ARLINGTON, MASS., August 7 /CNW/ - Haber, Inc, (OTC: HABE), a
Massachusetts-based company with proprietary technology for the
environmentally friendly processing of gold-bearing ores, announced today that
its wholly-owned Ghanaian subsidiary, Haber Mining Ghana Ltd., has entered
into a joint venture with Etruscan Resources Ghana Ltd. ("Etruscan Ghana"), a
wholly owned subsidiary of the Nova Scotia, Canada-based Etruscan Resources
Inc., (TSX: EET), to explore 1,331 square kilometers of gold concessions in
the Western and Brong Ahafo Regions of Ghana. These gold concessions are
located in the Sefwi Volcanic Belt and the Kumasi Sedimentary Basin which host
significant gold deposits including the 60 million ounce Obausi deposit, the
13-million ounce Ahafo deposit, the 9-million ounce Bogoso-Prestea, the
5-million ounce Bibiani deposit, the 2-million ounce Obotan deposit, and the
2-million ounce Chirano deposit.
Agreement with Etruscan
Under the terms of the agreement, Haber was paid $700,000 by Etruscan. A
portion of these funds was then used to exercise Haber's option to purchase
the 300 square kilometer "Eternity" reconnaissance concession and to convert
Haber's "Good Ground" reconnaissance concession license into four prospecting
licenses covering 468.14 square kilometers. Under the terms of the joint
venture, each company will initially have an equal interest in the project.
The parties have formed "Etruscan Haber Joint Venture Limited," a
Ghanaian corporation through which Etruscan will manage the project and
provide exploration and mining expertise on all the concessions. Etruscan has
the option to increase its interest to 75 percent of the joint venture by
investing an additional $2.5 million dollars over a period of three years. If
this option is exercised, for every three dollars that Etruscan subsequently
invests, Haber must contribute an additional dollar to the project in order to
maintain a 25 percent interest in the joint venture. Should Haber's
participating interest drop below 10 percent, its interest shall be converted
to a 5 percent net smelter return royalty. Geological teams will begin
exploration activities this month. K. Kirk Woodman, Project Geologist, will be
the Qualified Person overseeing Etruscan's exploration programs in Ghana.
Additionally under the agreement, Haber retains the right to unilaterally
explore, mine and process all alluvial gold on the properties, so long as such
activity does not interfere with the joint venture's mining operations or
Also, in the event that the joint venture decides to begin mining
operations on the properties, Haber's environmentally friendly Haber Gold
Process (HGP) technology would be used under a licensing agreement, provided
that Haber can prove its process is at least as economical as traditional
extraction technologies. The terms of the licensing arrangement for the joint
venture would then be negotiated between the parties. The license would also
include granting Etruscan Resources Inc. the right to use HGP technology on
any of its other gold processing operations.
Haber STAMP Program
If circumstances permit and exploration results for alluvial gold ores
prove favorable, it is anticipated that Haber would make every effort to
implement its Strategic Abatement of Mercury and Poverty (STAMP) program,
which was developed to help eliminate the use of mercury by small-scale gold
miners in Ghana where such use has caused severe pollution of the environment
and significant public health problems. The STAMP program is designed to take
advantage of its superior gold recovery efficiencies, in the high 90 percent
range, which would permit Haber to pay the small-scale miners considerably
more for their ore concentrate than they would receive if they were to
continue their use of mercury.
"Our decision to partner with Etruscan is rooted in part on its focus on
mining projects located on the African continent, exploration experience,
superior team of geologists and management, and financial resources," Albert
B. Conti, Haber's president and COO. "We have also pursued this affiliation
based on common moral principles and business philosophy. Both companies are
aggressively seeking superior financial results while sharing a strong sense
of social responsibility and environmental concerns, and are interested in
helping indigenous people whenever reasonably possible. The many humanitarian
awards Etruscan has already received from the African countries in which they
have operations is a testimony to the company's high level of social concern
and coincides with our own corporate objectives."
