Baltic Resources Inc. - 500 Beiträge pro Seite

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http://www.stockhouse.com/news/news.asp?newsid=5638452&tick=…

Baltic Options Coral Rapids
7/27/2007

TORONTO, ONTARIO, Jul 27, 2007 (MARKET WIRE via COMTEX News Network) --
Baltic Resources Inc. (TSX VENTURE: BLR) and Longview Capital Partners (TSX VENTURE: LV) are pleased to announce an agreement to accelerate the development of the Coral Rapids diamond/uranium property in Northern Ontario.

Longview Capital Partners ("Longview Capital") and Baltic Resources Inc. ("Baltic") have entered into an option agreement pursuant to which Coral Rapids Minerals Inc., ("CRM") a majority-owned subsidiary of Longview Capital Partners, may acquire 51% of the Coral Rapids property.

Pursuant to this agreement (the "Option Agreement") between Baltic, Donald D. McKinnon ("McKinnon") and CRM, CRM will acquire 51% of the Coral Rapids project from Baltic Resources by (i) issuing an aggregate of 4 million common shares in the capital of CRM to Baltic, and (ii) incurring $3 million in exploration expenditures on the Coral Rapids property, by December 31, 2010. A further 1 million common shares in the capital of CRM will be issued to McKinnon, the holder of certain royalty interests on the Coral Rapids property, to reduce the net sales returns royalty payable to McKinnon from 10% to 5%. The Option Agreement and all related transactions are subject to review by and approval of the TSX Venture Exchange (the "TSXV").

The Coral Rapids property has multi-element potential, with numerous kimberlite, base metal VMS and uranium targets. This project was acquired as part of Longview Capital's continued business strategy of identifying, acquiring and publicly listing high quality resource projects. The Coral Rapids project is one of a number of attractive resource opportunities that Longview Capital is currently financing and developing.

The Coral Rapids Property is located approximately 130 km north of the town of Smooth Rock Falls, Ontario. Several geochemical programs completed by the Ontario Geological Survey led to further work by Baltic. The possible occurrence of uranium deposits has been indicated by past drilling and a compilation of the VMS base metal and gold indicators on the property is on-going. An ultra high-resolution airborne magnetic and electromagnetic survey carried over the property has identified thirty anomalous magnetic responses, potentially representing kimberlitic intrusions. Of these thirty, twenty high priority targets have been drilled. Core from a spread of the holes has been shipped to Vancouver Petrographics in Vancouver, BC for petrography. Four of the best intersections have been sent to Mineral Services in Vancouver, BC for mineral chemistry and several key intersections were sent to SRC Geoanalytical Laboratories Diamond Services in Saskatoon, SK for caustic fusion analysis.

Damien Reynolds, Chairman and CEO of Longview Capital noted "this agreement provides us with the opportunity to work closely with Don McKinnon and his team at Baltic Resources on a property blessed with substantial and diverse anomalies. I believe this teamwork will uncover significant value and I look forward to our joint venture's success."

Don McKinnon, President, CEO and Director of Baltic stated "that we are pleased to be entering this agreement with Longview Capital Partners. Coral Rapids holds great potential, and we are looking forward to further developing this project with Damien Reynolds and his dynamic management team."

This press release contains forward-looking statements with respect to the Option Agreement, transactions related to the option agreement, and matters concerning the business, operations, strategy, and financial performance of Longview Capital and Baltic. These statements generally can be identified by use of forward looking word such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transaction contemplated herein is completed. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability of Baltic and Longview Capital to obtain TSXV approval for the Option Agreement and related transactions. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company has no obligation to update such statements except as required by law.

Longview Capital Partners. Baltic Resources Inc.

The TSX Venture Exchange has in no way passed upon the merits of the Option Agreement and related transactions and has neither approved nor disapproved the contents of this press release.

Contacts: Baltic Resources Inc. Don McKinnon President & CEO [phone] Longview Capital Partners Damien Reynolds Chairman and CEO [phone] Longview Capital Partners Spiro Kletas Investor Relations [phone]

SOURCE: Baltic Resources Inc.


Copyright 2007 Market Wire, All rights reserved.

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... leider nicht in FFM handelbar!

