Akiko financing Tintic Project with Korea Zinc company.VANCOUVER, BC--(BUSINESS WIRE)--Sept. 14, 1995-- Akiko Gold Resources Ltd. has signed a letter agreement with the Korea Zinc Company of Seoul, Korea. The agreement provides for investment by Korea Zinc of US $5 million in reserve expansion drilling, feasibility and development of the silver/lead/zinc (plus gold) Tintic, Utah Project being developed by Akiko Gold and property owner Chief Consolidated Mining Company. Akiko Gold has funded US$2 million of its $10 million project earn-in requirement. Now Korea Zinc will proportionately pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. earn a 25 percent interest (half of Akiko 's 50 percent interest) in the Project by funding $2 million cash payable by September 30, 1995, committing to fund the next $2 million upon completion of an agreed phase of work, and funding $1 million of the final $4 million required to fully vest Akiko 's 50 percent project interest. Korea Zinc receives a right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. to participate in financing Akiko's portion of that final earn-in funding, and agrees to be available to process Tintic Project concentrates at competitive prices. Korea Zinc's undertaking to fund by September 30, 1995 is subject only to receipt of approvals from relevant authorities and of a comfort letter from Chief. Korea Zinc's overall undertakings beyond September 30, 1995 are subject to satisfactory completion of 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 definitive agreements to be accomplished not later than November 30, 1995. The Korea Zinc Company, a major smelter of zinc and lead in Korea, has recently been expanding its smelting smelting, in metallurgy, any process of melting or fusion, especially to extract a metal from its ore. Smelting processes vary in detail depending on the nature of the ore and the metal involved, but they are typified in the use of the blast furnace. market into Australia and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , as well as pursuing base metal and precious metal exploration and development projects in North America, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and Africa. It recently announced agreement to purchase the Big River smelter in Sauget, Illinois Sauget is a village in St. Clair County, Illinois, United States. It is part of the St. Louis Metropolitan Statistical Area. The population was 249 at the 2000 census. Geography Sauget is located at (38.587013, -90.166690). for US $52.5 million. Akiko Gold is particularly pleased with the opportunity to work with Korea Zinc, and looks forward to developing a mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" and growing strategic relationship. Akiko Gold believes that the Tintic Project will be a mining camp of silver/lead/zinc and gold deposits. Akiko is confident that the Tintic Project's New Burgin Deposit reserves (previously calculated at 1.03 million tons containing 24 million ounces silver, 550 million pounds lead and 180 million pounds zinc) have already been expanded by the on-going drilling program to a global reserve approaching 2 million tons. The last assays reported were for Hole CB-13 which intercepted three stacked Stacked is an American television sitcom that premiered on Fox on April 13, 2005. On May 18, 2006, Stacked was cancelled, leaving five episodes unaired in the United States. The last episode aired on January 11, 2006. ore zones in the north central portion of the Deposit, including 25 feet of over 47 ounces silver per ton, 12.9 percent lead and 7.2 percent zinc. The Deposit remains open in most directions, a new reserve calculation is under way, and substantial expansion is anticipated when drilling commences from new drill stations beyond the northern perimeter of the known reserves. On Behalf of the Board of Directors "Stephen E. Flechner" President & Chief Executive Officer CONTACT: Christine Reynolds, 604/689-0988 |
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