International Barytex Resources Ltd. Responds to Incorrect Statements Regarding Shituru Projectadmin
International Barytex Resources Ltd. is aware of comments made by a source in the DRC regarding securing financing and title to the Shituru Project.
The identified source, Mr. Rene Coda, is not a spokesperson for International Barytex Resources Ltd. The comments made by Mr. Coda, including mention of a signing bonus, are incorrect and do not reflect current discussions being held with Gecamines.
Given the comments reported the Company wishes to advise on the matters related to its Shituru project in the DRC. The Company believes its title to the Shituru deposit is in good order as described in its existing, legally binding contract and that payments required ahead of project development will remain unchanged.
The Company recently commenced discussions with its partner, Gecamines, on amendments on the existing ‘Mining Contract’ as part of the government review process.
Both partners recognize that some aspects of the contract would benefit from amendments in light of the recently completed Feasibility Study. Dialogue and work on these amendments are ongoing and the Company looks forward to a favourable conclusion in the near future. The matter of title has not been part of these discussions.
With the completion of the Feasibility Study the Company is now engaged in discussions with various sources to advance the project.
President Leo King says, “Despite the market turmoil and uncertainty the Mining Contract Review process has created, Shituru remains a high grade deposit which we believe is worthy of advancing as confirmed by interest from financing sources now that the Feasibility Study is complete.”