GREENWOOD VILLAGE, Colo., Sept. 25, 2003 (PRIMEZONE) -- Calais Resources, Inc. (OTCBB:CAAUF) is pleased to announce the ground-breaking of a new building which will house phase one of mining operations at the Company's 100% owned Panama "Faja de Oro" gold district.
Phase one will include placer operations and hard rock exploration. Along with this, Calais has also recently completed negotiations to acquire an additional 13,590 acres of mineral rights adjacent to the already held 61,000 acres of mineral rights at the Panama "Faja de Oro" District. The overall mineral rights include terrestrial and marine rights, also known as hard rock, placer, and off-shore marine placer. The recent mineral rights were acquired for 100,000 shares of Calais stock, $10,000 in cash, previous and future tax obligations, and a 2.5% royalty. Total income in phase one is not expected to exceed expenses.
As of Monday September 22, 2003, the company had finished relocating a senior geologist and an experienced mining operations manager to the Panama "Faja de Oro" district, along with hiring 7 full-time production laborers in preparation for the upcoming operations, expected to commence on Friday October 10, 2003.
About The Faja de Oro Gold District
The Panama "Faja de Oro" gold district is located 100 miles west of Colon Panama on the Caribbean Sea. This property is situated directly between the Cerro Colorado copper and gold deposit which is 40 miles to the west, and the Petaquilla copper deposit and the Molejon gold deposit which are 14 miles to the east. The location of the "Faja de Oro" gold district is very important as the deposits of the Cerro Colorado, the Petiquilla, and the Molejon as referenced above, have significant deposits of gold and copper.
About Calais Resources
Calais Resources is a junior gold exploration and development company headquartered in Greenwood Village, Colorado. Calais has proven and probable resources on its Caribou Consolidated District property. Significant exploration potential exists at the three past-producing Calais district properties which include the Caribou Consolidated District, the Nevada Manhattan District and the Faja de Oro District in the Republic of Panama.
Safe Harbor
The future conduct of the company's business and it's response to issues raised by third parties are dependent upon a number of factors, and there can be no assurance that the company will be able to conduct its operations as contemplated. Certain statements contained in this release using the terms "may", "expects", "projects", "estimates", "plans", and other terms denoting future possibilities, are forward-looking statements in accordance with the Private Securities Litigation Reform Act of 1995. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. Calais Resources, Inc. disclaims any obligation to update any forward-looking statement made herein.