International Barytex Resources Ltd.: Shituru Project Contract Reviewadmin
INTERNATIONAL BARYTEX RESOURCES LTD. advises that in regard to the contract review process the Democratic Republic of Congo (”DRC”) is undertaking, East China Capital Holdings Ltd (”ECCH”), a subsidiary controlled by the Company, has received a proposal from Generale des Carrieres et des Mines (Gecamines) to revise the Gecamines-ECCH agreement in regard to the Shituru copper deposit located near Likasi, Katanga province, DRC.
ECCH has been advised by Gecamines that as a preliminary step to finalizing the contract review initiated by the DRC Government, ECCH should reach agreement with Gecamines on the proposed modifications to the existing agreement. In this regard, it is expected that Gecamines will set a meeting date within the next few weeks for discussions. If agreement regarding changes to the existing contract can be reached, Gecamines and ECCH would then take these amendments to the DRC Government for approval. If no agreement on the proposed changes can be reached, the matter would then be put before a tribunal to be set up by the DRC Government.
On behalf of the Board of Directors
INTERNATIONAL BARYTEX RESOURCES LTD.
Leo King, President and Director
Contacts: International Barytex Resources Ltd. Leo King President
International Barytex Resources Ltd. Alf Hills CEO (604) 688-9368 (604) 688-9336 (FAX) Email: email@example.com
Source: International Barytex Resources Ltd.