GREENWOOD VILLAGE, Colo., Oct. 12, 2004 (PRIMEZONE) -- Calais Resources Inc. (OTCBB:CAAUF) is pleased to announce that it has filed its financial statements for the year end May 31, 2004 with the SEC along with the annual 10KSB report. The final proxy statement has also been filed with the SEC and audited financial statements for the year end May 31, 2004 have been filed with Sedar.
Notice of the annual general meeting date for November 10, 2004 at the Coast Hotel in Abbottsford, British Columbia has been posted. Mailing of the annual report and proxy card will be completed by October 15, 2004.
The company is pleased to report it has completed a new 10 year agreement with Panama Mining of Gold Cycle and Golden Cycle of Panama on the +40,000 acre Faja de Oro hard rock applications. The agreement was finalized on October 6, 2004.The new agreement calls for Calais to complete a minimum of $100,000 USD per year of exploration work on the applications. Calais is also required to make annual payments to Panama Mining of Golden Cycle beginning on September 25, 2005 in the amount of $25,000 USD.
Calais can purchase the hard rock applications from Panama Mining of Golden Cycle and Golden Cycle of Panama at any time during the 10 year agreement for $4.5 million USD. A 2 percent NSR production royalty in favor of Panama Mining of Golden Cycle and Golden Cycle of Panama was reserved. Calais can reduce the purchase price by any royalties paid from production during the term of the agreement. Calais released and terminated its agreements on the placer portion of the Panama property.
Calais continues to build its geologic database on the Panama property, including entering all the data obtained thus far in the three dimensional Vulcan program. The company recently received geo-physical and geo-chem data on a portion of the property that was collected by Cyprus Copper Corporation in 1997.
The company is pleased to announce that it has recorded deeds with Nye County, Nevada from Marlowe to Judy Harvey, Argus Mines, Argus Resources and White Caps Mines on its Nevada Manhattan properties. Records of transfers of interest for the unpatented claims for the Nevada Manhattan properties have also been recorded with the Bureau of Land Management in Reno Nevada. Calais continues to work on title issues related to the Nevada Manhattan properties.
Work continues on a steady basis to complete the logging, splitting and sampling of core samples drilled during the fall of 2003 and during the period April through June of 2004 at the Consolidated Caribou Mines project near Nederland, Colorado. A total of 10,250 feet of core logging and sampling has been completed from the +12,000 feet of core drilled in holes CR03-125, CR03-126, CR03-127, CR04-128, CR04-129, CR04-130 and CR-04-131. The company is placing all the data in the three dimensional Vulcan program to correlate both known veins and new vein discoveries from the step out drill programs. The company geologist is also evaluating broad argillic zones encountered in the monzonite intrusive that are part of a mineralizing event. A hypo gene mineralizing event is the logical explanation for the argillic alteration and mineralogy observed in coarse penetrating these zones. The argillic altered zones are considered geochemical indicators of auriferous sulphide targets at depth. This study is based on twenty-two argillic altered zones in the monzonite intrusive, observed in ten core holes filled beneath alluvial cover in the Peat Bog area. All of the argillic altered zones are in the hanging wall of the No Name vein system which is considered a major mineral feeder structure in the district. At the earliest opportunity this data will be entered into the Vulcan computer to further define configuration of the argillic zones, as a guide to future exploration core drilling.
Calais management continues to pursue debt and equity opportunities to provide the funds necessary to finance the next round of work the Company has planned for and budgeted.
Definitions:
1. Argillic zones: Alterations in rocks which contain certain primary
and/or secondary minerals that are converted to clay minerals.
2. Auriferous Sulphide: Gold bearing deposits, lodes, sands or
gravels, or their equivalents, which contain gold in detrital
gains or nuggets. Detrital: A rock composed of particles and
fragments eroded from pre-existing rocks.
3. Hypogene: Applied to mineral deposits or ore deposits formed by
ascending hot waters.
For Further Information Please Contact:
Tom Hendricks, CEO and President Calais Resources, Inc. Phone 303 258-3806 Matt Witt, CFO Calais Resources, Inc. Phone 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.