Interactive Mining Technologies, LLC Reports Significant Progress on Major Projects
PEABODY, Mass.–(BUSINESS WIRE)–July 6, 2000
Interactive Mining Technologies, LLC (IMT), a subsidiary of Unitronix Corporation (UTRX: BB: OTC) and Goldsat Mining Inc (CDNX: GOM), is pleased to provide the following update on activities:
The Mining Exchange
Work on The Mining Exchange (www.miningexchange.com) continues with the recent completion of a market study. Details of the study are being reviewed to insure that the concept for a mining industry Internet portal meets the needs of its target audiences. Negotiations are underway with several software development firms who will provide database and website development assistance. The intent is to have a working prototype available later this year. In the meantime, EnerSource Mapping Inc, a subsidiary of IMT continues to compile claims (tenement) maps for use by The Mining Exchange. The goal of The Mining Exchange is to be the premier portal or “vortal” (vertical industry portal) for the exploration and mining industry and communities by being the most comprehensive, interactive, one-stop information and business-to-business website available today. A unique and distinguishing feature of The Mining Exchange will be the use of a map-based user interface.
Decision Support Software
MIR Teledetection inc of Longueil Quebec, our sub-contractor for the Decision Support Software for mineral exploration has substantially completed the model phase of the project and has indicated that the model and supporting documentation will be delivered by the end of the month. The intent of this phase of the project is to develop a comprehensive deposit model based on a well-known VMS deposit. The Noranda Camp in Rouyn-Noranda in northwestern Quebec was chosen because of the mature exploration status of this area and the number of mineral deposits and producing mines in the camp (31). The resulting software product will provide the geologist with a state of the art prospecting tool for evaluating the mineral potential of areas under consideration.
John D. Harvey, former President of Noranda Exploration Company Limited and a member of IMT’s Board of Managers and Goldsat’s Board of Directors has provided the project with the benefit of his 30+ years of exploration experience. Additional experts have been brought into the project including Dr. Harold Gibson of Laurentian University in Sudbury Ontario, a recognized expert on VMS (volcanogenic massive sulfide) deposits and the Noranda Camp in particular, and Dr. Michel Jebrak, Head of the Department of Earth and Atmospheric Sciences at the University of Quebec in Montreal.
The company has been extremely pleased with the progress made on the deposit model and feels confident that the resulting software application will be a commercial success. Preparations are currently underway for the software development phase of the project.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
The statements contained in this press release, other than historical information, include forward-looking statements and are based on current expectations and involve risks and uncertainties. Consequently, the Company’s actual results could differ materially from expectations expressed herein. The various factors that could cause the Company’s actual results to differ include, but are not limited to, failure of the Company’s products to gain market acceptance, the management of product development and sales channels, the ability to fund operations, the impact of competitive products and pricing, the rapid pace with which technology changes, and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ materially from management expectations. The company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
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