WKN: A0F58Q

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Phoscan and Baltic to merge


2007-10-29 08:39 ET - News Release

See News Release (C-FOS) Phoscan Chemical Corp


Mr. Stephen Case of Phoscan reports

PHOSCAN CHEMICAL AND BALTIC RESOURCES AGREE TO MERGE TO CONSOLIDATE 100% OWNERSHIP OF THE MARTISON PHOSPHATE PROJECT

Phoscan Chemical Corp. and Baltic Resources Inc. have agreed to combine their interests in the Martison phosphate project, in which they each currently hold an equal joint venture interest.

Upon completion of the merger, Phoscan will own a 100-per-cent interest in the Martison phosphate project. The former Baltic shareholders will own common shares of Phoscan and common shares of a newly formed company, which will own all property interests of Baltic other than its interest in the Martison project. After completion of the merger, current Phoscan shareholders will own approximately 60.33 per cent of Phoscan and current Baltic shareholders will own approximately 39.67 per cent of Phoscan, and 100 per cent of Newco. It is expected that the transaction will close in January, 2008.

The combination is proposed to be effected by way of plan of arrangement, pursuant to which the assets and liabilities of Baltic would be reorganized such that all of its assets and liabilities other than the Martison project would be transferred to Newco in exchange for the receipt by Baltic of common shares of Newco on a one-for-one basis, which would then be distributed to the Baltic shareholders. Baltic would then merge with a newly created subsidiary of Phoscan and each Baltic common share will be exchanged for 1.4 common shares of Phoscan. This attributes equal value to Phoscan and Baltic's respective 50-per-cent interests in Martison.

Stephen Case, chief executive officer of Phoscan, said: "The merger of Phoscan and Baltic will create a company with 100-per-cent ownership of the Martison phosphate project and a strong combined board, management team and operational expertise. We believe that this transaction will result in an improved platform for financing and executing the continued development of the Martison project and an enhanced market presence that will create value for our shareholders."

Donald McKinnon, chief executive officer and president of Baltic, added: "This transaction provides the positive catalyst needed to accelerate the advancement of Martison. This merger is expected to provide excellent value for our shareholders."

The merger has been approved by the boards of directors of Phoscan and Baltic and will be subject to, among other things, the favourable vote of shareholders of Baltic and Phoscan at special meetings of shareholders to be called to approve the transaction. The boards of directors of each of Phoscan and Baltic have determined that the transaction is in the best interest of their respective company and that the share exchange ratio is fair to their shareholders, and unanimously recommend that shareholders vote in favour of the transaction. Westwind Partners Inc. has provided an opinion to the board of directors of Baltic that the Phoscan share exchange ratio is fair, from a financial point of view, to the holders of the common shares of Baltic. Phoscan's financial adviser is Wellington West Capital Markets Inc.

Management team and board of directors

After completion of the arrangement, Stephen Case, president and chief executive officer of Phoscan, will be the president and chief executive officer of Phoscan, and the other directors of Phoscan will be Glen Magnuson, Henry Giegerich, John D. Yokley, Donald McKinnon, Chris Hodgson and Gordon McKinnon. In addition to Mr. Case, the senior management of Phoscan will comprise Janet Lowe, executive vice-president, and Gary L. Pigg, project manager.

We seek Safe Harbor.

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Phoscan, Baltic complete Martison phosphoric acid tests


2007-11-05 14:25 ET - News Release

See News Release (C-FOS) Phoscan Chemical Corp


Mr. Stephen Case of Phoscan reports

PHOSCAN ANNOUNCES PHOSACID TEST RESULTS FOR MARTISON PHOSPHATE PROJECT
Phoscan Chemical Corp. and Baltic Resources Inc. have completed the independently conducted phosphoric acid tests using concentrate from the Martison phosphate deposit. The Martison phosphate deposit is currently being examined as one of the primary inputs for the development of a vertically integrated phosphoric acid plant to be located near Hearst, Ont. Phosphate concentrate and sulphuric acid are the two primary inputs in the production of phosphoric acid.

Phoscan and its consultant, Jacobs Engineering Group Inc., of Lakeland, Fla., have successfully completed the technology development for the production of high-quality phosphate fertilizers from the Martison phosphate concentrate. High-quality superphosphoric acid (SPA) and monoammonium phosphate (MAP) were produced in Jacobs's laboratory/pilot plant. The commercial liquid fertilizer 10-34-0 was also produced in the lab with high polyphosphate and low magnesium content.

