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IMXC.OB .205 Impala Mineral Exploration Announces Laurie Stephenson, President and PGeo Will Begin In-Depth, On-Site Technical Review of Busolwa Gold Property VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--May 5, 2009 -- Professional geologist, Laurie Stephenson, President & CEO of Impala Mineral Exploration Corp. (OTC BB:IMXC.OB - News) (http://www.impalaminerals.com/), announced today that he will begin an in-depth, on-site technical review of the company's newly acquired Busolwa Gold Property.
LAKE VICTORIA GREENSTONE BELT
The property is located in the Lake Victoria Greenstone Belt in the south-eastern part of the Geita District in Tanzania - home to AngloGold's Geita Mine with 18 million proven ounces and Barrick's Bulyanhulu Mine with 12 million ounces highly productive mines with 2009's annual production running at 250,000 and 200,000 ounces of gold respectively. Greenstone belts are known worldwide as potential hosts for base and precious metals.
OBJECTIVE OF ON-SITE TECHNICAL
The purpose of Laurie Stephenson's on-site technical review is to begin analyzing data contained in an 85 page technical report written in 2000 that is not NI43101 compliant. It is the Company's goal to have a consulting NI43101 Qualified Person onsite with in 2 weeks to begin writing a compliant technical report on the Busolwa gold property. Mr. Stephenson will also begin planning Impala's 2009 work program.
PREVIOUS EXPLORATION WORK
Detailed exploration work was initially completed on the property during the 1990s. This included geology, aeromagnetics and soil geochemistry, all of which led to reconnaissance drilling. In 2000 further IP ground geophysics and geological sampling were conducted on the property - prior to drilling numerous RAB holes, as well as opening several trenches along the banded iron formation. To date, these results are indicative of the presence of several untested anomalies associated with the gold zones which should enable the company to expand the currently known mineralized zones.
LAURIE STEPHENSON, MBA, BSC, GEOLOGY
Laurie has over 35 years of experience working for junior and senior mining companies in Canada, USA Mexico, South America and Tanzania. Since 1970, he has worked as Vice President, Exploration for Golden Chief Resources, President of Kokanee Explorations, President of Golden Hemlock Explorations, Director of Glencairn Explorations, Douglas Lake Minerals and President of GeoFin Inc. He also worked at Kermode Resources/Layfield Resources, was the District Geologist at Duval International and worked at Mattagami Lake Mines (Noranda) and the Ontario Department of Mines. Laurie has an MBA from York University in Toronto and a BSc. Geology from Carlton University in Ottawa. He belongs to the Professional Engineers Association of Ontario and has participated in workshops on ore deposits, financing, and securities and mining.
ABOUT IMPALA MINERAL EXPLORATION CORP
Impala Minerals is positioned to take advantage of Tanzania's rich natural resources by developing a select portfolio of near-term gold and mineral production projects. The company's management has built a network of strategic relationships with senior mining professionals and government officials in Tanzania to help identify key mining concession targets that are ready to be developed into mines over the next year. For more information go to www.impalaminerals.com.
This release contains forward-looking statements which involve risks and uncertainties. Complete forward-looking statement available at www.impalaminerals.com/forwardlooking.html.
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TANZANIA’S MINING POTENTIAL Tanzania has vast amounts of undeveloped mineral-rich natural resources, is politically stable with the British rule of law and instituted a new mining act in1998 that attracted numerous international mining companies. Tanzania is now the third largest gold producer in Africa. According to Business Monitor International forecasts, the mining industry in Tanzania is expected to grow at an average of 11.92% through 2008-2013. The industry is estimated to reach a value of US$0.53 billion by 2013.
Posts: 267 | Registered: Feb 2009
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Very nice action int he opening minutes here, especially happy to see that bid support so strong here. Looks likes we have a nice bounce play in progress
Posts: 267 | Registered: Feb 2009
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IMXC up almost 20% from alert and looking strong. Rumor of news tomorrow. Looking for the .25 break to give us .30
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IMXC had a great day hitting a high of .24 closing at .23 up 12.2% with over 900k in volume. This Bounce is well in progress....
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