Vior to Initiate Procedures to Obtain a Permit for Bulk Sampling and Retains Services of IBK Capital
September 17 2009 - 8:30AM
Marketwired
(TSX VENTURE: VIO)(FRANKFURT: VL5) - Societe d'exploration miniere
Vior Inc. announces that it has initiated procedures with the
Ministere des Ressources naturelles et de la Faune du Quebec (MRNF)
and the Ministere du Developpement durable et de l'Environnement et
des Parcs (MDDEP) to obtain the authorization to carry out a bulk
sampling on its Douay Ouest property.
The Company recently completed an internal study revealing that
bringing the two first levels of the Douay Ouest deposit into
production could be done for less than CA$6 million. According to
this internal study, combined with the current gold price, the
operation would generate profits of over CA$25 million before tax,
depreciation and reimbursement of invested capital for the four
first years of production. It is to be noted that existing mining
infrastructures, valued at about CA$8 million, reduce by the same
amount the capital costs needed to start up the bulk sampling
program. These infrastructures consist mainly of an all-season
gravelled road, a power house and electrical line linked to
Hydro-Quebec facilities, a head frame with a shaft sunk through
overburden to the bedrock, and a main building that shelters
offices, a dryer, a garage and a 1,100-metre capacity hoist, which
is already installed.
Furthermore, IBK Capital in Toronto has been retained to assist
Vior in finding the necessary financing to bring the Douay Ouest
deposit into production. The financing will be done with the
objective of minimizing the dilution of equity and does not
preclude recourse to a gold loan or to a conventional loan.
Profile
Vior is a growing mining company focused on developing its
properties. The company wholly owns the Douay Ouest gold project
and other mineral properties.
Sedar: Societe d'exploration miniere Vior inc.
The TSX Venture Exchange (TSX Venture) does not accept
responsibility for the adequacy or accuracy of this Press
Release.
Contacts: Vior Inc. Claude St-Jacques President 418-692-2678
cstjacques@vior.ca www.vior.ca
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