Alamos Terminates San Antonio Agreement.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--May 24, 2001 Alamos The name Álamos can refer to the following:
See Canadian Venture Exchange (CDNX). :AAS.) has decided to terminate its activities at the San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. property in Sonora, Mexico. A bulk mining-leaching test that was initiated last year is now winding down. The test was confined to material mined from the California zone. Bulk test results showed that the tonnages and grades amenable to open pit mining were less than expected and the minerals indicated characteristics that hinder heap leaching Heap leaching is an industrial mining process to extract precious metals and copper compounds from ore. Process The mined ore is crushed into small chunks and heaped on an impermeable plastic and/or clay lined leach pad where it can be irrigated with a leach solution to . The costs involved in proving up a long term ore supply and in solving the metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. problems could not be provided from cash flows as originally expected. Placing the project into commercial operation would require Alamos to provide substantial additional financing which is beyond the Company's present capability. Although the owner of the San Antonio property, Zaruma Resources Inc., made an offer to provide additional financing, the net result to Alamos was not attractive. Management believes other projects in Mexico may provide a better return on the remaining US$430,000 cash in treasury and the mining fleet that Alamos currently owns. ON BEHALF OF THE BOARD: Chester F. Millar, Chairman & President The CDNX has neither approved nor disapproved the information contained in this news release. |
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