Christopher James withdraws from Canoe Reach Project
Canadian Christopher James Gold Corp. announced that it has decided not to pursue with acquiring the Canoe Reach Geothermal Project. This was decided based on the interpretative analysis received on the project from the company’s independent geothermal consultants.
Just announced today, Canadian Christopher James Gold Corp. announced that it has decided not to pursue with acquiring the Canoe Reach Geothermal Project. This was decided based on the interpretative analysis received on the project from the company’s independent geothermal consultants.
“This conclusion was based on recently obtained geochemistry data that suggested reservoir temperatures may not be able to meet the minimum requirements for an economically viable geothermal development.”
Max Baker, President of the Company, commented, “The Company could not justify continuing under the terms of the current option agreement given this recent analysis and the limited time remaining before the final option payment was due. Since late 2007, the Company has restricted its focus to identifying and acquiring one or more quality projects which will enable the Company to survive the current downturn and recover value once the market turns. We are in an excellent position to take advantage of other acquisition opportunities in this current market environment with approximately $3 million in treasury and only $60,000 of exploration expenditures required to maintain our existing portfolio of gold properties in good standing through 2011.”
Source: Christopher James Gold Corp. announcement of December 5, 2008.