Casa Berardi Mine to be Placed under Care and Maintenance.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Jan. 6, 1997-- Golden Knight Resour(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME, VSE See DOS/VSE. VSE - Virtual Storage Extended GKR., 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 GKRVF.) TVX Gold Inc., 60 percent owner and operator, and its joint venture partner, Golden Knight Resources Inc., announced today that the Casa Berardi Mine in Quebec will suspend mining and milling operations. It is anticipated that the suspension will take effect following the three month notice period required by Quebec legislation. The suspension date will be confirmed in discussions with Quebec authorities. The decision has been taken as a result of continuing operating losses and the need to drill and develop existing reserves. During the three month notice period, TVX, on behalf of the joint venture, will seek a purchaser for the mine to provide for continuity of operations The degree or state of being continuous in the conduct of functions, tasks, or duties necessary to accomplish a military action or mission in carrying out the national military strategy. at Casa Berardi. The decision to suspend operations at Casa Berardi will result in a charge to fourth quarter earnings of both TVX Gold Inc. and Golden Knight Resources Inc. The extent of the charge is not yet determined, although TVX and Golden Knight have book values on Casa Berardi of US$55 million and CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $58 million respectively. In addition to its 40 percent joint venture interest in Casa Berardi, Golden Knight is also one of the more active Canadian exploration companies in West Africa. Golden Knight holds a 17.5 percent interest in the Tarkwa Concession, where measured resources total 13 million ounces of gold and first phase gold production is expected to achieve 230,000 ounces annually. The company also holds interests in 12 other concessions in Ghana, and one in Burkina Faso. The most advanced of these exploration projects is the Oda River Concession in Ghana where prefeasibility work on the Abore North gold zone has commenced. Golden Knight will continue to focus its management efforts and capital to advance these projects. A conference call is scheduled for 2:00 p.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ), 11:00 a.m. (PST PST Paroxysmal supraventricular tachycardia, see there ), on Tuesday, January 7, 1997. To participate, call (604) 527-9436 or (604) 527-9351 at 2:00 p.m. (EST). For further information, contact: Robert A. Quartermain, President or Paul LaFontaine, Investor Relations, Golden Knight Resources Inc., Vancouver, B.C. (604) 689-3846. CONTACT: Golden Knight Resources Inc. Robert A. Quartermain, 604/689-3846 or Paul LaFontaine, 604/689-3846 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion