American Bonanza Acquires High Grade Silver Property in Nevada & Goldcorp Exercises Warrants.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 2, 2004 AMERICAN BONANZA GOLD MINING CORP. ("Bonanza") is pleased to report that it has acquired a prospective exploration property in the historic Belmont Mining District of Nevada. The property is in Nye County, about 40 miles north of Tonopah and 14 miles east of the 10 million ounce Round Mountain Gold Mine, in the Walker Lane Mineral Belt. Bonanza has acquired and currently controls 500 acres (200 hectares) through the staking of 23 contiguous mineral lode mining claims. Silver was discovered at Belmont in 1865 and was mined continuously to 1891, with intermittent production from 1920 to 1951. During this period, the Belmont Mining District produced approximately 15 million ounces of silver at bonanza grades, estimated to have averaged 60 ounces of silver per ton, with some stopes Stopes , Marie Carmichael 1880-1958. British social reformer who opened England's first birth control clinic (1924) in London and later promoted family planning in east Asia. having ore values in excess of 250 ounces of silver per ton. Silver and by product gold and copper were mined from steeply dipping veins hosted in shales and limestones. The Belmont property is located immediately south of the main workings and covers the strike extension of the veins, where the veins are overlain o·ver·lain v. Past participle of overlie. by young gravels. The potential for vein type targets and bulk tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. targets will be investigated. Bonanza personnel believe that faulting has displaced displaced see displacement. the southern portion of the Belmont District and further 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. may be discovered below the gravels. Exploration efforts in 2004 will focus on encountering the extension of the Belmont veins under these recent sediments. An exploration program leading up to exploratory drilling is underway and includes mapping, data compilation and target definition. Mr. Brian Kirwin, President and 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. stated: "The Belmont project adds further exploration potential to Bonanza - the potential for discovery of high grade silver. The Belmont property is a straightforward target concept that can be readily tested in the near term. Claim staking is a very cost effective acquisition method and at Bonanza we are encouraged by the high quality targets we have been able to acquire through staking." Warrants Exercised Bonanza is also pleased to report that it has received $3.9 million in share purchase warrant exercises since the closing of its previously announced equity financings Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. in October 2003. Included in these share purchase warrant exercises was the recent exercise of 5,681,818 warrants at an exercise price of $0.28 per share by Goldcorp Inc. who as a result currently owns 9.75% of the Corporation. Bonanza currently has no debt and approximately $15 million in cash. Bonanza's current cash balance will allow it to advance the Copperstone project towards pre-feasibility and significantly increase Bonanza's ability to define additional gold resource and reserve ounces. Additionally the Corporation will advance its portfolio of prospective exploration projects including its recently acquired Oatman and Belmont projects. About American Bonanza Bonanza is engaged in the acquisition, exploration and development of high-grade precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. properties. Bonanza's innovative metallogenic techniques represent state-of-the-art tools for modern exploration in the Great Basin Great Basin, semiarid, N section of the Basin and Range province, the intermontane plateau region of W United States and N Mexico. Lying mostly in Nevada and extending into California, Oregon, Idaho, and Utah, it is bordered by the Sierra Nevada on the west, the of the American Southwest. Bonanza's metallogenic techniques have involved technical pioneering and will be the catalyst for future corporate growth. Additional information about Bonanza can be obtained at the company's website: www.americanbonanza.com which will be updated soon to reflect this new property. AMERICAN BONANZA GOLD MINING CORP. Brian Kirwin, President and Chief Executive Officer 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 accept responsibility for the adequacy or accuracy of this news release. |
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