Juina Mining Corporation (GEMM)

[sarals]

New Management Report : )

By: eastcoaster10 $$$
Reply To: None Wednesday, 27 Jun 2001 at 10:57 AM EDT
Post # of 2892


Here's the latest Management Report that was just posted on the Juina website:

Management Report Update June 27, 2001

New Hirings
Management is committing to the development of the site by placing a new hire on the books of the Joint Venture. In anticipation of imminent issuance of all final licenses, the committee has procured the services of Jonathan Taylor, an able ore processor with experience in Angola. He has been hired as assistant to the Project Manager, Mousseau Tremblay and the Plant Manager Ron Turner. Management has considered the hiring of Mr. Taylor to be a priority and, given his fluency in English and Portuguese, expects he will be an enormous asset to the plant when production starts.

Plant Rehabilitation and Licensing
Procurement of the heavy equipment under appropriate terms is proceeding as planned. Management anticipates the heavy equipment will be on site in good time for issuance of licenses. FEMA-issued licenses are still in the hands of IBAMA and progress has been hampered by state and national holidays and the absence of appropriate authorized signatories. Confirmation that the paperwork is in the pipeline has been ascertained by our on-site geologist and we have assurances from the federal authority, the DNPM, that once they receive the paperwork from IBAMA that they will act with all haste to finalize our permissions. Management and shareholders are experiencing the same frustrations that come with delays and beaucracy when dealing with government institutions. Management is pleased to report that the Joint Venture is following all of the proper legal channels necessary to ensure that the property and the mine are in full compliance.

Mineral Sampling Program
Chief geologist, Dr. Mark Hutchison, has prepared his final report on heavy mineral sampling of alluvials and overburden of the 4.1 site on the 1000 Property. This site has been historically considered to be associated with a kimberlite-like magnetic anomaly and good diamond occurrence. It is intended that this location will be the first to be investigated on commencement of production. The principal findings have been an abundance of ilmenite of which an estimated 20% are picro-ilmenites of compositions expected in kimberlites and a further 5% also have high chromium contents (Cr2O3 up to 7.2% wt.). These ilmenites are comparable in composition to some of the most chromium-rich ilmenites associated with kimberlite and their discovery is considered to be very encouraging with regard to the kimberlite prospectivity of the Property.


Future news and updates will be forthcoming.

Forward-looking statements in this report are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties and actual results could differ from those discussed. This material is informational only and is not an offer or solicitation to buy or sell securities.