Business
Vale commits to spend additional $1 million at Suwar
Vale commits to spend additional $1 million at Suwar
About this update from Cantex Mine Development Corp.
[{"type":"text","content":"\n\n\n\nNov. 17, 2009 (Canada NewsWire Group) -- KELOWNA, BC, Nov. 17 /CNW/ -- Cantex Mine Development Corp. (CD : TSXV) (\"Cantex\" or the \"Company\") is pleased to update the progress on its Suwar nickel - copper - cobalt project in Yemen.Vale International S.A (\"Vale\"), a wholly owned subsidiary of Vale S.A., formerly Companhia Vale do Rio Doce has optioned Cantex's nickel - copper - cobalt +/- platinum group element properties in Yemen.In the release dated November 4, 2009 Cantex announced that it has extended the period for Vale to commit to spending an additional US$1 million on the Suwar project. Vale has now made this commitment and will spend a minimum of US$1 million in 2010 on the project.The results to date have shown that the Suwar project has the potential to host a significant nickel - copper - cobalt +/- platinum group element mine. Drilling conducted at the project has returned promising intercepts such as those contained in the following table.-------------------------------------------------------------------------Hole Significant Mineralization-------------------------------------------------------------------------From (m) To (m) Length (m) Ni (%) Cu (%) Co (%)-------------------------------------------------------------------------Y99-02 47.95 70.00 22.05 1.41 0.91 0.07--------------------------------------------------------------------------------------------------------------------------------------------------Y00-05 7.62 50.83 43.21 0.86 0.46 0.05-------------------------------------------------------------------------179.01 197.50 18.49 0.67 0.27 0.03--------------------------------------------------------------------------------------------------------------------------------------------------Y07-08 44.20 55.50 11.30 1.13 0.50 0.06--------------------------------------------------------------------------------------------------------------------------------------------------Y07-18 54.20 76.00 21.80 1.45 0.78 0.06-------------------------------------------------------------------------Since optioning the property on November 18, 2008 Vale has spent in excess of US$2 million exploring the Suwar nickel - copper - cobalt project. Building upon work already completed by Cantex Vale completed a soil sampling program, detailed geological mapping, magnetic, gravity, induced polarization and down hole electr...