Post by Franko10 ™ on Jan 10, 2005 21:25:42 GMT -5
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ANGLO MINERALS LTD.
CDNX SYMBOL: ALM
March 7, 2000
Anglo Minerals Ltd.: Firebag Coal Project & Northern Lights Oilsands Project
CALGARY, ALBERTA--Anglo Minerals is pleased to announce the completion of the
acquisition of the Firebag Coal Property. Anglo Minerals has acquired 100%
title in 138,240 acres of Category 3 Coal Leases 50 miles NE of Fort McMurray,
in the Athabasca Oilsands.
The Firebag Coal Property has 87 million metric tonnes measured, 162 million
metric tonnes Drill Indicated and 569 million metric tonnes Inferred, for a
total of 819 million metric tonnes of coal under all categories of reserves.
The Energy conversion equivalent of Coal Btu's to Natural Gas Btu's on the
Firebag Coal Project are immense. After thorough professional examination,
Anglo Minerals believes that a minimum of 150 million metric tonnes of coal
should be recoverable through open pit mining techniques. If 150 million metric
tonnes of coal is recoverable, the equivalent coal / Natural Gas Btu parallel
would be equivalent to a 3 trillion cubic foot Natural Gas Field reserve.
Coal generates 90% of Alberta's power and Alberta has an estimated 800 year
supply of coal according to the Environmental Affairs Director at EPCOR,
(Edmonton's electric utility). Anglo Minerals will pursue the highest
technology available in coal gasification to burn the coal efficiently and
cleanly for its energy needs in this integrated oilsands project.
Anglo Minerals has entered into an agreement with Synenco Energy Inc., a private
oilsands company that acquired 23,040 acres of Oilsands Permits. These lands
adjoin Anglo Minerals Coal Leases and a strategic partnership has been formed.
Synenco Energy will acquire 51% of the Firebag Coal Leases from Anglo Minerals
for $500,000 (cdn), of which $172,000 (cdn) has been received by Anglo Minerals
as payment.
Anglo Minerals will receive a 5% carried interest in the 23,040 acres of
Oilsands Permits adjoining their Coal Leases. Anglo Minerals interest will be
carried through to the bankable stages of the Oilsands Project.
Drilling on the Oilsands Permits and Coal Lease should commence in late November
of the year 2000 to confirm the indicated reserve of 2.8 billion bbls of
Bitumen. A 1000 bbls/d test pilot should be completed to test new technologies
in upgrading Bitumen in the next 12 to 18 months.
Anglo Minerals in conjunction with Synenco Energy plans to develop the Firebag
Coal Property as the fuel source for the Northern Lights Oilsands Project. This
will greatly enhance the Northern Lights Oilsands Project by giving it an
unlimited, inexpensive supply of energy at a constant price, on site based on
operating costs and inflation. This is unique in the Athabasca Oilsands area as
it is the only open pit coal source in the vicinity. The coal of Firebag
Property will give this project a source of energy that no other company in the
area has as all of the other expansion projects in the Athabasca Oilsands are
reliant on Natural Gas for their source of fuel.
The initial production of 20,000 bbl/d expanded to 40,000 bbl/d of upgraded
bitumen of which, Anglo Minerals will have 5% interest should commence in the
year 2004, with an estimated capital cost of 400 - 600 million Cdn.
Shell, Suncor, Syncrude, Koch Oil, UTS Energy, Canadian Natural Resources, Mobil
and Japan Oilsands and several other major companies, plan to spend over the
next 3-8 years 25 Billion (cdn) in expansions on Oilsands projects in the
Athabasca Oilsands region.
Anglo Minerals in conjunction with Synenco Energy is proud to be a part of this
expansion vision and future of the Athabasca Oilsands with its Northern Lights
Oilsands Project and the Firebag Coal Project. Anglo Minerals and Synenco
Energy look forward to making these projects reach their greatest potential. We
believe, due to the length and duration of the Oilsands Projects (25-50 years)
that in time, Natural Gas will be a fuel source that will be less constant, more
variable and expensive to these projects and that coal will be the fuel source
to enhance and economize oilsands expansions.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Anglo Minerals Ltd.
Todd Montgomery
President & CEO
(403) 262-2727
FOR: ANGLO MINERALS LTD.
CDNX SYMBOL: ALM
March 7, 2000
Anglo Minerals Ltd.: Firebag Coal Project & Northern Lights Oilsands Project
CALGARY, ALBERTA--Anglo Minerals is pleased to announce the completion of the
acquisition of the Firebag Coal Property. Anglo Minerals has acquired 100%
title in 138,240 acres of Category 3 Coal Leases 50 miles NE of Fort McMurray,
in the Athabasca Oilsands.
The Firebag Coal Property has 87 million metric tonnes measured, 162 million
metric tonnes Drill Indicated and 569 million metric tonnes Inferred, for a
total of 819 million metric tonnes of coal under all categories of reserves.
The Energy conversion equivalent of Coal Btu's to Natural Gas Btu's on the
Firebag Coal Project are immense. After thorough professional examination,
Anglo Minerals believes that a minimum of 150 million metric tonnes of coal
should be recoverable through open pit mining techniques. If 150 million metric
tonnes of coal is recoverable, the equivalent coal / Natural Gas Btu parallel
would be equivalent to a 3 trillion cubic foot Natural Gas Field reserve.
Coal generates 90% of Alberta's power and Alberta has an estimated 800 year
supply of coal according to the Environmental Affairs Director at EPCOR,
(Edmonton's electric utility). Anglo Minerals will pursue the highest
technology available in coal gasification to burn the coal efficiently and
cleanly for its energy needs in this integrated oilsands project.
Anglo Minerals has entered into an agreement with Synenco Energy Inc., a private
oilsands company that acquired 23,040 acres of Oilsands Permits. These lands
adjoin Anglo Minerals Coal Leases and a strategic partnership has been formed.
Synenco Energy will acquire 51% of the Firebag Coal Leases from Anglo Minerals
for $500,000 (cdn), of which $172,000 (cdn) has been received by Anglo Minerals
as payment.
Anglo Minerals will receive a 5% carried interest in the 23,040 acres of
Oilsands Permits adjoining their Coal Leases. Anglo Minerals interest will be
carried through to the bankable stages of the Oilsands Project.
Drilling on the Oilsands Permits and Coal Lease should commence in late November
of the year 2000 to confirm the indicated reserve of 2.8 billion bbls of
Bitumen. A 1000 bbls/d test pilot should be completed to test new technologies
in upgrading Bitumen in the next 12 to 18 months.
Anglo Minerals in conjunction with Synenco Energy plans to develop the Firebag
Coal Property as the fuel source for the Northern Lights Oilsands Project. This
will greatly enhance the Northern Lights Oilsands Project by giving it an
unlimited, inexpensive supply of energy at a constant price, on site based on
operating costs and inflation. This is unique in the Athabasca Oilsands area as
it is the only open pit coal source in the vicinity. The coal of Firebag
Property will give this project a source of energy that no other company in the
area has as all of the other expansion projects in the Athabasca Oilsands are
reliant on Natural Gas for their source of fuel.
The initial production of 20,000 bbl/d expanded to 40,000 bbl/d of upgraded
bitumen of which, Anglo Minerals will have 5% interest should commence in the
year 2004, with an estimated capital cost of 400 - 600 million Cdn.
Shell, Suncor, Syncrude, Koch Oil, UTS Energy, Canadian Natural Resources, Mobil
and Japan Oilsands and several other major companies, plan to spend over the
next 3-8 years 25 Billion (cdn) in expansions on Oilsands projects in the
Athabasca Oilsands region.
Anglo Minerals in conjunction with Synenco Energy is proud to be a part of this
expansion vision and future of the Athabasca Oilsands with its Northern Lights
Oilsands Project and the Firebag Coal Project. Anglo Minerals and Synenco
Energy look forward to making these projects reach their greatest potential. We
believe, due to the length and duration of the Oilsands Projects (25-50 years)
that in time, Natural Gas will be a fuel source that will be less constant, more
variable and expensive to these projects and that coal will be the fuel source
to enhance and economize oilsands expansions.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Anglo Minerals Ltd.
Todd Montgomery
President & CEO
(403) 262-2727