Campbell Resources Announces Discovery of Significant New Ore Zone at the Joe Mann Mine.TORONTO--(BUSINESS WIRE)--Feb. 4, 1999--Campbell Resources (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CCH CCH Colegio de Ciencias y Humanidades (Spanish) CCH Certified Clinical Hypnotherapist CCH Cook County Hospital CCH Certified in Classical Homeopathy CCH Country Club Hills (Fairfax City, VA, USA) ) (ME:CCH) (NYSE NYSE See: New York Stock Exchange :CCH) Announces Discovery of Significant New Ore Zone at the Joe Mann Mine and Adopts a New Long Term Mine Plan, Average Cash Operating Cost to Fall to US$245 per Ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. , Union Agrees to Contract Extension Campbell Resources Inc. is pleased to announce the discovery of a significant new ore zone at the Joe Mann Mine in Northwestern Quebec as well as the adoption of a new long term mine plan that will see Joe Mann operations continue beyond 2004. Exploration Results from the 2500 Level Early exploration from the 2500 level, initiated in the fall of 1998, has encountered impressive results approximately 1000 feet east of the shaft shaft (shaft) a long slender part, such as the diaphysis of a long bone. shaft n. 1. An elongated rodlike structure, such as the midsection of a long bone. 2. . A crosscut driven at 1100E to investigate results from three earlier drill holes drilled from the 2350 level has intersected a zone of high-grade High-grade Credit quality of AAA or AA. high-grade Of, relating to, or being a bond with little risk of default on the part of the issuer. High-grade is usually reserved for bonds rated AAA or AA by the rating services. mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. with a true width of 39.0 feet averaging 0.293 oz./ton gold. Historically, typical mine widths at Joe Mann have been approximately 6.0 feet. At the time of the press release, 21 drill holes had been completed to test the 425 foot section of the 2500 level between 975 and 1400 feet east of the shaft. Results from these holes are tabulated below: -0-
-------------------------------------------------------------
Section Drill Hole Assay Values (x) Width
No. (oz./ton gold) (feet)
-------------------------------------------------------------
-------------------------------------------------------------
975E 4654 0.270 38.7
-------------------------------------------------------------
7747 0.147 37.8
-------------------------------------------------------------
-------------------------------------------------------------
1050E 7748 0.205 15.7
-------------------------------------------------------------
4812 0.191 34.2
-------------------------------------------------------------
-------------------------------------------------------------
1100E Drift 0.222 69.0 (x)(x)
-------------------------------------------------------------
7896 0.104 45.0
-------------------------------------------------------------
4745 0.300 48.7
-------------------------------------------------------------
-------------------------------------------------------------
1150E 7852 0.249 17.8
-------------------------------------------------------------
5149 0.122 91.6
-------------------------------------------------------------
7898 0.453 69.5
-------------------------------------------------------------
7853 0.177 28.4
-------------------------------------------------------------
7910 0.212 25.0 (x)(x)
-------------------------------------------------------------
-------------------------------------------------------------
1200E 7851 0.177 51.1
-------------------------------------------------------------
-------------------------------------------------------------
Section Drill Hole No. Assay Values (x) Width
No. (oz./ton gold) (feet)
-------------------------------------------------------------
-------------------------------------------------------------
1200E 4895 0.118 37.4
-------------------------------------------------------------
-------------------------------------------------------------
1250E 4933 0.216 10.0
-------------------------------------------------------------
5079 0.141 109.2
-------------------------------------------------------------
-------------------------------------------------------------
1300E 5793 0.252 15.0
-------------------------------------------------------------
5078 0.196 62.2
-------------------------------------------------------------
-------------------------------------------------------------
1350E 5765 0.387 13.0
-------------------------------------------------------------
7847 0.492 40.0
-------------------------------------------------------------
7735 0.681 28.0
-------------------------------------------------------------
-------------------------------------------------------------
1400E 4910 0.098 17.3
-------------------------------------------------------------
(x) - Assay values cut to 2.0 oz./ton gold
(x)(x) - Interval is a true width
