RENO, NV, June 14 /PRNewswire-FirstCall/ - Infrastructure Materials Corp. (NASDAQ OTC-BB: Symbol IFAM) (the "Company") is pleased to announce the imminent start of the latest phase of drilling on its Blue Nose Limestone Project under a Plan of Operations filed with the U.S. Bureau of Land Management. The Blue Nose Project consists of 301 mineral claims covering over 6,000 acres located 90 miles northeast of Las Vegas, Nevada in Lincoln County. With technical staff expecting to receive approval of the Plan of Operations from the Bureau of Land Management in the next two weeks, preparations for drilling are well under way.
This next phase of drilling has been designed to provide the data necessary to calculate an indicated resource and, ultimately, to begin pit design engineering. The Plan of Operations involves grid drilling 25,000 feet in a 500 foot drill center pattern to depths that range between 300 feet and 1200 feet, depending on the nature of the limestone beds. The program's total cost has been estimated at $1.2 million and includes not only drilling, but also road building, blasting, assaying, reclamation and technical staff. To ensure the program progresses in the most timely and cost efficient manner, two drills will run around the clock with an expected program duration of 35 days. Ensuing assay results are expected to take an additional 2 weeks to process.
Resource calculations will be conducted by Mine Development Associates, Inc. of Reno, Nevada, an independent geologic and engineering consulting firm. Mine Development Associates has begun assembling the background data needed for the final resource study. This data has been collected from 37 holes previously drilled on the project and an earlier 43-101 report. With the Company on the eve of its Blue Nose Plan of Operations drill program, management is looking forward to seeing a resource calculation on its signature Blue Nose Project. This next phase of exploration for the Company represents the culmination of two years of effort toward the realization of a large cement grade limestone project in a suitable location to economically reach markets in California, Nevada, Idaho and Utah.
These developments come at a time when cement markets are beginning to show strong signs of recovery and experts predict strong jumps in demand in the next two years. Recently, Edward Sullivan, Portland Cement Association's chief economist, was quoted as saying, "Spending from the stimulus bill will more than double to $12 billion and that spending is expected to reflect an increased share of major highway construction and bridge projects - high cement-intensive projects." The Portland Cement Association predicts a 5% increase in cement demand in 2010 over 2009 levels with jumps of 13.3 % and 18.7 % in 2011 and 2012, respectively.
Infrastructure Materials Corp. is an exploration stage mining company that is directing its efforts to the exploration and development, if warranted, of cement grade limestone deposits in strategic locations in the United States and Canada.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of U.S. securities laws Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate" and other similar words or statements to the effect that certain events or conditions "may", "have" or "will" occur. This release also contains statements based upon historical records pertaining to our mineral claims that have not been verified by the Company. The term, "resource" is not a term that is recognized by SEC guidelines and does not rise to the level of certainty required by SEC guidelines. Forward-looking statements or references to historical records are based on the material in our possession, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those stated or projected in this press release. The Company undertakes no obligation to update forward-looking statements or historical information. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE Infrastructure Materials Corp.