Centurion Reaches Agreement for Financing Copper Plant at OK Mine, Utah.SALT LAKE CITY--(BUSINESS WIRE)--Jan. 15, 1997--Centurion Mines 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 :CTMC CTMC Canadian Tobacco Manufacturers' Council CTMC Continuous Time Markov Chain CTMC Classical Trajectory Monte Carlo CTMC Central Texas Medical Center (San Marcos, Texas) CTMC Communication Theory Mini-Conference ) announced today that it has reached an agreement with MPAC MPAC Muslim Public Affairs Council MPAC Municipal Property Assessment Corporation MPAC Muslim Public Affairs Committee MPAC Missouri Precision Agriculture Center MPAC Member Political Action Conference MPAC Medicare Payment Advisory Commission Capital Partners, L.P. of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden to manage a $7,500,000 placement of 13-1/2% Convertible Debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. . Centurion will use the proceeds to construct and operate a solvent-extraction electrowinning (SX/EW) copper recovery plant at its 100% owned OK Mine near Milford, Utah Milford is a city in Beaver County, Utah, United States. The population was 1,451 at the 2000 census. Milford Flat Wildfire
Lightning caused a massive wildfire to start near Milford at 3:45 p.m. (USA). The SX/EW plant will process OK Mine copper oxide Noun 1. copper oxide - an oxide of copper oxide - any compound of oxygen with another element or a radical ore and produce hi-grade, market-ready copper product. Centurion anticipates copper production will begin in the last quarter of 1997, with no additional financing required thereafter. Centurion has completed more than 110 ore development drill holes to date, and has identified a copper oxide resource containing in excess of 80 million pounds of recoverable copper. A preliminary production 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. by an outside mining consultant firm concluded the OK Mine is economically viable and estimated costs at 60 cents per pound of copper produced. Mine life is expected to be a minimum of 10 years. At present copper prices Centurion expects net profits in excess of $4 million per year after operations begin. The OK project manager will be Rick Havenstrite who has more than 16 years mining and processing experience including permitting, construction and management of a major SX/EW copper mine and plant in Nevada. Process superintendent will be Bill McCombs who has 25 years experience in SX/EW mine and plant operations. Mine and plant permitting is well advanced and no permitting delays are expected. Various right of way, and ground water usage permits have already been issued. Utah State air quality, ground water discharge, and reclamation permits are in the final review stage and are expected by March 1997. Centurion is one of the largest holders of mining properties in the state of Utah (USA). Centurion is engaged in exploration, development and mining of gold, silver, copper and other metals. -0- Note to Editors: This announcement shall not constitute an offer to sell or the solicitation of an offer to buy. The offering is made only by means of a prospectus. Centurion stock quotations are reported daily in The Wall Street Journal, NASDAQ Small Cap issues as CntMne. http://www.xmission.com/~centurio/centurion.html CONTACT: Centurion Mines Corporation David Nahmias, 800/361-6914 LaRoy Orr, 801/534-1120 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion