakers will be followed by a panel discussion on overcoming obstacles in
those South Asian countries.
Work on the Company's Askot copper and zinc project is progressing. The
Indian Ministry of Mines approved the Company's Mining Lease application for
386 hectares in September 2007. In December the State of Uttarakhand issued a
formal Letter of Intent to the Company to issue the Mining Lease, subject to
several conditions. Those include approval by the Indian Bureau of Mines of
the Company's Mining Plan; acceptance of the Environmental Impact Assessment
by the Ministry of Environment and Forests; obtaining clearance from the
Forest Department of the same ministry; and a land survey of the perimeter of
the Mining Lease area. The Company and its consultants are currently working
to satisfy those conditions.
The Company expects to engage an independent consultant to provide a
Technical Report that will include the first NI 43-101 compliant mineral
resource estimate. The Company will resume step-out drilling as soon as
suitable drill rigs can be found. Geochemical and geophysical anomalies will
be drilled from the surface. Potential down-dip and lateral extensions of
known mineralization will be drilled from underground drill stations.
Construction of additional underground stations is in progress.
Ernst & Young's Indian office is negotiating with several India-based
investment funds with regard to a private placement of shares in the Company's
wholly-owned subsidiary, Adi Gold Mining Pvt. Ltd., subject to approval of the
TSX Venture Exchange.
On behalf of the Board,
Gyan C. Singhai, P.Eng.
Forward-Looking Statements. This news release contains forward-looking
statements, which address future events and conditions, which are subject to
various risks and uncertainties. The Company's actual results, programs and
financial position could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors, some of which may
be beyond the Company's control. These factors include: rapidly increasing
costs of mine and plant construction, the availability of funds; the timing
and content of work programs; results of exploration activities and
development of mineral properties; the interpretation of drilling results and
other geological data; the uncertainties of resource and reserve estimations;
receipt and security of mineral property titles; project cost overruns or
unanticipated costs and expenses; fluctuations in metal prices; currency
fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The assumptions
used in the preparation of such statements, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such undue reliance
should not be placed on forward-looking statements.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
For further information:
For further information: Gyan Singhai, Executive Chairman, Telephone:
(604) 696-6101; Mike Romanik, Investor Relations, Verenex Capital Corp.,
Telephone: (204) 724-0613