CANUC ENTERS INTO PLUMAS GOLD MINE PRODUCTION AGREEMENT.TORONTO--(BUSINESS WIRE)--AUGUST 21, 1995--CANUC RESOURCES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. :CNUC CNUC Canadian Nazarene University College (Calgary, Alberta, Canada) CNUC Consejo Nacional Urbano Campesino (National Urban-Rural Council; Tlaxcala, Mexico) ) Mr. H.J. Mockler, President of Canuc Resources Inc., announced today that a Letter of Intent has been executed with Seine River Seine River ancient Sequana Second longest river in France. It rises on the Langres plateau, 18 mi (30 km) northwest of Dijon, and flows through Paris before emptying into the English Channel at Le Havre after a course of 485 mi (780 km). Resources Inc. in respect of production financing for the Plumas Gold Mine located in the Motherlode Gold Trend of northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . Mr. Mockler stated, "The Letter of Intent provides for a non- refundable advance of US$100,000 by Canuc toward all funds necessary to complete the permitting phase of bringing the Plumas property into production. Permitting work already done should accelerate this phase. Upon completion of the permitting phase, Canuc would have the option to acquire a 51 percent interest in the Plumas property by contributing sufficient funding to bring the property into production at the rate of 500 tons per day. The project will be governed through a joint venture agreement. At that stage, Canuc would have the right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. on acquisition of the remaining 49 percent of the property. "In addition," he said, "Canuc will lend US$50,000 to Seine River and will issue 1,000,000 common shares of Canuc common stock to Seine River. The Plumas Gold Mine is located in the heart of the La Porte La Porte (lə pôrt), city (1990 pop. 21,507), seat of La Porte co., NW Ind.; inc. 1835. It is a manufacturing center in fertile farmland on the edge of the Calumet industrial region. Mining Camp which has had continuous gold mining activity since the historic 1849 California gold rush  The California Gold Rush 1848–1855) began on January 24, 1848, when gold was discovered at Sutter's Mill. . "The Plumas property has underground production history dating to the early part of this century. Results of a several million dollars underground exploration program on the property conducted by Sunshine Mining Company in the early 1980's included report of an average grade of 0.155 ounces of gold per bank yard across one 134.5 foot representative section of pay channel. A 1,725 yard bulk mining test conducted in 1988 by Plumas Gold Mines U.S.A. yielded 0.161 of gold per bank yard. A mining consultant to Seine River recently estimated operating costs for the mine would be less than $100 per ounce of gold. "It is anticipated that production at the Plumas Gold Mine could commence as early as April, 1996 at a rate of 500 tons per day. Permitting and capital costs are expected to be less than US $2.0 million. The reserve potential of the property is substantial and it is possible that the mining rate will be increased to over 2,000 tons per day by 1998. "The agreement respecting the option and joint venture is subject to regulatory approval." CONTACT: H.J. Mockler, (416) 214-1134/(416) 363-1902 |
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