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NewsBot Date: July 29, 2005 05:59:41 AM
CAAUF News Research Calais Resources Inc, Stock Trading Message Board
Calais Resources Inc. President and CEO Completes 34th Year on Consolidated Caribou Project
Tom Hendricks Looking Forward to Another 20 Years of Progress and Innovation With Calais
Calais Resources Inc. (OTC BB: CAAUF) is pleased to announce that Mr. Tom Hendricks, Calais Resources Inc. president and CEO, has completed his 34th straight year on the Consolidated Caribou Mine project. Hendricks started his career at Caribou on July 12th, 1971.
Throughout this 34-year period, Hendricks has been directly involved with the entire district consolidation, mine plants construction, permitting, underground exploration and mine development programs. He has overseen drill programs at Caribou that have totaled over 165,000 feet of surface and underground drilling and has also directly participated in numerous environmental programs.
Hendricks wears many hats for Calais and is also actively involved in running all the daily activities for the company including finance work, permit maintenance and all corporate level work. Hendricks merged his company, Hendricks Mining Inc., with Calais Resources Inc. in 1998 which resulted in the final district consolidation. Hendricks commented, "I have logged over 106,000 hours on the Caribou project since 1971 and despite some of the constant challenges, I do not regret one minute of the time I've dedicated to this project."
The Caribou project has won a number of public awards and Hendricks has participated in a number of projects with Boulder County and local and State governments. Hendricks added, "I have enjoyed working over the years with some of the most skilled miners and drill contractors in the country." He also praised the geological staff he has worked with over the years, including the major contributions by geologist Larry Barrett and Bob Akright. "Mr. Akright has compiled all the pertinent geologic data on the Consolidated Caribou project and Nevada Manhattan project into the Vulcan program, which has proven to be an invaluable tool for the Company." Hendricks also praised the work done by corporate attorney John Henderson who has provided top legal service on the Caribou Project and all corporate matters since 1978, a period of 27 years.
Hendricks also emphasized the importance of providing lectures and tours during what little spare time he has available, to over 40,000 students and guests from around the world. During these lectures he focuses on the importance and relevance of the mining industry to everyone's daily life, emphasizing the importance of good environmental stewardship. Hendricks is proud to point out that Calais Resources Inc. was recently featured in the "Colorado Biz" magazine, June 2005 edition, in an article on Colorado's gold mining industry.
Hendricks is in excellent health and spirits and is looking forward to the next 15 to 20 years on Calais projects. He has worked with a number of experts on the plans for a new millennium mine that would incorporate state-of-the-art technology for mining, milling and environmental programs.
Calais Resources Completes USD $150,000 Private Placement
Calais Resources Inc. (OTC BB: CAAUF), herein the "Company," is pleased to announce the completion, on June 30, 2005, of a private placement of 750,000 common shares of the Company to a private individual at USD $.20 per share for proceeds to Calais of $150,000.
The Company has also approved an attached warrant agreement for an additional 750,000 shares at $.25 per share for a five-year period. The gross proceeds from the sale of the shares will be used by Calais to pay current accounts payable and to allow the company to continue work with its auditor KPMG. The proceeds have also allowed Calais to immediately employ the services of Brock and Company, CPAs in Boulder, Colorado, to provide a non-audit accounting review in conjunction with KPMG.
Calais also received and approved by a corporate resolution the terms for a "settlement agreement" with four 2004 investors. The "settlement agreement" provides for conversion of $515,000 plus accrued interest at 15 percent to common shares of Calais at $0.60 per share. Two of the parties have agreed to secure their investment of $166,000 as a mortgage loan at 15 percent interest. The parties have agreed to convert the interest portion of the loan to Calais common shares at $0.60 cents per share as of August 01, 2005.
The Company is diligently working on additional financing for the Company at this time. Calais is a gold mining company that owns or controls the historic Consolidated Caribou Mines District property at Caribou, Colorado, the historic Manhattan District property in Nye County, Nevada, and holds certain mining applications in Panama.
Calais Resources Inc. Announces the Completion of Two Private Placements and the Option on 5.9 Million Shares From the Broadway Mortgage Group
Calais Resources Inc. (OTC BB: CAAUF) herein the "Company" is pleased to announce the completion of a private placement with Resource Capital Funds III for $220,000 at $0.20 cents per share which represents 1.1 million shares of the Company. The Company also granted 1.1 million options to Resource Capital Funds III at $0.30 for a 5-year term. Resource Capital Funds III also completed a 60-day option agreement to acquire 5.9 million shares from the Broadway Mortgage Group at $0.15 cents per share.
Resource Capital Funds is a diversified private finance group that has raised in excess of $300 million over the past five years with investments in mineral projects worldwide. Calais Resources Inc. will use the proceeds from the private placement to reduce debt and bring all second and third quarter accounting filings current through its auditor KPMG.
The Company also completed a small private placement with Mr. John Jonen for 100,000 shares of the Company at $0.25 cents per share on January 25, 2005, and granted Mr. Jonen 100,000 warrants at $0.40 cents per share.
The Company accepted the resignation of Mr. Matt Witt as its chief financial officer on February 07, 2005, and closed its Greenwood Village, Colorado, office. The Company expressed its thanks and appreciation for Mr. Witt's contribution to Calais over the past 17 months and wished him well with his ongoing career in the mortgage banking business. The Company headquarters are now back at the original mine offices at the Consolidated Caribou Mines operations.
Safe Harbor
The future conduct of the company's business and its response to issues raised by third parties are dependent upon a number of factors, and there can be no assurance that the company will be able to conduct its operations as contemplated. Certain statements contained in this release using the terms "may," "expects to," "projects," "estimates," "plans," and other terms denoting future possibilities, are forward-looking statements in accordance with the Private Securities Litigation Reform Act of 1995. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability.
