The Required Documents will not be filed before the required deadline due to annual audit procedures taking somewhat longer than expected. There is no disagreement with the auditors in connection with audit scope or accounting matters. Calciner Fuel Crusher
The Company is working diligently with its accounting staff and its auditors and anticipates that it will be in a position to file the Required Documents on or before April 11, 2011.
The Company has applied to the applicable securities regulatory authorities and received a management cease trade order related to the Company’s securities to be imposed against some or all of the persons who are currently directors or officers of the Company to trade securities of the Company. The management cease trade order will be in effect until the Required Documents are filed.
Critical Elements Corporation and Blue Note Mining Inc. report that they have agreed to extend the term of the binding agreement announced on July 19, 2010 (the “Agreement”) providing for the acquisition by Blue Note of all of Critical Elements’ interests in the Croinor gold project located near Val-d’Or, Quebec. Vibrating Grizzly Feeder machine
Under the terms of the Agreement, Blue Note has already made cash payments totaling $125,000 to Critical Elements and, in consideration of an additional payment of $10,000, Blue Note now has until May 31, 2011, or such other later date as mutually agreed by Blue Note and Critical Elements, to make a final payment of $2,250,000 to complete the transaction. In addition, Blue Note shall issue 17.5 million common shares to be held in escrow, for release at a rate of 500,000 shares per month over 35 months from the date of closing. The transaction includes Critical Elements’ 71% ownership in the Matchi-Manitou property.
Advanced Explorations Inc. is pleased to announce it has initiated its drill program at the Tuktu project located 60 km north of the Company’s Roche Bay Project on the Melville Peninsula in Nunavut, Canada. A 20 person exploration camp is being established at the site and drilling is expected to commence by mid-April.
The initial drill program will comprise up to 3,000 m of drilling and is designed to define strike, width, depth and grade of the mineralization mapped on the Tuktu 1 claim where a systematic surface sampling program in 2009 indicated average grades of approximately 34% Fe. The iron formation may be folded and is believed to have resulted in a lensoid shape that stretches for approximately 2,600 m in length and is 700 metres wide at the center. This exceptional width and high grade potential banded iron formation provides the possibility of a very low strip ratio for an open pit operation. Based on size and surface sampling of the iron formation, the Company believes there is multi-billion tonne discovery potential in the Tuktu area. Grain mill