Mr. Tim Gallagher reports
EXCALIBUR COPPER ORE PURCHASE
Excalibur Resources Ltd. has made its first purchase of high-grade 16.8 per cent copper ore of 70 tons. This material has already been milled, bagged and delivered to Lima so the turnaround time for payment is expected to be only 10 days at an estimated gross margin of 30 per cent, less than a comparable purchase from local miners at mine site.
"In order to simplify and increase volumes in our high-grade ore purchasing strategy, German Castano, a director of Excalibur, and president, Carbocol Inc., has been diligently identifying, evaluating and assaying new sources of gold and copper ore. With this new approach, it is hoped that we will be able increase volumes to 200 to 300 tons per month," commented Tim Gallagher, chairman and chief executive officer of Excalibur.
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