$1.8 Million Gold Exploration Program Implemented by American Resource Corp. in Uruguay.GREENBRAE, Calif.--(BUSINESS WIRE)--March 7, 1996--American Resource Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AREE) announced today the funding and implementation of a $1.8 million exploration effort in Uruguay to accelerate the evaluation and development of the Company's extensive mineral land holdings. The program directs exploration resources at continuing reserve-expansion efforts in proximity to the company's planned San Gregorio San Gregorio may refer to several places in the United States:
At San Gregorio, four core drill rigs are currently engaged in a drilling program designed to expand the current ore reserves and provide additional detail for final mine design and ore-release scheduling. In April, two of the drill rigs will return to the Santa Teresa Santa Teresa may refer to:
The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. partially defined in a core drilling program conducted late in 1995. The combined 1996 San Gregorio and Santa Teresa drilling programs will total over 6200 meters (20,000 feet). In addition to a planned 8,600 meters of drilling in 1996, the company has initiated a regional and locally detailed geochemical program. The company plans to conduct a high-resolution airborne geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. in the Rivera mineral belt near Uruguay's border with Brazil. That program will be designed following evaluation of a company-funded remote-sensing and regional structural study currently being conducted at a Brazilian university. American Resource (ARC) is the sole gold producer and largest holder of exploitation and exploration rights in Uruguay. Including its mining grants at the San Gregorio Mine, the company has exclusive exploration rights to more than 300,000 hectares (740,000 acres) of mineral lands and has a 60 percent managing interest in an exploration joint venture on an additional 22,000 hectares (54,000 acres). ARC enjoys a commanding position in the two most prospective gold mineral belts in the country. The Florida and Rivera mineral belts are characterized by Precambrian-age greenstone green·stone n. Any of various altered basic igneous rocks colored green by chlorite, hornblende, or epidote. greenstone Noun NZ a type of green jade used for Maori carvings and ornaments terrain and regional-scale shear shear: see strength of materials. Shear A straining action wherein applied forces produce a sliding or skewing type of deformation. complexes similar to those elsewhere in the Americas, Australia and Africa which host some of the world's greatest gold deposits. As a separate matter, the company announced on March 5, in a joint press release with Rea Gold, the completion of reciprocal due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and the signing of a definitive merger agreement and plan of reorganization whereby American Resource Corp. will merge with REA Gold Corp. The merger, now subject only to shareholder approval and customary closing conditions, is anticipated to close by the end of May. CONTACT: American Resource Corp. Ian B. Smith, 415/461-6868 |
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