Kobex Terminates Exploration, Operating and Mine Development Agreement
31 Marzo 2008 - 3:06PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: KBX) announces that
effective 31 March 2008 it has terminated its agreement with the
U.S. Energy Group in relation to the Lucky Jack molybdenum Project
in Gunnison County, Colorado.
The decision was made reluctantly since the Lucky Jack (Mt.
Emmons) molybdenite property is still considered to be one of the
best undeveloped primary molybdenum deposits in the world. However,
the regulatory and legal uncertainties which currently exist at the
Federal, State, County and Municipal levels, in the Company's
opinion, have become too great to justify the necessary time and
major pre-development expenditures that are required to advance
this property.
Roman Shklanka, Chairman of Kobex, stated "New regulatory
initiatives could affect the potential development of the property.
These initiatives include the Rahall Bill which proposes major
reform to the current Federal 1872 Mining Law and Colorado Bill
HB1165 which proposes veto power over mining development and
operations to local government authorities throughout the State. In
addition, development moratoriums are in place at the County and
Municipal levels while land use regulations are being extensively
revised. If enacted, these initiatives would result in more
restrictive and prohibitive practices for project development in
the mining industry. This has created an uncertain permitting
process with no clear regulatory authority and places into question
what mineral title represents. Resolving these uncertainties will
be a time consuming process involving both legal challenges and the
American electorate."
The Company is well funded with over $20 million in the treasury
and will immediately focus on the numerous mineral opportunities
which are being brought to its attention.
On behalf of the Board of Directors
H. Leo King, President
This news release includes certain statements that express
management's expectation or estimates of future performance and may
be deemed "forward-looking statements". These forward-looking
statements include plans, estimates, forecasts and statements as to
management's expectations regarding the Lucky Jack Project. These
forward-looking statements involve assumptions, risks and
uncertainties and actual results may vary materially. For these
reasons shareholders should not place undue reliance on such
forward-looking information.
United States residents are cautioned that some of the
information that may be published by Kobex may not be consistent
with United States Securities and Exchange Commission disclosure
rules and may be materially different from what the Company is
permitted to disclose in the United States and therefore United
States residents should not rely on such information.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this News Release.
Contacts: Kobex Resources Ltd. Leo King President and Chief
Executive Officer (604) 484-6228 Kobex Resources Ltd. Maurice
Tagami Chief Operating Officer (604) 484-6228 (604) 688-9336 (FAX)
Email: investor@kobexresources.com Website:
www.kobexresources.com
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