Antares Mining and Exploration Corp. - ore milling to commence at Lady Lina.TORONTO, Ont.--(BUSINESS WIRE)--Sept. 12, 1995--ANTARES MINING & EXPLO EXPLO Explosive(s) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : ANZ ANZ Australia and New Zealand ANZ Australia and New Zealand Banking Group Limited ANZ Air New Zealand (NZ national airline) ) Antares wishes to announce that completion of the initial feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. on its Lady Lina property in Zimbabwe has confirmed that sufficient development and exploration has been concluded to date, to initiate an ore milling programme utilizing excess capacity presently available at the adjacent Vubachikwe mine mill. This mill is owned by Forbes & Thompson (Bulawayo) (Pvt.) Limited, which is Antares' joint venture partner on the Lady Lina property. The surplus capacity at the Vubachikwe mill arose primarily from the recent installation of a new milling circuit. The maximum daily milling capacity available to the Antares/Forbes & Thompson joint venture is about 250 tonnes of ore per day. At the maximum milling rate, approximately 10,000 ounces of gold would be recovered annually, assuming average reserve and resource feed grade. Reserves and resources are currently approximately 2.9 million tonnes grading 0.15 ounces of gold per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. . Antares will endeavour to provide higher than average grade of ore to the mill as soon as is economically prudent, to maximize early cash flow from this programme. Milling is expected to commence in the first quarter of 1996. One of the objectives of the milling programme is to identify the milling process which will maximize cash flow from the treating of Lady Lina ore with a view to incorporating this into a new, free-standing mill to be constructed at a later stage on the Lady Lina property. The following work has been completed by the joint venture to date: -0- Category Metres -------- ------ Underground Development 5,252 Underground Diamond Drilling 5,295 Surface Diamond Drilling 20,213 -0- The feasibility study also determined that to ensure long-term mill feed, a shaft deepening deep·en tr. & intr.v. deep·ened, deep·en·ing, deep·ens To make or become deep or deeper. Noun 1. deepening - a process of becoming deeper and more profound programme needs to be implemented at the Lady Lina property to convert measured and indicated resources to proven and probable reserves. The results of this programme will determine the ultimate size of the free-standing mill. Funding for this programme is currently being arranged. Antares is focussed on the development, acquisition and exploration of African gold deposits. CONTACT: Robert G. Yeoman yeoman (yō`mən), class in English society. The term has always been ill-defined, but generally it means a freeholder of a lower status than gentleman who cultivates his own land. 416/861-9940 416/861-0057 (FAX) |
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