Bralorne-Pioneer Gold Mines Ltd.: Proceeds Towards Startup of Bulk Test Milling.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 22, 2004 Bralorne-Pioneer Gold Mines Ltd., (the "Company") is pleased to announce that the conversion of the gold loan from Ocean Resources Capital Holdings Limited ("Ocean Resources") of $4,205,234 was completed by the issuance to Ocean Resources of 15,018,694 common shares, and non-transferable share purchase warrants to acquire up to an additional 7,509,347 common shares of the Company at an exercise price of $0.50 per share until December 15, 2004 and thereafter at an exercise price of $0.55 per share until December 15, 2005. The securities issued to Ocean Resources have resale restrictions for a four month period, expiring April 16, 2004. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). were used to retire the convertible mortgage bonds issued by the Company in 1995. The Company has paid the sum of US$ 1,899,508.39 in outstanding principal and interest to the Trustee for the bondholders, in full payment of the Company's obligations to the bondholders. All major pieces of equipment and interconnecting conveyor Conveyor A horizontal, inclined, declined, or vertical machine for moving or transporting bulk materials, packages, or objects in a path predetermined by the design of the device and having points of loading and discharge fixed or selective. systems are now installed in the 120 ton per day processing plant. Electrical hookups are nearing completion and a mill office will be constructed inside the mill building. Testing of each individual piece of equipment under full load will commence in mid February and startup of the bulk test milling is expected to begin by mid March. The initial construction phase of the mill tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. holding pond dam is now complete and has been approved by the companies Consulting Engineering firm. An access road has recently been completed between the mill and the tailings pond so that the tailings line can be installed. Application for use of the mill waste facility has been submitted to the BC Ministry of Energy and Mines. The equipment and materials required for underground development and mining of the Peter vein material, are now on the Property. About 6,000 feet of tunnelling have been rehabilitated and made safe for work to proceed. Electrical supply has been installed in order to provide power for the required ventilation for work to proceed on the 800 level Peter workings. A new 40 man mine dry building has been designed and will be constructed as soon as materials can be expedited to the Property. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile a temporary facility is being utilized. A modern, very well equipped assay lab was put into service in November by a well qualified, certified See certification. assayer. Assay information on new development will be released as work progresses. The technical portion of this release has been compiled by Hank hank n. 1. A coil or loop. 2. Nautical A ring on a stay attached to the head of a jib or staysail. 3. A looped bundle, as of yarn. Sanche, P. Geol., a qualified person pursuant to National Instrument 43-101. ON BEHALF OF BRALORNE-PIONEER GOLD MINES LTD. Louis Wolfin, 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. 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 release. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion