Canyon Resources' Briggs Mine ready for construction start-up.Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CYNR), a Colorado-based mining company, today announced that the Interior Board of Land Appeals (IBLA IBLA Interior Board of Land Appeals IBLA Inter-american Bibliographical and Library Association ) has denied a request for a stay of the U.S. Bureau of Land Management's (BLM BLM n abbr (US) (= Bureau of Land Management) → les domaines ) permit for the Briggs project in California. In July, the BLM issued a Record of Decision approving the Final Environmental Impact Statement and Plan of Operations for construction and operation of the project. The IBLA action clears the way for commencement of construction of the Briggs Mine. In August, the Inyo County Board of Supervisors The examples and perspective in this article or section may represent an unduly geographically limited view of the subject. Please [ improve this article] or discuss the issue on the talk page. The Board of Supervisors is the body governing counties in the U.S. also rejected appeals of the approval of the Mining Reclamation Reclamation A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process. Plan for the Briggs project. The appeals of both the County and BLM permits were filed by a local environmental group and the Timbisha Shoshone Tribe. Canyon Resources has entered into a commitment letter with Banque Paribas, whereby Paribas has committed to fund $15 million and is in the process of syndicating with other banks to provide a total of $34 million in a credit facility to finance 100% of the anticipated costs of mine construction, pre-stripping, and working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. of the Briggs project. Completion of banking arrangements is expected in November, with commencement of construction immediately thereafter. The Briggs project is located in the desert of southeastern California, approximately 60 miles from the town of Ridgecrest, where the project team is actively preparing for construction start-up. Gold production at Briggs is expected to average 75,000 ounces per year over a 7-year mine life from mineable reserves of 654,000 ounces. "Moving the Briggs' permits through the appeal process is a critical step toward development of the Briggs Mine. Gold production from Briggs, now expected near mid-year 1996, will be an important building block toward our goal of producing 150,000 to 200,000 ounces of gold per year from our 2.8 million ounces of gold reserves in the western U.S.," said Richard H. De Voto De Vo·to , Bernard Augustine 1897-1955. American historian and critic noted for his studies of the impact of the West on the American mind. , President. Canyon produces gold and silver from the Kendall Mine in Montana and is in the permitting and development stage at the 8.2 million ounce McDonald gold deposit in Montana. The Company also produces and sells industrial mineral products from a mine/plant complex in Nevada. CONTACT: Canyon Resources Corp., Golden Cheryl A. Martin, 303/278-8464 |
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