Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, Rex Morrow, Datical, Liz McMillan, John Wetherill, Ruxit Blog

News Feed Item

CORRECTION FROM SOURCE: Geovic Mining Corp. Announces Update on Chromite Project, New Caledonia Nautilus Mineral Sands Project

DENVER, COLORADO -- (Marketwired) -- 05/02/14 -- Geovic Mining Corp. ("Geovic" or "the Company") (TSX:GMC)(OTCBB:GVCM) is pleased to announce an update on its chromite mineral sands project in New Caledonia.

This replaces the press release originally issued on April 30th at 9:15 AM ET.

Please note the following Amendment to Table 1 - UNOCAL Historic Resources where the Total Indicated column under Chromium Oxide (%) should read 3.82 % and not 0.038203 %. Otherwise the contents of the News Release are accurate.


Table 1 - UNOCAL Historical Resources                                       
                                                          Chromium  Chromium
             Thickness      Area      Volume                 Oxide     Oxide
Deposit       (meters) (meters2)   (meters3)      Tonnes       (%)  (tonnes)
----------------------------------------------------------------------------
                                                                            
Indicated Resources                                                         
                                                                            
Pirogue           13.7 1,884,000  25,810,800  50,589,168      3.51 1,775,680
Ngo               10.5 1,249,000  13,114,500  25,704,420      3.23   830,253
Ouie              12.2 3,004,000  36,648,800  71,831,648      4.25 3,052,845
----------------------------------------------------------------------------
Total                                                                       
 Indicated        12.3 6,137,000  75,574,100 148,125,236      3.82 5,658,778
                                                                            
Inferred Resources                                                          
                                                                            
Mouea              8.2 2,940,000  24,108,000  47,251,680      3.23 1,526,229
----------------------------------------------------------------------------
Total                                                                       
 Inferred          8.2 2,940,000  24,108,000  47,251,680      3.23 1,526,229

The resources reported above are historical in nature and do not comply with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Geovic believes that the resource categories set out above are very similar to those currently set out in NI 43-101. In order to convert the historic resources to NI 43-101 compliant resources, additional geologic evaluation, including drilling and metallurgical testing, under the direction of a "qualified person" and reviewed by an independent "qualified person" will be necessary. No more recent evaluation of historic resources has been made to the best of Geovic's knowledge. While Geovic believes that the procedures used by UNOCAL have yielded unbiased estimates of in-situ tonnage and grades, no economic considerations have been applied to determine their appropriateness as resources under NI 43-101. A "qualified person" under NI 43-101 has not done sufficient work to classify the historical resource estimate. Geovic believes that the historic resource estimate is both relevant and reliable; however, it should not be relied upon and Geovic does not treat it as a current mineral resource.

Geovic Mining Background

Geovic is a U.S.-based corporation whose principal asset is 60.5% indirect ownership of a significant cobalt-nickel- manganese deposit in the Republic of Cameroon, Africa. Additional Company initiatives and project information may be found on the websites www.sedar.com, and www.sec.gov.

On behalf of the Board

Michael T. Mason, CEO

Cautionary Note Regarding Forward Looking Statements

Statements contained in this press release that are not historical facts are forward-looking statements (within the meaning of Canadian securities legislation) that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the merits of the Company's mineral projects, the Company'sexploration plans, the preparation of a technical report, the grant of exploration license extensions and the Company's plan and expectations regarding its mineral projects. Incertain cases, forward-looking statements can be identified by the use of words such as "proposes", "expects", "is expected", "scheduled", "estimated", "intends", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to exploration activities and operations; actual results of current exploration activities; conclusions of economic evaluations; predicted capital costs, operating costs, the ability to obtain financing and to market the products, production rates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations in ore resources, grades, or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes, other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of development or construction activities and other factors as described in detail in the Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
We’re entering a new era of computing technology that many are calling the Internet of Things (IoT). Machine to machine, machine to infrastructure, machine to environment, the Internet of Everything, the Internet of Intelligent Things, intelligent systems – call it what you want, but it’s happening, and its potential is huge. IoT is comprised of smart machines interacting and communicating with other machines, objects, environments and infrastructures. As a result, huge volumes of data are bein...
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, will investigate three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not ...
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
"NuoDB is a transactionally consistent SQL database that does scale out, that does all the things you want in a cloud. If you want more transactional throughput, if you want higher availability if you want to run in multiple data centers this is a technology that can scale and still provide a single logical consistent database," explained Seth Proctor, CTO of NuoDB, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Thanks to widespread Internet adoption and more than 10 billion connected devices around the world, companies became more excited than ever about the Internet of Things in 2014. Add in the hype around Google Glass and the Nest Thermostat, and nearly every business, including those from traditionally low-tech industries, wanted in. But despite the buzz, some very real business questions emerged – mainly, not if a device can be connected, or even when, but why? Why does connecting to the cloud cre...
IBM has acquired Blue Box Group, Inc., a managed private cloud provider built on OpenStack. Customers benefit from the ability to more easily deploy workloads across hybrid cloud environments. Financial details were not disclosed. Enterprises are seeking ways to embrace all types of cloud to address a wide range of workloads. Today's announcement reinforces IBM's commitment to deliver flexible cloud computing models that make it easier for customers to move to data and applications across cloud...
The WebRTC Meetup, where WebRTC enthusiasts exchange ideas, is being held on Wednesday, June 10, from 7 pm – 9 pm at the 4th WebRTC Summit, June 9-11, 2015, at the Javits Center in New York City, NY. The WebRTC Meetup is being hosted by the New York WebRTC Developer Group. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 4th WebRTC Summit continues our tradition of delivering the late...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
SYS-CON Events announced today that MediaTek Labs will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. MediaTek Labs is a global ecosystem initiative supporting Wearables and Internet of Things device creation, application development, and services based around MediaTek chipset offerings. Developers can use the MediaTek LinkIt™ ONE development platform and the LinkIt ONE HDK to easily access the features and functions of the...
IndependenceIT has been selected by nGenx to power Windows-based DaaS and application delivery on Google Compute Engine to support the delivery of GoldMine Cloud software. For independent software vendors (ISVs) like GoldMine, this expands the theater of operations to increase revenue opportunities while reducing software management and maintenance liabilities. IndependenceIT was selected by application and desktop pioneer, nGenx, to deliver its “Bring Your Own Cloud” strategy to GoldMine and o...
ProfitBricks has an early preview of its new Docker hosting platform. The ProfitBricks Docker platform enables its customers to build fully-portable applications within the ProfitBricks cloud. Unlike other Docker platforms, ProfitBricks’ Docker provides developers and system administrators with a platform with dedicated resources that autoscales the Docker hosts. Early access customers will be able to utilize up to 2,500 CPU core hours as part of ProfitBricks’ early access Docker preview.
“We are a managed services company. We have taken the key aspects of the cloud and the purposed data center and merged the two together and launched the Purposed Cloud about 18–24 months ago," explained Chetan Patwardhan, CEO of Stratogent, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Based upon his work with progressive brands, thought-leader and author of the book, Big Social Mobile, David Giannetto, SVP at Salient Management Company, will provide his unique perspective on how companies of tomorrow will operate as enterprises that seamlessly follow consumers from the physical world, through digital creating a multichannel omni-experience that improves the customer experience while increasing their brand loyalty, customer value and penetrating new consumer segments. His se...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.