Hedman Res. completes placement

Alberta-listed Hedman Resources has completed a $500,000 private placement with European investors.

Hedman has been operating an open-pit mine and mill complex near Matheson, Ont., for the past two decades. It produces a lizardite mineral powder called Hedmanite, the heat-resistant qualities of which make it an ideal additive in brake pads, asphalts, concrete and many other products.

The company is in the midst of upgrading its Matheson mill — a simple crushing-pulverization plant — by spending $500,000. It will also spend $50,000 on research and development.

On the marketing front, Hedman has concluded territorial agreements with commission agents in Germany, Austria, Korea and Saudi Arabia. Even if Hedman’s research and marketing efforts bear fruit, the ore reserve is still sufficient to feed the mill for decades. The orebody has been drilled to a depth of 700 ft. and has an indicated strike length of 1,300 ft. It is open along strike and at depth. So far, the pit itself has been mined only for

a length of 700 ft., a width of 300 ft. and to a depth of 20 ft.