Akiko expands reserves and appoints new director.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 6, 1995-- Akiko Gold Resources has received final check assays for the first two underground drill holes at the New Burgin deposit in the 9000 acre East Tintic Operations area of Utah, where Akiko is earning a 50% joint venture interest. The results begin the expansion of the high-grade proven and probable mineable reserves which have previously been calculated (after dilution) as 1.14 million tons grading over 19 ounces of silver per ton (over 21 million ounces), 22% lead, and 7.6% zinc. Property owner, Chief Consolidated Mining, reported that the first drill hole (directed toward and beyond the southeastern portion of the known reserves) intercepted 104 feet of high-grade mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. averaging 21 ounces of silver per ton, 32% lead (640 pounds), and 4% zinc (80 pounds). The hole bottomed in 11 feet of further economic mineralization, and also intercepted two upper zones (36 feet and 18 feet) of additional economic mineralization. The second drillhole (directed to the eastern portion of the known reserves) intercepted 55 feet of high-grade mineralization averaging 10 ounces of silver per ton, 32% lead (640 pounds), and 11% zinc (220 pounds). The hole bottomed in 21 feet of further economic mineralization. The ongoing 1995 underground drilling program is designed to confirm and expand (doubling to tripling) the current reserves, while gathering technical data concerning permitting, 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. and mine planning for the final feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. targeted to commence at year-end. Akiko Gold becomes project operator upon completion of feasibility. The Company's President, Stephen E. Flechner, is therefore particularly pleased to announce that underground mining engineer, Herbert K. Fredrickson, has been appointed to the Company's Board of Directors. Mr. Fredrickson fills the vacancy resultant from Michael Levinson's separation from the Company effective December 31, 1994. He has over 30 years of international experience as manager, contractor and consultant for underground mine planning and feasibility, shaft sinking shaft sinking, excavation from the surface of an opening in the earth. Shafts, which are generally vertical, are usually distinguished from tunnels, which are horizontal. , and operations involving difficult ground conditions and dewatering requirements. Mr. Fredrickson's extensive underground mining credentials include consulting on Noranda's potash mines and serving as senior mine engineer for the Midwest Joint Venture - McMahon Lake in Saskatchewan, Canada; manager for Kerr Addison of the Mogul of Ireland lead/zinc/silver mine in County Tipperary County Tipperary (Irish: Contae Thiobraid Árann) is a county in the Republic of Ireland situated in the province of Munster. Tipperary was one of the first Irish counties to be established in the 13th century. , Ireland; and mine engineering/development for Union Carbide Union Carbide Corporation (Union Carbide) is one of the oldest chemical and polymers companies in the United States, and currently has more than 3,800 employees. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Cameco Corporation's Key Lake uranium operation. He graduated with honors from Ontario's Haileybury School of Mines and Queens University in Mining Engineering. Mr. Fredrickson will be working with the Company on mine planning and finance for the New Burgin in 1995. It should be noted that while Akiko funds US $4 million of drilling and feasibility work (commencing with US $1 million funded September 1994), it is also acquiring (with the same dollars) a total of 1,035,000 shares (285,000 acquired to date) of Chief Consolidated's stock at a cost of US $4 per share (Chief closed on the 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 Small Caps See Small capital last Friday, March 3rd, at US $7.25 per share). CONTACT: Christine Reynolds, (604) 689-0988 |
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