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 |   Tue Jun 3, 2008
Industrial Minerals places orders for long lead time plant and equipment for the Oregon mineral sands project.
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| | Hamilton, Bermuda, June 3, 2008: Resource Finance & Investment Limited ("RFI") symbol OTC: RFIVF.PK Is pleased to advise that its affiliate Industrial Minerals Corporation Ltd (ASX:IDM) advised the following in a recent release to the Australian Stock Exchange.
"The directors of Industrial Minerals Corporation Ltd (IDM:ASX) ("the Company") are pleased to advise that the Company has commenced acquiring long lead equipment as part of the pre-production development of the Oregon Heavy Minerals Project ("Project"). Long lead equipment purchased includes:
- ELECTRICAL -- Transformers, Switchgears, High voltage power feed, and associated equipment (fittings, tap boxes, enclosure connectors, entrance fittings) Motor control Centre
- WATER TREATMENT -- Thickener tank, (2) Horizontal Belt Filters
- ZIRCON PLANT -- Fluid Bed Dryer, Tables & High Tension Separators, Water Pumps
- DRY PLANT Fluid Bed Dryer, Magnets & High Tension Separator, Water Pumps
- WET PLANT - Water Pumps, Floatex separator, spirals
THESE ITEMS INVOLVE A DOWN PAYMENT OF US$2,710,863 WITH A TOTAL COMMITMENT OF US$7,300,623
The purchase of the long lead equipment will facilitate the wet plant commissioning late in the 4th quarter of 2008. Commencement of full production is scheduled for February 2009. The Company has continued with product testing, plant design and engineering with detailed engineering approximately 85% completed from both Outotec and EIMCO. Design and test work for the foundations has been completed and the foundation pilings have been received.
As previously announced the Company is currently engaged in the procurement of a senior debt and working capital facility and has received an indicative term sheet from a leading financial institution. The prospective lender has engaged an independent technical expert to conduct due diligence on the Project."
RFI is the single largest shareholder in Industrial Minerals with a current shareholding (not including performance shares still to vest) of 42.2% valued at approximately $28 million based on the closing bid price for the shares on Monday June 2nd. RFI has currently 42,848,597 shares in issue.
End
For further information contact:
Steven Blacklock, CFO
Resource Finance and Investment Ltd
Tel: +1 503-803-7332
Email: info@resource-finance.com |
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| You can view the Next News Releases item: Thu Jun 19, 2008, Resource Finance & Investment Ltd: Industrial Minerals Provides Update on Oregon Heavy Mineral Sands Project
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