Cathedral Gold Corporation - Sterling Mine Underground Production Placed on Standby.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 11, 1997-- Cathedral Gold Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAT.) As a result of low levels of mineable ore reserves and the current low gold price, underground mining operations have been placed on standby at the 90 percent owned Sterling Gold Mine, Beatty, Nevada Beatty is a census-designated place and town located on the Amargosa River in Nye County in the U.S. state of Nevada. The population was 1,154 at the 2000 census. Wired telephone service numbers for the Beatty central office follow the format: (775) 553-xxxx. . Gold recovery operations Operations conducted to search for, locate, identify, rescue, and return personnel, sensitive equipment, or items critical to national security. and processing of a low grade stock pile will continue throughout 1997 and 1998. As a result of these continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , the mine is now expected to recover approximately 6,500 ounces in 1997. The Sterling Mine Joint Venture has posted a reclamation bond as required under the Nevada Department of Environmental Protection and Bureau of Land Management regulations. To date, a total of US$560,078 has been posted in this bond for the Operation, and a further two annual payments of US$145,500 will be required. Ongoing gold recovery operations through 1997 and 1998 are expected to cover the cost of reclamation work and bonding at the mine if underground production is not resumed in the near term. In March 1996, Cathedral entered into an agreement with Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. U.S. whereby Placer can earn a 65 percent interest in the Sterling Mine Property by presenting Cathedral with a positive bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. which provides for the economic development of an ore body in excess of 750,000 payable ounces of gold. During 1996 Placer Dome carried out extensive geological mapping and sampling work as well as underground and surface geophysical programs. Placer completed three deep core drill holes below the mine and results are being compiled. Cathedral will continue exploration work at Sterling with the objective of defining additional reserves near the current mine workings for continued underground operations. Cathedral also owns 26,000 acres of mineral rights at the Kaburi-Eldorado Project in Guyana, located 35 kilometres northwest of the Omai Mine. A total of 187,000 ounces have been outlined at Kaburi-Eldorado and the deposit remains open. Cathedral holds several advanced exploration properties in Nevada, British Columbia, Ontario and Honduras. R. Michael Jones President CONTACT: Cathedral Gold Corporation R. Michael Jones, 604/684-4659 |
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