Akiko Gold Resources announces Nevada drilling, Ghana concession and Utah silver project support.VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 15, 1994-- NEVADA DRILLING: Six drill holes have been completed by Ramrod ram·rod n. 1. A rod used to force the charge into a muzzleloading firearm. 2. A rod used to clean the barrel of a firearm. 3. A harshly demanding overseer; a disciplinarian. tr.v. Gold at the Company's Bru-Lovie gold exploration project in Nevada's Battle Mountain - Eureka Gold Trend. Drilling of the 10 to 20 hole Bru-Lovie program continues, while drilling is also commencing today at regional structures and previously indicated gold resources on the Mud Springs and Santa Fe Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. projects near Bru-Lovie. These highly prospective joint ventures encompass over 12,500 acres, beginning four miles north of Placer Dome's eight million ounce Pipeline gold deposits in Crescent Valley, Nevada Crescent Valley is an unincorporated community located in Eureka County, Nevada. It contains Crescent Valley Elementary School.
GHANA CONCESSION: The Ghana Minerals Commission has granted the Company a property concession covering 54 square miles on the west side of the Sefwi Bibiani Belt, 36 miles southwest of the Bibiani Mine which produced approximately 1.5 million ounces of gold at an average grade of 0.3 opt. Ghana is a major gold producer with favourable mining and foreign investment policies, and is located within the Precambrian Shield of West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. which contains greenstone belts similar to those hosting world class gold discoveries in Canada, Venezuela and Guyana. The high-grade Obuasi Mine, operated by Ashanti Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. in Ghana's major producing greenstone belt parallel to the Bibiani greenstone belt, produces over 750,000 ounces of gold annually and is expanding. Select samples taken by the Company's V.P - Exploration from the property concession this summer produced encouraging gold assays (ranging up to 0.28 and 0.99 opt) from a composite sample of quartz collected from the tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. dump of the old Ntubia underground mine and from several relatively large quartz veins or quartz veined zones exposed in shallow overgrown overgrown said of a part that has not been kept trimmed. overgrown hoof overgrown hooves put unusual stresses on bones and tendons and allow for distortion of the wall and sole. pits 1.8 miles from the old gold mine. The Company plans an initial exploration program of airborne and ground magnetics, geochemical sampling and geologic mapping to define initial drill targets before considering possible joint venture partners. UTAH Utah, state, United States Utah (y  `tä'), Rocky Mt. state of the W United States. SILVER PROJECT SUPPORT: The widely-circulated Silver & Gold Report has recommended purchase of Akiko Gold stock in a Flash News Alert to subscribers dated last week, due primarily to this advanced stage exploration/development project. Underground drilling will start by month-end at the high-grade New Burgin silver/lead/zinc deposit in Tintic, Utah, where Akiko is earning a 50% joint venture interest from property owner, Chief Consolidated Mining. The Company has already funded the U.S. $1 million program for reserve in-fill and expansion drilling and feasibility work on the New Burgin silver deposit, and for drilling of related gold targets. This New Burgin deposit, when conservatively calculated by Pincock, Allen & Holt as diluted, in-place mineable proven and probable reserves, has 1.14 million tons grading over 19 opt silver, 22% lead and 7.6% zinc. That is over 21 million ounces of silver, with enough lead and zinc to pay the total cash costs of mining. At current metal prices, each ton has a value of approximately $320, with anticipated cash operating costs operating costs npl → gastos mpl operacionales of approximately $77 per ton. That high profit margin and value of the known mineable reserves, added to the likelihood of doubling or tripling the reserves, especially in light of relatively moderate capital costs due to facilities already on site, make the ultimate bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay of the project very achievable (without excessive dilution of Akiko's stock). As long as this pre-paid drilling program successfully confirms and expands the high-grade New Burgin deposit reserves, this inherent high profit margin combined with underground mine planning expertise, will facilitate effective/profitable handling of difficult ground conditions and dewatering Dewatering (dē′wöd·ər·iŋ) is the removal of water from solid material or soil by wet classification, centrifugation, filtration, or similar solid-liquid separation processes. of the quantity of hot saline water Saline water is a general term for water that contains a significant concentration of dissolved salts (NaCl). The concentration is usually expressed in parts per million (ppm) of salt. related to developing the New Burgin deposit (as is done in other comparable, profitable underground mines). The Flash News Alert was issued by the Silver & Gold Report last week, partially in response to a negative commentary issued two weeks earlier by an influential newsletter which caused the price of Akiko shares to fall. The Report commends Akiko's exploration/development (and plans to expedite production) of the New Burgin deposit, noting its high silver grade. The analysis contained in the Report supports that of Akiko's management and team of technical consultants, as summarized above and in the Company's News Release of November 4th. As noted in the Report, its "opinions are completely independent" and unsolicited, without any form of compensation for its support, and without any current ownership by the author of the stock recommended. The Silver & Gold Report can be contacted by calling 1-800-289-9222. -0- On Behalf of the Board of Directors "Stephen E. Flechner" Stephen E. Flechner President & C.E.O. CONTACT: Christine Reynolds, 604/689-0988 |
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