GREENWOOD VILLAGE, Colo., July 15, 2004 (PRIMEZONE) -- Calais Resources Inc. (OTCBB:CAAUF) is pleased to announce that they have hired the CBRE International Mining and Metals Group as financing and exclusive transactional consultants.
Well-known gold exploration and mining consultants Andy Brodkey and John Perry lead the mining and metals team for CBRE, and bring a wealth of experience and expertise to Calais. Brodkey, Managing Director of the International Mining and Metals Division for CB Richard Ellis, is a mining engineer and mining attorney. His partner, Perry, V.P. and Director, earned his MBA and specializes in mining finance.
With the increase in gold prices over the past two years, there has been a tremendous amount of activity in all sectors of the gold markets, including gold exploration and gold production. It is known that major to medium size gold producers have stepped up their efforts to find and secure junior exploration projects to fill future gold production pipeline voids. Subsequently, mining companies have approached Calais with interest in joining forces to further explore and/or develop the company's Caribou high-grade underground gold and silver project, and its Manhattan Nevada gold project. CBRE has been hired to advise Calais through the complexities of valuation, joint-venture, earn-in, and other industry acquisition structures, as well as strategic positioning for the company.
Additionally, CBRE will advise Calais with respect to the following targeted activities at the Caribou location:
-- Additional core drilling to identify and expand the size of the
deposit, including the ten vein systems, with the intent to
identify a minimum of two million ounces of gold-equivalent
mineral resources.
-- Scoping study for a 200 ton per day mining and milling operation
as allowed under the current 110 production permit. The study, if
performed, will evaluate an operation targeted to produce an
estimated 35,000 gold equivalent ounces per annum.
-- Scoping study for a 1,000 to 2,000 ton per day mining and milling
operation.
For further information please contact:
Tom Hendricks
President and CEO
Caribou Office
303-258-3806
Matt Witt
CFO
Greenwood Village Office
720-529-9500
Cautionary Note to United States Investors Concerning Forward Looking Statements
The future conduct of the company's business and it's response to issues raised by third parties are dependent upon a number of factors, and there can be no assurance that the company will be able to conduct its operations as contemplated. Certain statements contained in this release using the terms "may", "expects to", "projects", "estimates", "plans", and other terms denoting future possibilities, are forward-looking statements in accordance with the Private Securities Litigation Reform Act of 1995. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability.