Can-Cal Resources Ltd. Issues News Update.LAS VEGAS--(BUSINESS WIRE)--Nov. 8, 1999-- Can-Cal Resources Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CCRE CCRE Conseil des Communes et Régions d'Europe CCRE Computer Coalition for Responsible Exports CCRE Cross Cumulative Residual Entropy CCRE Constrained Chain Rule Expansion ) Monday issued the following news update. Pisgah Project (California) Privately Owned Property The company has received communications from its shareholders expressing concern that Can-Cal's board of directors has received discouraging analytical data with respect to the Pisgah property that the company has not published. The board of directors said it can assure shareholders that, to the contrary, the company has received analytical reports from two independent assayers indicating the presence of 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. in processed volcanic cinder cin·der n. 1. a. A burned or partly burned substance, such as coal, that is not reduced to ashes but is incapable of further combustion. b. A partly charred substance that can burn further but without flame. material. The company is completing a series of cross-checks to verify these positive analytical results. Can-Cal continues to make progress in the evaluation of its volcanic cinder material. The California processing company that completed the reduction fusion has not yet shipped the 1-pound shot material to the refinery as a result of a change in plans. The processing company decided to process larger quantities of other material in addition to Can-Cal's material, and an agreement has been reached with the refinery to attend the processing facility to obtain its own samples from both materials. This will allow the refinery to substantiate To establish the existence or truth of a particular fact through the use of competent evidence; to verify. For example, an Eyewitness might be called by a party to a lawsuit to substantiate that party's testimony. the quantity of production on a daily basis and allow it to obtain its own samples. However, at Can-Cal's request the California company further treated some of the shot material, which was then delivered to an independent assayer who also has the capability of extracting metals from the treated material. The assayer has reported that he has extracted gold, platinum and palladium in what appears to be potentially economic amounts and has delivered the precious metals extracted to Can-Cal. Can-Cal is adamant in the belief that additional verification is essential prior to a complete evaluation of its volcanic cinder material and a release of this information to its shareholders and the public. New Agreement in Principle Can-Cal Resources has also entered into an oral agreement to acquire a proprietary extraction process, which has successfully extracted precious metals from another material in what appears to be economic amounts. Can-Cal will own rights to the proprietary extraction process. As part of the agreement, the company will acquire approximately 100 acres of claims, which has produced precious metals utilizing this extraction process. Can-Cal has caused approximately 6 pounds of its volcanic cinder material to be smelted utilizing a portion of this process, with the actual extraction to be completed in approximately 30 days or sooner. The board of directors has instructed the company attorney to complete a definitive written agreement this week. Silurian Hills The Silurian Hills are a small range of hills in the Mojave Desert east of the Avawatz Mountains and Silurian Valley in the southeastern portion of the U.S. state of California. The range lies in a northwest-southeasterly direction, and is about nine miles long. Project (Owl Canyon) The exploration program at the Papa Hill epithermal silver-gold prospect at Owl Canyon is in full swing. To date, the company's geological team has trenched, blasted, mucked out and sampled 11 separate trenches within the intensely silicified si·lic·i·fy v. si·lic·i·fied, si·lic·i·fy·ing, si·lic·i·fies v.tr. To convert into or impregnate with silica. v.intr. To become converted into or impregnated with silica. zones found at Papa Hill. Green alteration and secondary minerals associated with black-gray primary sulfide minerals sulfide mineral or sulphide mineral Any member of a group of compounds of sulfur with one or more metals. The metals that occur most commonly are iron, copper, nickel, lead, cobalt, silver, and zinc. have been identified in the trenches over a 250-by-350-foot area. Rock-chip samples over 3-foot intervals have been collected into composite bulk samples weighing approximately 2 kilograms. The samples are shipped on a weekly basis to Acme (company, jargon) ACME - /ak'mee/ 1. A Company that Makes Everything. The canonical imaginary business. Possibly also derived from the word "acme" meaning "highest point". 2. A program for MS-DOS. Labs in Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , for gold and geochemical analysis. The company's geological consultant is preparing a report of the exploration activity incorporating the entire assay data. The company will publish this report upon completion of the Papa Hill exploration program within three weeks. |
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