Infrastructure Materials Corp. has announced the acquisition of Canadian Infrastructure Corp. (CIC), a privately-held company holding three cement grade limestone properties known as the Dauphin, the Winnipegosis and the Spence Lake properties located in southern Manitoba. The Dauphin property is located 10 km southwest of the city of Dauphin, Manitoba, while the Winnipegosis and Spence properties are located 12 km and 18 km, respectively, southeast of the village of Winnipegosis, Manitoba. All outstanding shares of CIC were acquired from Todd Montgomery, who is also CEO and a Director of the Company, at a cost of approximately US$40 000. This amount equates to Mr. Montgomery's out of pocket cost of forming CIC, and CIC's acquisition of the quarry leases on which the properties are located, exploration work and reports. Payment was made in restricted common shares of the Company at an agreed price of US$0.40 per share for a total of 1 021 777 shares.
Significant geological work and drilling has been completed on the properties. A Preliminary Feasibility Study conducted by Cameco in 1989 recommended that a cement plant be built and that the project proceed to final feasibility. Test work showed that excellent cement of all types could be made from the material.
This Canadian asset acquisition adds to the Company's impressive cache of cement grade limestone projects in the US. Presently, the Company's primary focus is on the development of the Blue Nose and Morgan Hill Projects in Nevada. The Morgan Hill Project is strategically located to supply the Reno, Salt Lake City, southern Idaho, Sacramento, and San Francisco markets. The Blue Nose Project is strategically located to supply the Las Vegas and Los Angeles markets. The Company plans to aggressively develop the Blue Nose Project through to pre-feasibility. Subject to BLM approval of a Plan of Operation, an extensive drill programme is expected to begin this spring on the Blue Nose Project to define the resource.
Read the article online at: https://www.worldcement.com/the-americas/16022010/infrastructure_materials_corp-_acquires_canadian_cement_grade_limestone_assets/