Stephen Case, president of Phoscan, said: "This is a significant step forward for the Martison phosphate project. In May, 2007, we announced the completion of an independent mineral resource estimate, which included measured and indicated resources of 62.2 million tonnes averaging 23.55 per cent P2O5 plus an additional 55.7 million tonnes of inferred resources averaging 21.87 per cent P2O5. The pilot plant technology development carried out by Jacobs Engineering now confirms that these mineral resources are amenable to processing into marketable products, which are in high demand in the agricultural fertilizer market."

A bulk sample of ore from Martison was beneficiated in the SGS labs in Lakefield, Ont., and the resulting 37-per-cent P2O5 concentrate sent to Jacobs for the phosacid and fertilizer pilot plant testing. The pilot plant was set up and operated to simulate industrial plant conditions and procedures. High-quality 40-per-cent P2O5 filter acid was produced with expected industry-standard recoveries using the hemi-hydrate phosphoric acid process. This acid was then concentrated to 54- to 57-per-cent P2O5 merchant-grade acid (MGA) via evaporation and then further concentrated to 70-per-cent P2O5 superphosphoric acid (SPA). The SPA was further processed to remove magnesium (Mg) producing a clear green SPA with good handling and storage properties. The SPA was then reacted with ammonia in the pilot plant producing a very-good-quality 10-34-0 ammonium polyphosphate (APP) fertilizer. The small amount of residuals from the concentration processes will be mixed with the MGA and reacted with ammonia to produce a very-high-grade MAP (11-52-0) solid fertilizer. (The pilot plant testing clearly indicated that 11-37-0 APP and 18-46-0 diammonium phosphate (DAP) can also be produced from the Martison phosphate rock.)

Because of the high quality of the Martison rock concentrated, sulphuric acid consumption was, as expected, 10 to 15 per cent less than typical Florida and North Carolina concentrates. Furthermore, less byproduct phosphogypsum was produced and at an indicated industrial and agronomic quality.

MAP is the main solid phosphate product used in the Canadian market, which currently imports over half of its requirements from the United States. 10-34-0 is the main liquid phosphate fertilizer used in the upper Midwest U.S. market. SPA, the phosphate raw material for liquid phosphate fertilizer production, is in short supply with reductions in availability from two SPA production sites in the United States.

The technology development for the Martison phosphate deposit described in this news release, including the beneficiation of the bulk sample of ore which was used, was supervised by Paul S. Waters, PE, of Jacobs Engineering. Mr. Waters is an independent qualified person for purposes of National Instrument 43-101.

About the project

The Martison phosphate project, located near Hearst, Ont., is a 50-50 joint venture between Phoscan and Baltic, with Phoscan acting as the operator of the joint venture. The project entails the development of a vertically integrated phosphoric acid plant, using the Martison phosphate deposit and sulphuric acid from the Ontario base metal smelters. Phosphate concentrate and sulphuric acid are the two primary inputs in the production of phosphoric acid. The project is strategically positioned in proximity to target markets with ready access to infrastructure, including rail, power, labour and an abundant supply of sulphuric acid. The phosphoric acid produced will be used as feedstock for the production of higher-value products in the fertilizer and industrial phosphate markets.

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VANCOUVER, Nov. 6 /CNW/ - The following issues have been halted by Market
Regulation Services (RS):

Issuer Name: Baltic Resources Inc.
TSX-V Ticker Symbol: BLR
Time of Halt: 15:06 EST
Reason for Halt: Pending News

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Baltic Resources to resume at 7:30 a.m. PT


2007-11-07 10:03 ET - Resume Trading

Baltic Resources Inc. will resume at 7:30 a.m. Pacific Time on Nov. 7, 2007, an announcement having been made.

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Baltic, JV partners acquire land near Noront discovery


2007-11-07 10:36 ET - News Release

Also News Release (C-BMK) MacDonald Mines Exploration Ltd (2)
Also News Release (C-TME) Temex Resources Corp


Mr. Don McKinnon of Baltic reports

BALTIC AND PARTNERS ACQUIRE NORONT NI-CU-PGE DISCOVERY AREA PROPERTIES

Baltic Resources Inc., MacDonald Mines Exploration Ltd. and Temex Resources Corp. have completed the initial claim acquisition in connection with a joint venture to be formed between the company, MacDonald and Temex pursuant to a letter agreement. The properties acquired are located in the area of the James Bay Lowlands in and around the Noront Double Eagle nickel-copper-PGE discovery.