It is thought the mineralization is associated with a porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. dyke and occurs between two of the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. orebodies at Joe Mann, namely the North Zone and the Main Zone. Mineralization within the newly discovered ore zone is similar to ore found in the Main Zone and contains numerous occurrences of visible gold. Drilling is continuing in order to define the full extent and grade of the mineralization found in the crosscut and preliminary results from drilling on the 2500 level have confirmed the continuity of the ore zone to at least 175 feet below the 2500 level. At present the new ore zone is not incorporated into the long term mine plan discussed below. When this zone is fully defined, management expects there will be increased production and lowered costs in the first two years of the plan. Long Term Mine Plan The newly adopted long term mine plan (the "plan") calls for the immediate full development of the six new levels between the 2350 level, which is currently being mined, and the shaft bottom at 3700 feet. Development of these six levels follows the successful completion of the 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 program in July 1998 at a cost of $13.1 million, approximately $1.4 million less than budgeted. The plan is expected to have significant economic benefits for the company including reduced cash operating costs operating costs npl → gastos mpl operacionales . The plan envisages mining approximately 1.8 million tons of ore at an average grade of 0.258 oz./ton gold to produce more than 425,000 ounces of gold over the next 6 years. The average cash operating cost is forecast to decrease to US$245 per ounce, compared to a cash operating cost of US$260 as previously projected. The total cash cost, including all development and sustained capital expenditures, will also fall to US$270 per ounce from US$285 per ounce. In addition to ore from the Main Zone which is situated east of the shaft, the plan also includes initial production from the approximately 110,000 tons from the West Zone between the 1650 and 1825 levels of the mine. Further exploration and development of the West Zone is contemplated initially above the 2350 level and an increase in reserves is expected. A key component of the plan includes the adoption of a 7 day per week mining schedule as compared to the current 5 day per week schedule and the elimination of the 2 week summer shut down. The net effect will be an increase in the number of days of mining from 237 days per year to 347 days per year. Due to the excess mill capacity, the mill will operate on average 260 days per year. The union, representing the hourly mine workers, supports the implementation of the new work schedule and management has been successful in arranging a two year extension to the current labour agreement. The extension calls for a general increase of C$0.25 per hour for the mine workers amounting to an annual cost of C$90,000. In addition, a gold price participation formula has also been approved. For a gold price ranging between C$525 and C$625 per ounce, the employees would share an additional C$120,000 for each C$25 multiple in this range. The Joe Mann Mine is situated in the eastern portion of the Abitibi Greenstone Belt The Abitibi greenstone belt is a 2,800-2,600 million year old greenstone belt that spans across the Ontario-Quebec border in Canada. It is mostly made of volcanic rocks, but also includes ultramafic rocks, mafic intrusions, granitoid rocks, and early and middle Precambrian , approximately 350 miles north of Montreal Of Montreal is an American indie pop band formed in Athens, Georgia, fronted by Kevin Barnes. It was among the second wave of groups to emerge from The Elephant 6 Recording Company. . Mining is predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. carried out using shrinkage Shrinkage The amount by which inventory on hand is shorter than the amount of inventory recorded. Notes: The missing inventory could be due to theft, damage, or book keeping errors. stope stope n. An excavation in the form of steps made by the mining of ore from steeply inclined or vertical veins. tr.v. stoped, stop·ing, stopes To remove (ore) from or mine by means of a stope. mining method and ore is trucked to the Company's mill facilities near Chibougamau, Quebec Chibougamau is a town in central Quebec, Canada, located on Lake Gilman. where it is processed using gravity and cyanidation circuits to produce dore bars Major gold mines process ore at the site of the mine, creating a low-purity gold metal. This metal is poured into dore bars, which are then transported to refineries for further purification. and a floatation circuit to produce a gold and copper concentrate. The Mine has been in continuous production for more than 11 years and has produced in excess of 880,000 ounces of gold. While most of the production has come from the Main Zone, mineralization is also found within the North, South and West Zones. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain information contained in this release contains "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and is subject to certain risks and uncertainties, including those "Risk Factors" set forth in the Company's current Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1997. Such factors include, but are not limited to: differences between estimated and actual ore reserves; changes to exploration, development and mining plans due to prudent reaction of management to ongoing exploration results, engineering and financial concerns; and fluctuations in the gold price which affect the profitability and ore reserves of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof or to reflect unanticipated events or developments. Campbell Resources is a growth-oriented gold mining company with operations in Quebec, Canada and Sonora, Mexico, and a development-stage gold project in Panama awaiting higher gold prices in order to continue development. The Company is currently exploring on its mine properties in Quebec and Mexico and is actively seeking additional acquisitions in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion