Adroit Resources Inc.: Antimony Project Update as Antimony Price Hits New Highs
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/08/11 -- Adroit Resources Inc. (TSX VENTURE: ADT)(FRANKFURT: A7V)(BERLIN: A7V) -
Antimony Project Update as Antimony Price Hits New High. Management is pleased to report that the price of the strategic minor metal Antimony has reached a new all time record high of Bid USD 14,500 and Ask of USD 15,000 per tonne. Management's objective is to have the largest compliant Antimony resources outside China.
Adroit is now aggressively working on a programme to bring the first portions of its historic Italian Antimony resources to 43-101 compliance. The historic, non-compliant resource calculations show approximately 45,000 metric tonnes of contained Antimony metal on the company's existing permits. Resources calculated are 3,152,000 metric tonnes while average grade is 1.42% Antimony. Some of these deposits are open and nearly all of the historic resources begin at surface and extend to depths of just 40m. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the issuer is not treating the historical estimate as current mineral resources. The historical estimate should not be relied upon.
The company is not aware of any other company in the world having compliant Antimony resources greater than 45,000 metric tonnes of contained metal, outside China, save for one mine in South Africa. Currently, the entire European Union has no known production of this strategic minor metal.
After the first portions of the company's historic resources are brought to 43-101 compliance, additional resource calculations are planned for Adroit's other Italian Antimony deposits, while open deposits on permits already held are expanded. The company also intends to acquire more permits in places where significant Antimony deposits are known or believed to exist.
Management's longer-term objective, after, or while building the largest compliant Antimony resources outside China, is to begin mining Antimony on its permits in the Grosseto province of Italy, a region formerly well known for Antimony mining. During the late 1980s and early 1990s Antimony prices were depressed and dipped to as low as $600 per metric tonne. From 2006 until the end of 2009, Antimony generally traded between $4,000 and $6,500 per metric tonne. The price has more than tripled in the last two years.
In 2009, China produced approximately 91% of the world's Antimony. Traders of the strategic metal have reported that very little Antimony has been coming out of China in recent weeks. One securities analyst, quoted in a Financial Times article on 18 January 2011, stated that Chinese authorities have discovered during environmental crackdowns that their Antimony resources are nearly exhausted. We have recently seen Chinese companies buying Antimony resources outside China, such as the Beaverbrook Antimony mine in Canada.
Field Work Increased. Management is pleased to report that field work has been increased from March 1, 2011 by hiring two geologists and two support personnel from Gamma Geoservizi S,r.l. for work on its wholly owned antimony permits in Grosseto Province, Italy. The on-going program comprises soil and rock sampling, ground geophysical surveying, geological mapping and drilling. As reported in the Company's January 10, 2011 news release, drilling is planned to start in the second quarter of 2011 with the objective of producing compliant Antimony resource calculations from the historic Antimony resources contained within the Company's exploration permits.
Wholly Owned Italian Subsidiary. Management is pleased to report that the formation of its wholly owned Italian subsidiary is nearly complete. The Company is Risorse Dei Minerali Naturali S.R.L. (RMN s.r.l.) and it is capitalized at Euro 120,000. RMN s.r.l. has been formed to ensure that the Company's Antimony project is operated within the Italian fiscal system, keeping to their employment laws, is tax efficient and is eligible for local grants/state assistance where appropriate.
RMN s.r.l. will be administered by two legal Administrators (directors); Davide Franceschelli (Managing Director) and Karolina Anna Cienkuszewska (Company Secretary) and audited by Alessandro Salvini as President of the auditors.
Dr. Davide Franceschelli, Geologist, Siena University 2004, has carried out a number of projects in Grosseto Province before joining the Company's team in 2006. Most notably, since 2004 he managed, developed, and has become the Director of the local mining museum. This enabled him to make contacts at all political levels in Grosseto Province. He has also accumulated a considerable store of local geological knowledge and knowledge of the history of Antimony exploration and production in the region. He has done occasional consultancies in the region for public entities in the renewable energies sector. He became the Company's project manager in 2008 and was appointed local works director and spokesman for the Company, in 2009.
Miss Cienkuszewska studied languages in Poland specializing in Italian and moved to Italy in 2005 where she took up temporary employment before joining the Company's team as the project administrator in 2006. She continues, in her own time, her Italian studies through Siena University to attain interpreter level. She continues to improve her already good knowledge of Italian administration and procedures. Her language skills include Italian, English, Polish and German.
The price of Antimony, which is infrequently updated, can be checked on www.minormetals.com.
Adroit Resources Inc. is a mineral exploration company that is currently exploring for Antimony and other metals in Grosseto Province, Italy and diamonds, precious and base metals in the Timmins/Shining Tree/Temagami/Cobalt and Bancroft areas of Ontario, Canada. In addition, Adroit is seeking new precious and base metal projects to add to its expanding portfolio. The Company's issued and outstanding share capital is 97,970,049.
On behalf of the Board of Directors
Graeme Rowland, Chairman and President
Note: The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Adroit Resources Inc.
Graeme Rowland
Chairman and President
(604) 688-3304
info@adroitresources.ca
www.adroitresources.ca
Blackwell (Corporate Advisor)
(416) 364-3123
blackwell@tcn.net