Welcome!

News Feed Item

Geovic Mining Corp. Announces Update on Chromite Project, New Caledonia Nautilus Mineral Sands Project

DENVER, COLORADO -- (Marketwired) -- 04/30/14 -- Geovic Mining Corp. ("Geovic" or "the Company") (TSX: GMC)(OTCBB: GVCM) is pleased to announce an update on its chromite mineral sands project in New Caledonia.

Geovic holds the following equity interests in various exploration projects: a 60.5 percent interest in the advanced Geovic Cameroon PLC Cobalt-Nickel-Manganese Project in Cameroon; a 100 percent interest in Geovic Nouvelle Caledonie SAS's Chromite Project in New Caledonia; a 100 percent interest in Geovic's Chromite Project in Papua New Guinea; a 100 percent interest in Geovic's Arizona Gold Project; and a 10 percent interest in the Wind Mountain Rare Metals Project in New Mexico.

Historic Exploration:

Union Oil Company of California (UNOCAL) recognized the economic chromite mineral sands deposits in New Caledonia in the early 1980's and applied for several exploration licenses. Early nickel mining also discovered chromite deposits in New Caledonia over the past century. The secondary enrichment of chromite in coastal environments spurred UNOCAL's initial interest; however it divested itself from mineral exploration and did not pursue chromite mineral sands further.

UNOCAL reported on April 18, 1986 in a final report it issued to Ministry of Mines of New Caledonia, a historic chromite resource, which was classified as an indicated resource, contained within the exploration license areas it held. UNOCAL reported that the deposit contained 5.67 million tonnes of chromium oxide. It was reported that the mineralization occurs within a 6.1 square kilometer area, averages 12.31 meters thick, and ranges from surface to 20 meters depth. The chromite sands have an average density of 1.96 tonnes/m3 equivalent to a total 148.1 million tonnes of chromite bearing sediment. This report also reported additional inferred resources at the Mouea project area of 47.3 million tonnes of chromite bearing sediment containing 1.53 million tonnes of chromium oxide.

UNOCAL's resource areas now form a portion of Geovic's exploration licenses in New Caledonia. Geovic currently has 31 licenses in New Caledonia which are being explored for chromite. Table 1 summarizes details of UNOCAL's historical resources.


Table 1 - UNOCAL Historical Resources
----------------------------------------------------------------------------

                                                         Chromium  Chromium
          Thickness       Area       Volume                 Oxide     Oxide
Deposit     (meters)(meters(2))  (meters(3))      Tonnes       (%)  (tonnes)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Indicated
 Resources
----------------------------------------------------------------------------
Pirogue         13.7  1,884,000   25,810,800  50,589,168      3.51 1,775,680
----------------------------------------------------------------------------
Ngo             10.5  1,249,000   13,114,500  25,704,420      3.23   830,253
----------------------------------------------------------------------------
Ouie            12.2  3,004,000   36,648,800  71,831,648      4.25 3,052,845
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total
 Indicated      12.3  6,137,000   75,574,100 148,125,236  0.038203 5,658,778
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Inferred
 Resources
----------------------------------------------------------------------------
Mouea            8.2  2,940,000   24,108,000  47,251,680      3.23 1,526,229
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total
 Inferred        8.2  2,940,000   24,108,000  47,251,680      3.23 1,526,229
----------------------------------------------------------------------------

The resources reported above are historical in nature and do not comply with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Geovic believes that the resource categories set out above are very similar to those currently set out in NI 43-101. In order to convert the historic resources to NI 43-101 compliant resources, additional geologic evaluation, including drilling and metallurgical testing, under the direction of a "qualified person" and reviewed by an independent "qualified person" will be necessary. No more recent evaluation of historic resources has been made to the best of Geovic's knowledge. While Geovic believes that the procedures used by UNOCAL have yielded unbiased estimates of in-situ tonnage and grades, no economic considerations have been applied to determine their appropriateness as resources under NI 43-101. A "qualified person" under NI 43-101 has not done sufficient work to classify the historical resource estimate. Geovic believes that the historic resource estimate is both relevant and reliable; however, it should not be relied upon and Geovic does not treat it as a current mineral resource.

