Geohedral LLC Reports on Assay Results
February 23 2009 - 8:30AM
PR Newswire (US)
OKLAHOMA CITY, Feb. 23 /PRNewswire-FirstCall/ -- The Beard Company
(OTC Bulletin Board: BRCO) today reported that Geohedral LLC, a
private company in which Beard has a 23.16% equity interest, has
received assay results on the eleven (11) core holes drilled to
date on its mining claims in the Yakutat Forelands district of
southeastern Alaska. In the opinion of both Geohedral's chief
geologist, Dr. Jan Cannon, and Steven Kerr, project manager /
senior geologist for Norwest Corporation, an independent
engineering firm retained to supervise the exploration at the
Yakutat Project, there were apparent and significant inaccuracies
in the analytical results reported by the independent laboratory
that performed the assays. Geohedral and Norwest are currently
reviewing the handling and sampling procedures and the analytical
methodology utilized to arrive at the assay results to ascertain
what has gone amiss. A clear disconnect exists between the samples
observed in Yakutat when being prepared for shipment to the lab and
the laboratory analysis itself. Dr. Cannon was a Professor of
Geology at the University of Alaska in Fairbanks for 10 years and
has conducted extensive field work in the Yakutat Forelands area
and throughout Alaska for more than 30 years. In a conference call
with Geohedral on Friday, Mr. Kerr confirmed that, in his opinion,
"Geohedral has a significant mineral deposit in Alaska that
contains significant percentages of magnetite, ilmenite and
rutile." He further stated his confidence that this conclusion will
be validated once all of the procedures necessary to obtain an
accurate analysis have been observed. Geohedral is considering all
options before determining how to proceed. So as to avoid future
confusion, no timetable has been, or will be, established for
announcement of the final assay results. "While the delay in
obtaining an accurate analysis is frustrating, our enthusiasm for
the potential of this project has actually increased," stated Herb
Mee, Jr., President of The Beard Company. "Although the prices of
magnetite, and to a lesser extent ilmenite, have decreased in the
current recessionary environment, the prices of both gold and
silver have moved higher. We continue to believe that, in addition
to the magnetite, ilmenite and rutile, the claims we have staked in
Alaska also contain commercially meaningful amounts of gold, silver
and other precious minerals, together with a significant quantity
of garnets." Dr. Cannon, who serves as President of Geohedral and
presided over the conference call, added, "Once our analysis has
been validated and we are able to move forward with the project,
the potential future economic benefit to the Yakutat region could
be quite significant. Future mining operations will be designed and
implemented in a manner consistent with the highest environmental
standards, including re-forestation, the construction of lakes,
etc., as part of the post-mining reclamation process." About The
Beard Company The Beard Company creates, acquires, and/or invests
in businesses that management believes have high growth potential
and/or above-average profit potential and can enhance shareholder
value. The Company is currently involved in carbon dioxide (CO2)
gas production; oil and gas activities; coal reclamation
activities; e-commerce activities conducted through its starpay(TM)
subsidiary; and minerals exploration and development through its
Geohedral investment. The Company is headquartered in Oklahoma City
and its common stock trades on the OTC Bulletin Board under the
symbol "BRCO". Forward-Looking Statements This document may include
statements that constitute "forward-looking" statements, usually
containing the words "believe", "estimate", "project", "expect", or
similar expressions. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to, the Company's lack of profitability in recent years;
the ability to service outstanding debt and secure capital to fund
operations; the ability to negotiate and execute contracts in
connection with the Company's coal reclamation activities; the
outcome of a lawsuit against Visa; future trends in commodities
prices; financial, geological or mechanical difficulties affecting
Geohedral's planned geological work programs; uncertainties
surrounding estimates of mineralized material; and other risks
detailed in Beard's filings with the U.S. Securities and Exchange
Commission. By making these forward-looking statements, Beard
undertakes no obligation to update these statements for revisions
or changes in the future. For Additional Information, Please
Contact: Herb Mee, Jr., President, at (405) 842-2333 or via email
at or RJ Falkner & Company, Inc., Investor Relations Counsel,
at (800) 377-9893 or via email at DATASOURCE: The Beard Company
CONTACT: Herb Mee, Jr., President of The Beard Company,
+1-405-842-2333, ; or RJ Falkner & Company, Inc., Investor
Relations Counsel, 1-800-377-9893,
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