Business
Whitemud Resources Announces Suspension of Commercial Operations
Whitemud Resources Announces Suspension of Commercial Operations
About this update from Whitemud Resources, Inc. Class A
[{"type":"text","content":"\n\n\n\n Nov. 16, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Nov. 16 /CNW/ - Whitemud Resources Inc. ("Whitemud" or the\n "Company") (WMK - TSXV) announces that effective immediately, the\n Company is suspending operations as a result of the withdrawal of\n financing proposal by the Werklund Capital Corporation and the limited\n cash available to the Company. The employees of the Company have been\n served notice of termination and resources required to provide\n necessary administration and security of the plant will be obtained on\n a contract basis. The Board of Directors will focus its attention on\n finding a buyer for the Company and/or a source of finance to\n recapitalize the Company.\n\n\nWhitemud has significant assets that include:\n\n\n\nMineral leases containing 159.3 million tonnes of measured and indicated\n mineral resources of kaolin ore, including 52.9 million tonnes of\n proven reserves\n\n\nA plant designed to produce 175,000 tonnes per year of metakaolin\n\n\nA patent for producing metakaolin\n\n\nOver $80 million in tax losses\n\n\n\nThe Company produces Whitemud(MK), a high-reactivity, cement-grade\n metakaolin that enhances the performance of cement used in construction\n and in oil and gas wells. The value-added performance of the product\n has been validated by extensive third-party testing and by i...