Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, July 29, 2009
Tue, July 28, 2009 Apella Resources Inc.: Apella Resources Inc.: Lac Dore Decision
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 28, 2009) - Apella Resources Inc. (TSX VENTURE:APA)(FRANKFURT:NWN) and its Board of Directors are pleased to announce that the Company has now received a preliminary report from the Ministere des Ressources naturelles et de la Faune du Quebec (herein referred to as the "Quebec Ministry") regarding the staking that occurred on August 21st, 2007 over 21 claims, 11 of which cover the Lac Dore Vanadium-Iron-Titanium Deposit near Chibougamau, Quebec.
On August 21st, 2007 the Lac Dore deposit came open for staking and was pursued by Apella and a competitor, SOQUEM Inc. ("SOQUEM") which is a wholly owned subsidiary of la Societe generale de financement du Quebec ("SGF") a Crown Corporation of the Province of Quebec. Following the 23 month wait since the staking of these very important 21 claims, the Quebec Ministry has advised Apella that of the 11 claims being awarded so far it is awarding Apella 9 claims and SOQUEM/SGF 2 claims. The outcome of the remaining 10 claims has yet to be decided.
Upon review of the Quebec Ministry's report by Apella's management, Apella is pleased to see that it is apparent that the 9 Apella claims awarded at this time would provide Apella a controlling interest in the Lac Dore Deposit mineralization. This is a significant position to start with, in what is recognized as the world's second largest Vanadium deposit.
Apella has until September 15th, 2009 to provide the Quebec Ministry with its comments on the preliminary report. Since the date of staking in August 2007, and in order to support its right to the entire 21 claims, Apella has submitted to the Quebec Ministry numerous geological reports on specific details of the Apella and SOQUEM/SGF staking, maps, video footage taken the day of staking. In addition, Apella's management and consultants have attended a number of meetings in Quebec involving management and personnel for the Quebec Ministry, SOQUEM Inc. and Societe generale de financement du Quebec (SGF).
Apella's team will be working diligently to see if it can bring the entire 21 claims under its control and finally move the original Lac Dore Vanadium-Iron-Titanium Deposit forward towards production. It has been almost 55 years since the Lac Dore, the world's second largest Vanadium Deposit, was discovered by the Government of Quebec's geologists. The Chibougamau region has seen the shut-down of many of its most significant employers, especially in the mining sector, over the last few years and no doubt will welcome the new investment dollars and jobs that will result from Apella achieving such an outcome.
Apella invites the public to visit its website at [ http://www.apellaresources.com ] or e-mail us at [ apella@apellaresources.com ] to be added to the Company's e-mail list for press releases and updates.
ON BEHALF OF THE BOARD OF DIRECTORS OF APELLA RESOURCES INC.
Patrick D. O'Brien - Chairman
S.E.C. Exemption 12(g)3-2(b) File No. 82-3822, Standard & Poors Listed, Dun & Bradstreet Listed
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