Ariel Resources Ltd. reports revenue increase of 108 percent over second quarter and 212 percent over 1995 third quarter.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 30, 1996-- Ariel Resources Ltd. reports the results of operations for the three months ended June 30, 1996 as a small loss of $63,037 compared to a profit of $388,274 for the second quarter ended March 31, 1996. The loss for this quarter compares to a loss of $251,454 for the third quarter of last year. The most notable variation between the two periods was a foreign-exchange loss of $424,114 compared to a gain of $316,072 in the previous quarter. These unusually large variations suggest that we review the method of calculation to ascertain if there is any method to apply that will provide a more consistent result in this area. Cash flow from activities in this quarter, before changes in non-cash working capital items, was a positive $381,000. PRODUCTION HIGHLIGHTS Gold production this quarter continued at a very healthy rate with a record of 31,782 tons of ore treated. The average grade of 0.133 ounces of gold per ton resulted in production of 3,586 ounces. Total ounces of gold produced so far this year was 8,323 compared to 6,874 ounces produced in the same period last year. BONANZA Bonanza saga of the Cartwright family. [TV: Terrace, I, 111–112] See : Wild West ZONE UPDATE Progress on the higher grade Western vein described in our previous News Releases has been slowed due to the requirement for timbering tim·ber·ing n. Timber or objects and structures made of it. and shoring before further drifting into this wide, highly-fractured vein. Meanwhile, the Eastern vein has continued to 50 metres along strike with an average grade of 0.26 ounces of gold per ton. Company geologists estimate that this zone will continue about 100 metres on strike. Ariel's geologists also calculate that, based on advances to June 30, 1996, the Bonanza zone contains a minimum of 55,000 ounces of gold and further exploration is expected to increase this figure. INNOVAT CONTINUOUS VAT VAT See: Value-added tax VAT See value-added tax (VAT). LEACH PROGRESS Further testing of the Innovat Continuous Vat Leaching leaching, method of extraction in which a solvent is passed through a mixture to remove some desired substance from it. A simple example is the passage of boiling water through ground coffee to dissolve and carry out the chemicals necessary for producing the beverage. plant has led to a flow sheet in which the oxide oxide, chemical compound containing oxygen and one other chemical element. Oxides are widely and abundantly distributed in nature. Water is the oxide of hydrogen. Silicon dioxide is the major component of sand and quartz. ore will be crushed to a -4" mesh Refers to an interconnect architecture that cross- connects several devices. See mesh network, wireless mesh network and switch fabric. (character) mesh - The INTERCAL name for hash. for optimum economic recovery. The ball mill discharge will be separated into a +180" mesh (sands) fraction for processing in the Innovat with an indicated recovery of 85-88 percent in 36 hours. The -180" mesh fraction (fines) will be processed in a small auxiliary auxiliary In grammar, a verb that is subordinate to the main lexical verb in a clause. Auxiliaries can convey distinctions of tense, aspect, mood, person, and number. CIL/CIP circuit for which tests indicate a 92 percent recovery in only 24 hours. Full-scale testing of the Innovat incorporating this flow sheet is planned for the next quarter of 1996 and will provide the necessary design parameters for scaling the pilot model up to 1,000-1,500 tons per day for processing surface oxide ore. SUBSEQUENT EVENT During the month of August, Ariel contracted with DIGHEM I POWER to complete an airborne EM/MAG survey of approximately 90 line-miles on the Company's claims located in the Northern Cascade A connected series of devices or images. It often implies that the second and subsequent device takes over after the previous one is used up. For example, cascading tapes in a dual-tape backup system means the second tape is written after the first one is full. region of Washington State. The project has been completed and the Company is waiting for the final report. Based on a review of the preliminary data, the project appears very encouraging. On behalf of the Board of Directors, John R. Hislop, Director "Blue Skied" in the State of California CONTACT: Ariel Resources Ltd. Art Charpentier, 604/682-2201 or 800/665-7175, 604/682-0318 (Fax), E-MAIL e-mail: see electronic mail. in full electronic mail Messages and other data exchanged between individuals using computers in a network. : ariel@mindlink.bc.ca |
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