Pursuant to the joint venture, the properties, which represent three separate parcels of land comprising over 50 claim blocks which correspond to approximately 13,600 hectares, will be shared on a 50/25/25 basis between the company, MacDonald and Temex, respectively, and all costs associated with the acquisition and exploration of the properties will be shared on the same basis. MacDonald will be the operator for the joint venture.

In addition, the company continues its staking efforts of additional target areas in and around the area of the Noront Double Eagle Ni-Cu-PGE with other parties.

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Noront, Baltic, Temex acquire land in McFaulds Lake


2007-12-11 11:49 ET - News Release

See News Release (C-NOT) Noront Resources Ltd


Mr. Richard Nemis of Noront reports

NORONT, TEMEX AND BALTIC EXPAND PROPERTY POSITION VIA STAKING SYNDICATE

Noront Resources Ltd., Baltic Resources Inc. and Temex Resources Corp. have completed a significant land acquisition campaign in the McFaulds Lake area in the James Bay Lowlands region of Ontario. The new properties, located in the general area of Noront's Double Eagle Ni-Cu-PGE discovery, were acquired by Temex on behalf of Temex, Noront and Baltic collectively the staking syndicate. A total of 120 mining claims comprising 1,900 claim units totalling 76,000 acres were acquired on behalf of the staking syndicate.

Subsequent to the staking campaign, Temex, Noront and Baltic have entered into a binding letter of agreement whereby each party has agreed to grant the other two parties a 100-per-cent interest in one-third of the total claims staked, with each of the parties retaining a 1-per-cent net smelter returns royalty in the claims granted to the other parties. Therefore each party has a 100-per-cent interest in one-third of the claim units and a 1-per-cent NSR royalty in two-thirds of the claim units. Temex acted as operator of the staking syndicate.

The claims cover features that these companies believe represent a geological environment similar to the geological setting near the Noront Ni-Cu-PGE discovery. It is believed that the newly acquired claims have never been subjected to any previous exploration for Ni-Cu-PGE mineralization, and for the most part, the claims have not been covered by a modern magnetic and electromagnetic geophysical survey.

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Mill City to option 50% of Noront-discovery-area claims


2007-12-12 09:46 ET - News Release

See News Release (C-MC) Mill City Gold Corp


Mr. James Brown reports:

MILL CITY FINALIZES TERMS WITH TEMEX TO ACQUIRE A 50% INTEREST IN APPROX. 16,000 HA NEAR NORONT Ni-Cu-PGE DISCOVERY

DECEMBER 12, 2007 CALGARY, ALBERTA MILL CITY GOLD CORP. ( Mill City or the "Company") (TSX.V MC) announces it has entered into a binding letter of intent with Temex Resources Corp. ( Temex ) (TSX.V TME) to acquire a 50% interest in 64 staked mining claims (the Claims ) totaling 1012 mining claim units (16,192 ha) in the general area of the Noront Resources Ltd. ( Noront ) (TSX.V NOT) recent Nickel-Copper PGE discovery. The Claims, which are located in the Sachigo Greenstone Belt in the James Bay Lowlands region of Northern Ontario, are in two areas, one of which includes approximately two thirds of the Claims north of the Noront Double Eagle discovery. These northern claims are subject to a 2% NSR royalty payable as 1% NSR to each of Noront and Baltic Resources Inc. (TSX.V BLR). The other claim blocks were recently acquired by Temex (100%) and are located to the southwest of the Noront discovery.

The Claims cover features thought to be geological environments similar to the geological environment near the Noront Ni-Cu-PGE discovery. It is believed that these recently acquired Claims have never been subjected to any previous exploration for Ni-Cu-PGE mineralization, and for the most part, the Claims have not been covered by a modern magnetic and electromagnetic geophysical survey. The initial exploration program will consist of a combination of airborne and ground geophysical surveying followed shortly thereafter by diamond drilling of priority targets.

In order to earn its 50% interest in the Claims, Mill City shall, upon execution of a definitive Option and Joint Venture Agreement, make a cash payment of $300,000 and issue to Temex 250,000 common shares of Mill City and complete an aggregate of $2,500,000 of exploration expenditures over a 3 year period. Mill City must also issue 250,000 shares on the first anniversary of the agreement.

Mill City shall be entitled to extend for one year the time for completion of each milestone of the Work Commitment by notice to Temex if given prior to the applicable anniversary of signing. Each extension shall require Mill City to issue Temex 250,000 common shares of Mill City. During the earn-in period, Temex will act as the Company s Agent to carry out the exploration programs and is entitled to charge an industry standard management fee. Upon Mill City earning its 50% interest in the Claims, Temex shall have 60 days from the date of exercise of the Option to elect to form a 50:50 joint venture with Mill City for further exploration and development of the Claims or to forego the joint venture and reduce its undivided 50% interest in the Claims to a 15% carried and non-assessable interest in the Claims to the date of commencement of commercial production from the Claims. Should Temex elect to form a joint venture, Temex shall be the operator and the joint venture shall be governed by a joint management committee.

The terms of the transaction are subject to TSX Venture Exchange approval.

For further information please contact James R. Brown at 403-640-0110 or visit the Company s website at www.millcitygold.com.

ON BEHALF OF THE BOARD OF DIRECTORS

James R. Brown, President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.

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Baltic and Coral finish phase 1 at Coral Rapids


2007-12-21 16:11 ET - News Release

Mr. Don McKinnon reports

CORAL RAPIDS MINERALS AND BALTIC RESOURCES ANNOUNCE CORAL PROPERTY DRILL RESULTS

Baltic Resources Inc. and Coral Rapids Minerals Inc. have released results from the first phase of the revised sampling program on the Coral Rapids project in Ontario.

Two drilling campaigns of 23 holes in total were completed by Baltic Resources prior to the creation of the Coral Rapids joint venture. The Coral Rapids joint venture's first phase of work was a revised sampling program to further test the kimberlite-like intersections generated by drilling geophysical targets identified in the airborne survey completed by Baltic. Eight select drill core intervals from these drill campaigns that were sent to Vancouver Petrographics and Mineral Services have all been classified as very fine to fine-grained fragmental olivine melilitites or olivine alnoites, which are not true kimberlites, but are closely related alkaline intrusive rocks. Results also received from SRC Geoanalytical Laboratories Diamond Services in Saskatoon, Sask., reports that the microdiamond results for the intrusions submitted for caustic fusion came back with no diamonds, which is consistent with the rock-type classification. The mineral chemistry of the intersections outlined by Minerals Services indicates that these diatremes are not the source of the favourable diamond indicator minerals (true mantle derived pyrope garnets and high Ti megacrystic pyrope garnets) discovered by the Ontario Geological Survey on and in close proximity to the property. Thus, the source of these indicators remains high priority and the joint venture has already approved a revised exploration program to continue the search for diamond-bearing kimberlite sources on the project.

The discovery of the correct classification of these bodies as closely related kimberlite clan rock has assisted the technical team to refine the exploration techniques used to target drill sites. An analogy with Shear Minerals' Churchill project has been suggested to explain the existence of the true mantle derived pyrope garnets and the high Ti megacrystic pyrope garnets discovered in the Ontario Geological Survey. These garnets remain as very positive indicators that some intrusions have brought to surface deeper-sourced mantle material, suggesting the possibility of local kimberlite sources.

Michael Dufresne of APEX Geoscience Ltd., a consultant to the project and a member of the Longview Capital Partners Technical group, recommends several work programs to be undertaken to better define the source of these high-priority pyrope garnets. Of these programs, the Coral Rapids joint venture will begin till sampling the eastern third of the property as well as stream heavy-mineral concentrate sampling across the property and regionally in areas of the high-priority pyrope garnet anomalies. It has also been recommended to complete detailed ground magnetic grids over key areas of the project, to better pinpoint future drill collar locations. The partners in the Coral Rapids joint venture firmly agree that the revised program has greater potential to successfully identify diamondiferous kimberlite sources on the Coral Rapids property.

Additional information with respect to the Coral Rapids project is contained in the technical report dated Oct. 6, 2004, relating to the Coral Rapids project. A copy of the Coral Rapids technical report may be obtained from SEDAR.

This press release has been prepared under the supervision of John Boissoneault, PEng, and Mr. Dufresne, MSc, PGeol, who are both independent consultants to the Coral Rapids project and qualified persons as such term is defined in National Instrument 43-101. Mr. Boissoneault and Mr. Dufresne have reviewed and verified the technical information disclosed in this press release.

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Longview et al. drill melilitite, alnoite at Ontario JV


2007-12-21 15:15 ET - News Release

See News Release (C-LV) Longview Capital Partners Inc


Mr. Don McKinnon of Baltic reports

CORAL RAPIDS MINERALS AND BALTIC RESOURCES ANNOUNCE CORAL PROPERTY DRILL RESULTS
Longview Capital Partners Inc., Coral Rapids Minerals Inc. and Baltic Resources Inc. have released results from the first phase of the revised sampling program on the Coral Rapids project in Northeastern Ontario.