Current Exploration:

Geovic intends to initially convert the UNOCAL historical resources into NI 43-101 compliant resources and reserves through a geo-statistically approved program independently confirmed by a "qualified person" at such time that permits are obtained to drill to the desired depth within the UNOCAL historic exploration area. After completion and/or parallel with the above exploration effort, Geovic intends to commence selective expansion of a permitted program allowing drilling to the desired depths within several of the other exploration areas assigned to Geovic New Caledonia in order to expand the total resources and reserves of the project, which will be independently confirmed by a "qualified person". Geovic further intends, once NI 43-101 compliant reserves have been established, to commission a feasibility study to advance the project toward development and production.

Geovic has applied for the extension of its exploration licenses in New Caledonia, which is expected to cover all 31 license areas in New Caledonia originally granted, of which four are the original UNOCAL exploration areas. The Geovic Nautilus Mineral Sands Deposits cover a total of 100 net square kilometers that host approximately 55 square kilometers of unconsolidated chromite mineralized sediments (see map). The Company has conducted metallurgical testing, geochemical assaying, geophysical and environmental studies as well as hand auguring and drilling on over half of the license areas under its control. More than 425 holes for a total depth of 1,807 meters have been drilled. The sampling depth ranged from 1 to 10 meters. Geovic is currently awaiting assay results from the drilling.

The technical content in this press release was reviewed Erwin Schutfort, Vice President of Geovic New Caledonia SAS (Qualified Person, AUSIMM), who is a "qualified person" as defined in NI 43-101.

Geovic Mining Background

Geovic is a U.S.-based corporation whose principal asset is 60.5% indirect ownership of a significant cobalt-nickel-manganese deposit in the Republic of Cameroon, Africa. Additional Company initiatives and project information may be found on the websites www.sedar.com, and www.sec.gov. For more information, please go to www.geovic.net.

On behalf of the Board,

Michael T. Mason, CEO

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this press release that are not historical facts are forward-looking statements (within the meaning of Canadian securities legislation) that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the merits of the Company's mineral projects, the Company's exploration plans, the preparation of a technical report, the grant of exploration license extensions and the Company's plan and expectations regarding its mineral projects. In certain cases, forward-looking statements can be identified by the use of words such as "proposes", "expects", "is expected", "scheduled", "estimated", "intends", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to exploration activities and operations; actual results of current exploration activities; conclusions of economic evaluations; predicted capital costs, operating costs, the ability to obtain financing and to market the products, production rates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations in ore resources, grades, or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes, other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of development or construction activities and other factors as described in detail in the Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. There can be no assurance that forward-looking statements 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 statements. The forward-looking statements in this press release speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

A map is available on the Marketwired Website at the following address: http://media3.marketwire.com/docs/140430_GMC_Map.pdf

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
I’m going to cry tonight, long and hard. I’ll do so as I remember and mourn Jeremy Geelan. I knew Jeremy for almost 20 years, from the time he showed up one day at Cloud Expo’s headquarters in Bergen County, New Jersey, and went to work. The show wasn’t called Cloud Expo then, of course – it was still known as Java Edge, a pioneering event that grabbed developers, architects, and enterprise IT users alike for twice-yearly confabs. Jeremy didn’t have a job there, or even a job offer. He was s...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
SYS-CON Events announced today that CDS Global Cloud, an Infrastructure as a Service provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CDS Global Cloud is an IaaS (Infrastructure as a Service) provider specializing in solutions for e-commerce, internet gaming, online education and other internet applications. With a growing number of data centers and network points around the world, ...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
"We have several customers now running private clouds. They're not as large as they should be but it's getting there. The adoption challenge has been pretty simple. Look at the world today of virtualization vs cloud," stated Nara Rajagopalan, CEO of Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.