Crazy Horse Resources Inc.: Economic Benefits Study on Taysan Demonstrates Positive Economic Impact
May 24 2011 - 10:46AM
Marketwired
Crazy Horse Resources Inc. (TSX VENTURE: CZH) (the "Company")
announces the results of a recent independent research study
conducted by the University of Asia and the Pacific's Center for
Research and Communication Foundation. The study analysed the
expected positive economic impact of construction and initial
production from the Company's Taysan Copper Gold Project in the
Philippines on both a regional and national level, as follows:
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TAYSAN NATIONAL REGIONAL
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CONSTRUCTION
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Multiplier P46.84B P122.90B P90.54B
Employment 4,000 228,107 174,496
Unemployment reduction - 7.9% 34.90%
GDP (2010 for national and
2009 for Regional) - 1.3% 11.3%
OPERATIONS (year 3 sample)
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Multiplier P32.40B P85.01B P62.63B
Employment 1,500 157,801 120,665
Unemployment reduction - 5.44% 24.23%
GDP (2010 for national and
2009 for regional) - 0.9% 7.8%
- Exchange rate PHP 43 = USDS 1.00
The key findings, summarized above, demonstrate that the Taysan
Project is expected to be a major driver of employment and
contribute approximately 1% to national GDP.
The 174 page report further builds upon the current
socio-economic conditions of the nine impacted barangays (aka
villages). This will serve as a baseline framework to quantify the
impact of the project on the community. For example; Barangay
Mataas na Lupa has a population of 1,349 from 330 households.
Further; 35 households had no sanitary toilet, 12.5% of elligible
children are not enrolled in school, 28.5% have income below the
food threshold and 50% of households with income below poverty
threshold.
Johan Raadsma, President of Crazy Horse states, "We have worked
very hard on our social license to operate in the Province of
Batangas and are excited about the report's findings that
responsible mining development will be a viable tool for poverty
alleviation, education, positive economic impact while providing a
return to shareholders and government alike. We look forward to
working closely with the Local Government Units in monitoring and
improving on the key indicators related to the socio-economic well
being of the community."
ON BEHALF OF THE BOARD
Johan Raadsma, President, CEO and Secretary
This press release includes "forward-looking statements"
including forecasts, estimates, expectations and objectives for
future operations that are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
Crazy Horse Resources Inc. Statements regarding mineral exploration
operations and objectives and the economic impact they may have in
the Philippines are subject to risk, including, but are not limited
to, exploration and geologic risk, inflation and costs of goods and
services, property title issues and regulatory approvals. Investors
are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements.
Such forward-looking information represents management's best
judgment based on information currently available. No
forward-looking statement can be guaranteed and actual future
results may vary materially. Crazy Horse Resources Inc. does not
assume the obligation to update any forward-looking statement,
except as required by applicable law.
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: KIN Communications Inc. Investor Relations
1-866-684-6730 Ir@kincommunications.com