Kobex Resources Ltd.: State of Colorado Approves Exploration Program, Initial Meeting Held With US Forest Service
February 14 2008 - 8:16PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: KBX) and its partner,
U.S. Energy Corp. (NASDAQ: USEG) is pleased to provide the
following update on the Lucky Jack Molybdenum Project:
Kobex advises that it has received approval from the Colorado
Division of Mining, Reclamation and Safety for an amended work
program to undertake delineation drilling at its Lucky Jack
molybdenum deposit. Safety and potential cost considerations
related to rehabilitating the old workings dictated revision of the
initial program. In accordance with the new program, most of the
old workings located in the historic Keystone Mine will be bypassed
by construction of a new access drift.
A notice of activity incorporating this revised program has
recently been submitted to Gunnison County for its review. It is
now anticipated that this program, including drilling, will be
completed by mid-2009.
A meeting with the United States Forest Service (USFS), the lead
regulatory agency in the project permitting process, was held in
January to inform the USFS of Kobex's and U.S. Energy Corp.'s plans
and to discuss the timing for submission of a Plan of Operations to
the USFS. As a result, it is now projected that the Plan of
Operations will be submitted to the USFS in the third quarter of
2008. However, Kobex expects the collection of environmental data
to begin in mid-2008, concurrent with the rehabilitation, access
and drilling programs. This approach should not significantly
impact the time for completion of the entire mine development and
permitting process.
At the meeting with the USFS Kobex conveyed its commitment to
incorporate the highest environmental standards into its mine
design and also make this data available to the public via the US
National Environmental Policy Act (NEPA). "We informed the USFS
that it is our objective, upon closure of the proposed mine, to
eliminate long-term environmental liabilities such as the need to
treat acid drainage in perpetuity," stated Maurice Tagami, Chief
Operating Officer of Kobex Resources Ltd.
Keith G. Larsen, CEO of U.S. Energy Corp., stated, "The
Company's goal is to conduct our operations at the Lucky Jack
Molybdenum Project in an environmentally sound manner that benefits
all stakeholders and increases shareholders value." The projected
submittal to the USFS during the third quarter of 2008 will allow
the completion of additional technical information to be
incorporated in the Plan of Operations.
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 has not reviewed and 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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