Alamos and National Sign Joint Venture Agreement.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--June 6, 2002 Mr. Chester Chester, city and district, England Chester, city (1991 pop. 80,154) and district, Cheshire, W central England, on a sandstone height above the Dee River. It is a railroad junction. Manufactures include electrical equipment, paint, and window panes. Millar, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Alamos The name Álamos can refer to the following:
See Canadian Venture Exchange (CDNX). :AAS) and Albert Matter, President & CEO, National Gold Corporation (CDNX:NGT NGT Night NGT National Grid Transco (UK gas transporter) NGT Nominal Group Technique NGT Not Greater Than NGT Next Generation Technology NGT Next Generation Telecom (China) NGT NASA Ground Terminal ) announce that they have today received Exchange and Vendor approval of the Joint Venture Option Agreement concluded on April 1st, 2002, whereby Alamos Minerals Ltd. may earn a 50% interest in the Salamandra Gold Camp. National Gold owns the Salamandra Gold Camp with its 2.94 million ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. Measured and Indicated(a) Mulatos gold resource as the result of an Asset Purchase Agreement with Tenedoramex, S.A. de C.V and Accessions Mining (the 'Vendors', see National Gold's news release dated Sept 10th, 2001). The property, which hosts seven large gold bearing epithermal systems, is located in the state of Sonora, Mexico, 220 km east of Hermosillo. Subsequently National optioned half of the Salamandra property to Alamos Minerals Ltd. (see April 1st, 2002 news release). To earn their 50% interest Alamos Minerals, the operator, will be responsible for: -- Expending a total of C$2.375 million on exploration, development, metallurgical test leaching and property costs during the term of the earn-in, of which approximately C$1,000,000 has been spent to date. This will be accomplished through a bulk leach test of sufficient size to confirm metallurgical recoveries and leaching characteristics. Thereafter Alamos assumes 50% of all additional expenditures. -- Assuming 50% of the C$10.25 million of Vendor obligations due under the Asset Purchase Agreement for the Salamandra property (see National Gold's news release dated Sept 10th , 2001). -- Paying National Gold C$2 million within 48 months of Alamos becoming the Registered Operator in Mexico. Should control of Alamos change within 24 months of it becoming the Registered Operator, operatorship of the project will revert to National Gold. The Joint Venture partners contemplate a staged mining operation, starting with production from the higher grade Estrella Zone. Final pit design and pad engineering is underway for a test leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. . Permitting will be completed as soon as registration of Alamos as the registered operator in Mexico is concluded. Once permitting is completed stripping and mining for the test leach will commence. (a) 2.35 million ounces as Measured in 43.9 million tonnes grading 1.66 grams/tonne, and 0.59 million ounces as Indicated within 13.1 million tonnes grading 1.4 grams/tonne as reported in our Behre Dolbear (an Independent Engineering firm) Qualifying Report dated January 26, 2001. ON BEHALF OF THE BOARDS OF DIRECTORS OF: NATIONAL GOLD CORPORATION Albert J. Matter President & CEO ALAMOS MINERALS LTD. Chester F. Millar Chairman, President & CEO The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not take responsibility for the adequacy or accuracy of this release. |
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