Castle Mountain mining dispute resolved.BOISE, Idaho--(BUSINESS WIRE)--Dec. 20, 1995--Mr. D. Ross Fitzpatrick D. Ross Fitzpatrick (born February 4 1933) is a Canadian Senator representing the Senatorial district of Okanagan-Similkameen, British Columbia. A successful businessman, Fitzpatrick was appointed to the senate on the advice of Jean Chrétien in March 1998. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Viceroy Resource Corp. (Viceroy) and Mr. G. Frank Joklik, president and CEO of MK Gold Co. (MK Gold), are pleased to jointly announce the successful resolution of the contract mining services dispute at the Castle Mountain Venture (Venture). Mining will begin immediately at a competitive price of U.S. 74 cents per short ton to optimize the long-term mine plan developed earlier in the year by Viceroy. Based on this mine plan, Viceroy reported proven reserves of 1,018,000 ounces of gold as of March 31, 1995, including 775,000 ounces contained in the Oro Belle, Hart Tunnel and Jumbo jum·bo n. pl. jum·bos An unusually large person, animal, or thing. adj. Unusually large: jumbo shrimp; a jumbo jet. deposits which represented an estimated eight years of operation. Commenting on the resolution, Fitzpatrick stated, "This settlement is in the best interest of the Venture, its partners and, in particular, their respective shareholders as we can now proceed to develop the Oro Belle, Hart Tunnel and Jumbo deposits in an efficient and profitable manner. The market uncertainty surrounding the pending legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. is now removed allowing us and our partner to concentrate on what we do best -- operate a first-class, profitable gold mine," Joklik added. "This settlement clarifies MK Gold's role as contract miner for the Venture and allows the partners to continue operations without disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. ." Viceroy and MK Gold reached an agreement in principle which provides that the Venture will buy out the remainder of the mining contract, mobile equipment and site facilities from MK Gold for its estimated value of U.S. $11.9 million, and that MK Gold will mine the Oro Belle, Hart Tunnel and Jumbo deposits, at a cash cost of U.S. 74 cents per short ton. After completion of final documentation, all legal proceedings will be dropped. The defined area of interest for the Venture will be extended from 4-1/2 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. to the whole property claim block covering 65 square miles. The Venture will now proceed to exploit the defined reserves, further develop the South Extension and Lucky John deposits and aggressively explore the numerous identified targets at Castle Mountain. The Castle Mountain Venture is a large open-pit, heap-leach and milling operation located in San Bernardino County, California San Bernardino County is the largest county in the contiguous United States by area, containing more land than each of nine states. The county is larger in area than the states of Massachusetts, Connecticut, Rhode Island, and Delaware combined. , operated by Viceroy as 75 percent owner with MK Gold as 25 percent owner providing the contract mining services. CONTACT: MK Gold Co. Alan Moore
Alan Moore (born November 18, 1952[7] in Northampton) is an English writer most famous for his influential work in comics, including the acclaimed graphic novels , 208/386-8900 |
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