American Bonanza Resumes Drilling at the Gold Bar Property in Nevada.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 16, 2003 AMERICAN BONANZA Bonanza saga of the Cartwright family. [TV: Terrace, I, 111–112] See : Wild West GOLD MINING CORP. ("Bonanza") is pleased to report on the status of the deep drilling program at its 95% owned Gold Bar Property located in the Battle Mountain/Eureka mineral belt in central Nevada. Drill hole BZGB-01 is the first drill hole in Bonanza's Gold Bar deep exploration program. The drill hole was partially drilled earlier this year, when drilling technical difficulties caused abandonment of the reverse circulation drilling. To complete the drill hole, a core drilling rig has re-entered the drill hole and is currently being wedged wedged - 1. To be stuck, incapable of proceeding without help. This is different from having crashed. If the system has crashed, it has become totally non-functioning. If the system is wedged, it is trying to do something but cannot make progress; it may be capable of doing a few off to avoid reverse circulation drill steel that was lost at the bottom of the reverse circulation drill hole. The core will be drilled by a 244EC Longyear core drilling rig operated by Boart/Longyear Drilling of Elko, Nevada Elko is a city in Elko County, Nevada, United States. The population was 16,980 at the 2000 census. It is the county seat of Elko CountyGR6. Geography and Climate Elko is located at (40.836396, -115. . The drill hole is designed to explore for mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. feeder feeder abbreviation for self-feeders. Used in feeding groups of animals at intervals of several days. Feed has to be dry and comminuted so that it will run down the spouts from the hopper into the troughs. structures within the Roberts Mountains The Roberts Mountains are located in central Nevada in the western United States. The mountains are found in Eureka County, east of the Simpson Park Mountains and west and southwest of the Sulpher Spring Range. Formation at depth below the Gold Bar open pit. Production History Open pit gold production at the Gold Bar Pit by Atlas Atlas, in Greek mythology Atlas (ăt`ləs), in Greek mythology, a Titan; son of Iapetus and Clymene and the brother of Prometheus. Corporation and its subsidiaries began in 1987 and continued until 1994. A total of 7,514,600 tons grading 0.074 opt gold were produced, with recoveries averaging 87%, resulting in production of 485,000 ounces of gold, as previously announced. Resources Historical Resources currently in place at Gold Bar comprise 3.6 million tons of material grading 0.100 opt (3.4 g/t) containing 360,000 ounces of gold in the Gold Bar Main Pit vicinity, and 2.5 million tons grading 0.056 opt (1.9 g/t) containing 140,000 ounces of gold in the Gold Canyon area. These historical resources contain 500,000 total ounces of gold in the Gold Bar Main and Gold Canyon areas. The exploration program which is the subject of this news release is focused on the feeder zones to these historical resources, where the feeder fault system is hosted by the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. Roberts Mountains Formation. Gold Bar Property Important Information The company has not done the work necessary to verify the classification of the Historical Resources currently present at Gold Bar. The company is not treating the Historical Resources as NI-43101 defined resources, but views these gold deposits as key geochemical anomalies to guide further exploration. Should the price of gold rise sufficiently, the company will undertake drilling and estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. studies to convert the Historical Resources into NI-43101 defined resources. The historical estimates are not mineral reserves and do not have demonstrated economic viability and should not be relied upon. The Historical Resources currently in place at Gold Bar were prepared by companies other than the company; they were estimated by Atlas geologists in 1996. The Historical Resources were estimated by Atlas 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. Inc., were believed to be reliable at the time, and were prepared to industry standards at the time, and are relevant today as they were then. Atlas at the time of the announcement of these resources did not state the methodology used to estimate the resources. The Historical Resources are not NI-43101 classified, although the company believes they are similar to the NI-43101 classification of "Inferred" resources. The Historical Resources are the most current such estimates available to the company. The Gold Bar Project is the site of previous, recent, modern, open pit gold mining. For that reason, all environmental permitting, legal, title, taxation , socio-political, and marketing issues at the site have been successfully overcome in the recent past. The site has recently been permitted for a much larger operation that any potential mine that may be constructed in the near future. Title is held through un-patented mining claims purchased by the company; these claims are in good standing. No legal issues that appear to compromise the potential of the property are known. The Nevada taxation system is favorable to mining. Nevada hosts a very large modern gold mining industry. The local socio-political climate appears favorable to development of a gold mine. The locality 1. locality - In sequential architectures programs tend to access data that has been accessed recently (temporal locality) or that is at an address near recently referenced data (spatial locality). This is the basis for the speed-up obtained with a cache memory. 2. is remote, rural, pro-jobs and pro-mining. Gold, the product of a contemplated mine, is a very liquid product that can be marketed very easily and directly. As has been previously announced, the qualified person for the "Geological Report on the Nevada Properties of Bonanza Gold Inc" (now American Bonanza Gold Mining Corp.), which lists the Historical resources at Gold Bar is Gerald F. McArthur, FGAG FGAG Full Gospel Assembly of God , PGeo.,self-employed as an independent Consulting Geologist, whose address was 11135 Monroe Drive, Delta, BC. Additional information about Bonanza can be obtained at the companies website: www.americanbonanza.com AMERICAN BONANZA GOLD MINING CORP. (signed) 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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