Shituru Project Update - IBX appoints Director of Operations

    TSX-V: IBX


SOURCES LTD. ("the Company") (TSX-V: IBX) is pleased to announce the appointment of Mr. David Newton as Director of Operations. Mr. Newton will report directly to Mr. Alf Hills, Chief Executive Officer. Mr. Newton has had a long career as a General Manager at a number of mine operations in Asia, Europe and Africa, most recently as General Manager at Anvil Mining's Dikulushi mine in the Democratic Republic of Congo ("DRC"). Alf Hills, CEO states, "We are pleased to have David come on board to direct the development of the Shituru project. He has extensive operations experience in difficult environments and his DRC operating experience is a huge asset to the Project. With the Shituru Feasibility Study being completed it is time to start increasing our capability to build and operate a mine in the DRC. David's appointment is a key component to our strategy to realize the full value of Shituru." Project Update. The Feasibility Study will be delivered to the state-owned partner in the Shituru Project, Gecamines in Q3-08. The timeline for delivering the study has been tight and Feasibility Study work indicates a number of areas of upside. The Company intends to pursue further optimization as part of the project engineering design phase of the project. Some optimization work is being carried out in parallel with the Feasibility Study. The Feasibility Study takes advantage of the low acid-consuming, higher grade ore that represents the majority of the deposit by processing this material during the early years of operation. In addition to better grade, this ore has better metallurgy, lower operating cost, and requires a simple process plant; all of which reduce project risk. Environmental & Social Impact Assessment work is scheduled for completion in Q3 with a submission to the government to follow. Community consultation work carried out as part of the field work will form the basis for development of meaningful social programs for Likasi, an urban setting. Following the signing of an MOU, meetings have started on negotiating the supply of electricity to the project. On the matter of the Mining Contract Review, as previously reported the Shituru project has been classified as a category B contract with a recommendation that certain aspects of the agreement be revisited. The company expects Gecamines will schedule a meeting within the next several weeks to discuss the contract and looks forward to concluding this process which has created considerable uncertainty relating to DRC mining properties. On behalf of the Board of Directors INTERNATIONAL BARYTEX RE

SOURCES LTD. "Leo King" ----------------------- Leo King President and Director Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release

For further information:

For further information: International Barytex Resources Ltd.: Mitchell
Smith, Investor Relations; Leo King, President; Alf Hills, CEO, (604)
688-9368, Fax: (604) 688-9336; Renmark Financial Communications Inc.: Jen
Power,; Dan Symons,;
Montreal: (514) 939-3989, Fax: (514) 939-3717; Toronto: (416) 644-2020, Fax:
(416) 644-2021

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890