Two drilling campaigns of 23 holes in total were completed by Baltic Resources prior to the creation of the Coral Rapids joint venture. The Coral Rapids joint venture's first phase of work was a revised sampling program to further test the kimberlite-like intersections generated by drilling geophysical targets identified in the airborne survey completed by Baltic. Eight select drill core intervals from these drill campaigns that were sent to Vancouver Petrographics and Mineral Services have all been classified as very fine to fine-grained fragmental olivine melilitites or olivine alnoites, which are not true kimberlites, but are closely related alkaline intrusive rocks. Results also received from SRC Geoanalytical Laboratories Diamond Services in Saskatoon reported that the microdiamond results for the intrusions submitted for caustic fusion came back with no diamonds, which is consistent with the rock-type classification. The mineral chemistry of the intersections outlined by Minerals Services indicates that these diatremes are not the source of the favourable diamond-indicator minerals (true mantle-derived pyrope garnets and high Ti megacrystic pyrope garnets) discovered by the Ontario Geological Survey on and in close proximity to the property. Thus, the source of these indicators remains high priority and the joint venture has already approved a revised exploration program to continue the search for diamond-bearing kimberlite sources on the project.

The discovery of the correct classification of these bodies as closely related kimberlite clan rock has assisted the technical team to refine the exploration techniques used to target drill sites. An analogy with Shear Minerals' Churchill project has been suggested to explain the existence of the true mantle-derived pyrope garnets and the high Ti megacrystic pyrope garnets discovered in the Ontario Geological Survey. These garnets remain as very positive indicators that some intrusions have brought to surface deeper-sourced mantle material, suggesting the possibility of local kimberlite sources.

Michael Dufresne of APEX Geoscience Ltd., a consultant to the project and a member of the Longview Capital Partners technical group, recommends several work programs to be undertaken to better define the source of these high-priority pyrope garnets. Of these programs, the Coral Rapids joint venture will begin till sampling the eastern third of the property as well as stream heavy-mineral concentrate sampling across the property and regionally in areas of the high-priority pyrope garnet anomalies. It has also been recommended to complete detailed ground-magnetic grids over key areas of the project, to better pinpoint future drill collar locations. The partners in the Coral Rapids joint venture firmly agree that the revised program has greater potential to successfully identify diamondiferous kimberlite sources on the Coral Rapids property.

Additional information with respect to the Coral Rapids project is contained in the technical report dated Oct. 6, 2004, relating to the Coral Rapids project entitled "Technical Report on the Coral Rapids Don McKinnon Property for Baltic Resources Inc." A copy of the Coral Rapids technical report may be obtained from SEDAR.

This press release has been prepared under the supervision of John Boissoneault, PEng, and Mr. Dufresne, MSc, PGeol, who are both independent consultants to the Coral Rapids project and qualified persons as such term is defined in National Instrument 43-101. Mr. Boissoneault and Mr. Dufresne have reviewed and verified the technical information disclosed in this press release.

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Phoscan Chemical, Baltic start 2008 work at Martison


2008-01-07 13:32 ET - News Release

See News Release (C-FOS) Phoscan Chemical Corp


Mr. Stephen Case of Phoscan reports

PHOSCAN ANNOUNCES WINTER DRILL PROGRAM FOR MARTISON PHOSPHATE PROJECT


Phoscan Chemical Corp. and Baltic Resources Inc. have started the 2008 winter work program at their jointly owned Martison phosphate project located approximately 70 kilometres northeast of Hearst, Ont.

Phoscan, as operator of the joint venture, will conduct a major $6.5-million, 80-hole drilling program focused on moving the project toward a bankable feasibility study. The JV parties intend to immediately commence the feasibility study upon completion of the prefeasibility study, which is expected by early March, 2008.

The Martison phosphate project

The Martison phosphate project is currently being examined for its potential as the key supplier of phosphate concentrate for a vertically integrated phosphoric acid plant to be developed near Hearst, Ont. The plant would use the Martison phosphate deposit as well as sulphuric acid from nearby Ontario base-metal smelters. Phosphate concentrate and sulphuric acid are the two primary inputs in the production of phosphoric acid. The Martison project and the proposed plant are strategically positioned in proximity to target markets with ready access to infrastructure including rail, power, labour and an abundant supply of sulphuric acid. The phosphoric acid produced will be used as feedstock for the production of higher value products in the fertilizer and industrial phosphate markets.

