Ariel Resources Ltd.: Year End Results, Cash Flow From Operations: US$1,067,866.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Jan. 27, 1997--ARIEL RESOURCES(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AU.) Ariel reports revenue of US$4,870,841 for the year ended September 30, 1996 -- a 31 percent increase over the previous year. Operations resulted in a net loss of US$194,559, after the accounting provision of US$262,019 for deferred taxes, for a loss per share of US$0.012 compared to a loss per share of US$0.093 for 1995. Gold production increased to 11,713 ounces compared to 9,228 ounces for 1995 from the processing of 104,489 tons of ore (87,893). The production increase resulted from the continued expansion of the MATAPALO MILL. Following the installation of a new 10 foot diameter ball mill, gold production increased to a record 1,420 ounces of gold in March 1996 and has remained at a healthy level throughout the balance of the year. By stockpiling stock·pile n. A supply stored for future use, usually carefully accrued and maintained. tr.v. stock·piled, stock·pil·ing, stock·piles To accumulate and maintain a supply of for future use. ore and more careful road maintenance, the Company was better prepared to deal with this year's rainy season. Progress on our expansion program continued during fiscal 1996. In addition to the increase in production at the Matapalo Mill mentioned above, further testing of the Innovat Continuous Vat Leaching Pilot Plant has led to the development of a flow sheet wherein the fines and sands are separated into different fractions. A separate fines plant using conventional CIP/CIL processing is now being designed to prepare the pilot plant for production of 350 to 400 tons per day. TROUT CREEK Trout Creek may refer to
An airborne EM/MAG survey was completed by DIGHEM I POWER of Mississauga, Ontario For the First Nation, see . Mississauga (pronounced: [ˌmɪsɪˈsɑgə] listen on the Company's claims located in the Northern Cascade region of Washington State. The survey showed several anomalous features, some of which are considered to be of moderate to high priority as exploration targets. A further helicopter reconnaissance followed and aggressive plans are proposed for the coming season. RECENT MARKET ACTIVITY It is of interest to note that during the recent period of negative market activity CAVELTI CAPITAL MANAGEMENT LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability ., an investment counseling firm, has accumulated holdings in our company greater than 10 percent of the issued shares and filed an insider trading report as required. Cavelti Capital is the manager of the BLANCHARD 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. FUND as well as private accounts. ANNUAL MEETING The Company's Annual Meeting will be held at the Bay Bloor Executive Suites, 1101 Bay Street, Toronto, Ontario M5S 2W8, on Monday the 24th of March, 1997 at 10:00 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ). Formal notice of meeting together with 1996 financial statements and information circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible will be mailed to all shareholders in due course. On behalf of the Board of Directors, James R. Billingsley, Director CONTACT: Ariel Resources Ltd. Art Charpentier, 604/682-2201 or 1-800-665-7175 Website: http://www.ariel-au.com E-mail: ariel@mindlink.bc.ca |
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