Gerald McConnell, President and CEO of Etruscan Resources Inc. stated:
"We are extremely pleased to have the opportunity to partner with Haber to
explore and develop this large strategic land package in Ghana. This
acquisition is a further execution of our corporate objective of acquiring
large land positions in prolific gold belts in West Africa. Land packages of
this size and prospectivity are very difficult to acquire in Ghana today.
Haber has assembled a truly superior land package. We are also impressed with
Haber's commitment to social upliftment and respect for the environment which
is aligned with Etruscan's commitments in this regard."
Description of the Properties
Although there is no guarantee that economic gold deposits will be found
on the joint venture's properties, the prior activities of neighboring
operations, including those of the Newmont Mining Corporation, are
encouraging. The following six concessions are covered under this agreement:
1. The "Eternity" reconnaissance concession is comprised of two separate
blocks in the Sefwi Gold Belt. The northern block comprises 66.8 square
kilometers and is contiguous with, and 5 kilometers east of Newmont Mining's
Ahafo gold project which has yielded some 13 million ounces to date. The
southern block comprises 234.6 square kilometers and is located 12 kilometers
east of the Newmont land holdings.
2. The "Uprightness" reconnaissance concession is located on the eastern
boundary of the Sefwi Gold Belt and comprises 560.99 square kilometers in a
single block. The permit is contiguous with the eastern boundary of the
Bibiani mining permit.
1. The Akordie Area prospecting license of the Brong Ahafo Region covers
a total area of approximately 125 square kilometers comprised of two blocks.
Block 'A' (81.99 square kilometers) is centered on the towns of Akrodie and
Fawohoyeden and Block 'B' (42.15square kilometers) is centered on the village
2. The Datano Area prospecting license of the Western Region covers a
total area of approximately 99.0 square kilometers
3. The Asafo Area prospecting license of the Western Region covers a
total area of approximately 132.3 square kilometers
4. The Sankore Area prospecting license of the Brong Ahafo Region covers
a total area of approximately 112.7 square kilometers
About Etruscan Resources Inc.
Etruscan Resources Inc. is a diversified Canadian junior mining company
focused on acquiring dominant land positions in district scale gold and
diamond belts within Africa. Etruscan is an emerging gold producer and holds
large strategic land positions in a number of gold belts covering over 10,000
square kilometers in five countries in West Africa. The Company also holds a
dominant land position in the Ventersdorp alluvial diamond district in South
Africa. The common shares of Etruscan are traded on the TSX Exchange under the
symbol "EET". More extensive information on Etruscan can be found on its home
page at http://www.etruscan.com.
About Haber, Inc.
Haber, Inc. is a high technology process development company with
proprietary technologies in extractive metallurgy and electrochemical
separations. These technologies include the company's Haber Gold Process
(HGP), a chemical system discovered by Norman Haber, the founder and chairman
of the company, for the hydrometallurgical extraction of gold from its ores.
The Haber Gold Process is both non-toxic and more efficient than conventional
solvents such as cyanide. This technology accelerates the gold extraction rate
and may increase gold recovery from its ores by a substantial factor. The
company's Electromolecular Propulsion (EMP) technology is an electrochemical
process that enables the electrically controlled movement or positioning of a
variety of different molecules. It is distinguished from the techniques of
electrophoresis and chromatography by its wide variety of potential
applications and the greater speed and control of the results. For more
information, call Albert B. Conti (781) 643-2727, or visit the company's
website at http://www.habercorp.com.
Safe Harbor Statement
Any statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, and involve risks and uncertainties.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance and underlying assumptions.
These statements are subject to uncertainties and risks including, but not
limited to, economic conditions, the impact of competition and pricing,
government regulation, and other risks. All forward-looking statements made by
or on behalf of the Company are qualified. The Company disclaims any
obligation to update any forward-looking statements to reflect events or
circumstances after the date hereof.
For further information:
For further information: Haber, Inc. Peter R. D'Angelo, 781-643-2727