Current resource estimates for the Martison deposit are based on data from 120 holes completed in six drilling campaigns. The measured and indicated resources form the foundation for the prefeasibility study currently being conducted by Jacobs Engineering and Golder Associates. The highlights include:


Measured and indicated resource of 62.2 million tonnes averaging 23.55 per cent P2O5 and 0.34 per cent Nb2O5;
Inferred resources of 55.7 million tonnes averaging 21.87 per cent P2O5 and 0.34 per cent Nb2O5;
Significant areas of the residuum in the central portion of the deposit remain open at depth.

The 2008 winter work progam

The program will include three major components. The first component is a geotechnical study which will focus on the proposed mine pit area as well as proposed areas for infrastructure construction. The second component of the program is dedicated to the collection of a 40-tonne bulk sample of residuum (Litho Units 2A and 2B). The bulk sample will provide the material for further bench-scale refinement of the selected metallurgical process as well as pilot-plant scale confirmation testing of the selected and refined process. Concentrate (phosrock) from the pilot plant testing will be used in phosphoric acid manufacturing and fertilizer manufacturing testing and process refinement. The third component of the program will focus on the definition of the bottom of the residuum, which is currently undefined in the central area of the proposed mine pit.

The three components of the planned 2008 winter field program will involve drilling approximately 80 holes in 60 locations. As the drill program advances, an independent survey crew will be responsible for surveying all of the drill hole locations and other surface features to tie these sites into the most recent airborne survey data. The total cost of the 2008 winter program is estimated to be approximately $6.5-million, which forms part of the budgeted costs for the bankable feasibility study.

James S. Spalding completed the independent resource estimate according to CIM resource categories in compliance with National Instrument 43-101 guidelines and a technical report for the Martison property is available on SEDAR.

First nations access agreement

In connection with the planning and implementation of the 2008 winter work program, the JV parties are pleased to announce they have entered into a premining exploration agreement with Constance Lake First Nation (CLFN), which claims traditional land rights on the property where the Martison phosphate deposit is located. The access agreement, among other things, provides full access to the JV parties to carry out the above-noted winter work program on the property, financing for CLFN to negotiate a broader mining exploration agreement in respect of the Martison phosphate project and commits the JV parties to enter an impact benefit agreement (IBA) with the affected first nations.

Proposed merger to consolidate 100-per-cent project ownership

As jointly announced in Stockwatch on Oct. 29, 2007, Phoscan and Baltic have agreed to merge to consolidate ownership of the Martison phosphate project. Upon completion of the proposed merger, Phoscan would own a 100-per-cent interest in the Martison phosphate project. The former Baltic shareholders will own common shares of Phoscan and common shares of a newly formed company, Canadian Orebodies Inc., which will own all property interests of Baltic other than its interest in the Martison project. Phoscan and Baltic are proceeding with the merger, which has been approved by both boards of directors and is subject to the favourable vote of shareholders. The merger is now expected to be completed in early March, 2008.

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Short History
Symbol Report Date Volume Change
BLR - V 2008-02-15 76,000
BLR - V 2008-01-31 76,000 -69,400

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Baltic shareholders approve PhosCan merger


2008-03-04 12:03 ET - News Release

Mr. Donald McKinnon reports

BALTIC SHAREHOLDERS APPROVE PLAN OF ARRANGEMENT

Baltic Resources Inc.'s shareholders have approved the arrangement between Baltic Resources and PhosCan Chemical Corp. The shareholders also approved the adoption of a stock-option plan and a shareholder-rights plan for Canadian Orebodies Inc., the Baltic subsidiary that is to be spun out as a separate company as part of the plan of arrangement.

Donald McKinnon, president and chief executive officer of Baltic, commented: "This is a milestone for the Martison project. Consolidating interest in the project is an important step that provides a new platform for the project to advance to the next stage. The merger offers excellent value for our shareholders, and allows both PhosCan and Canadian Orebodies to focus on their respective projects."

Shareholders of PhosCan also approved the arrangement in a meeting earlier today.

Completion of the transaction requires the approval of the Alberta Court of Queen's Bench. The Alberta Court of Queen's Bench hearing to obtain approval is scheduled to be held on March 7, 2008. Closing is expected to occur on or about March 10, 2008.