American Resource Corp. Receives Environmental Permit Approval for San Gregorio Gold Mine Project, Uruguay.GREENBRAE, Calif.--(BUSINESS WIRE)--March 27, 1996--American Resource Corp. (ARC)(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AREE) announced that it received formal approval from the Uruguayan Minister of the Environment of the company's Environmental Impact Statement (EIS (1) (Executive Information System) An information system that consolidates and summarizes ongoing transactions within the organization. It provides top management with all the information it requires at all times from internal and external sources. ) for its planned San Gregorio San Gregorio may refer to several places in the United States:
With this approval, construction commenced today. The project, with an estimated annual production of 70,000 ounces of gold per year, is planned to be fully operational by the end of March 1997. Total project funding Project Funding reflects the overall financial analysis and entails the analysis that is needed in order to get the financial means approved and funds made available to be able to perform the discipline of project management. for construction is dependent on closure on a $25 million gold loan, which is subject to completion of the loan and other documentation. The loan is scheduled to close by mid-April. Ian Smith Noun 1. Ian Smith - Rhodesian statesman who declared independence of Zimbabwe from Great Britain (born in 1919) Ian Douglas Smith, Smith , chairman, 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. of American Resource, stated: "Our San Gregorio project will be the first significant gold producing mine during this century in Uruguay. This environmental permit is an important milestone for both the company and the future development of a Uruguayan gold mining industry. "ARC intends to earn a position of industrial leadership in Uruguay by being a responsible participant in the country's future mining development. The company's management recognizes the value and necessity of attaining high environmental standards and maintaining its solid working relationship with the Uruguayan governmental authorities in achieving this goal." CONTACT: American Resource Corp. Stephen N. Anderson, 415/461-6868 |
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