Centurion extracts 30-ton bulk mine sample from the Mammoth Mine.SALT LAKE CITY--(BUSINESS WIRE)--Feb. 1, 1995--Centurion Mines Corp. (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 ), a Salt Lake City-based corporation, Wednesday announced that it has successfully extracted a 30-ton bulk ore sample from the upper levels of the Mammoth Mine (located approximately 70 miles southwest of Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. -- U.S.A.) Assays taken from this ore sample show a grade of .07 ounces per ton in gold, 10.5 ounces per ton in silver, and 9.9% copper. This represents approximately $350 per ton in gold, silver, and copper at current metal prices. The upper levels of the Mammoth Mine, from the 300 foot (main tunnel entry level) to the surface, were last mined and closed in the 1930s. Since that time, no modern exploration has been conducted in the upper workings of the mine. Since November of 1994, Centurion has been aggressively pursuing pre-production activities in and around the Mammoth Mine. Working from existing surface tunnels, the company has been engaged in extensive underground mapping, sampling and rehabilitation rehabilitation: see physical therapy. of old mine tunnels. Centurion has assembled an experienced team of mining professionals to direct its Tintic production operation, and has minimized the cost and risk by engaging Patrick Harrison Constructors Inc., a 65-year-old international mining contracting firm to provide engineering, development and mining services. To date, over 700 feet of tunnel has been rehabilitated and mine service lines and necessary timber has been installed. The geological staff has identified numerous targets for new development in close proximity to the existing workings of the Mammoth Mine. On the 50 foot level, unmined high grade ore has been identified along a 300 foot segment of the "back fissure fissure /fis·sure/ (fish´er) 1. any cleft or groove, normal or otherwise, especially a deep fold in the cerebral cortex involving its entire thickness. 2. a fault in the enamel surface of a tooth. " zone. Rockchip samples taken from this zone averaged .22 ounces per ton gold, 25.5 ounces per ton silver, and 7.6% copper ($420 per ton at current prices for gold, silver and copper). Individual sample results are listed below: -0-
Gold Silver Copper
Sample Number Sample Length ounces/ton ounces/ton Percent
------------- ------------- ---------- ---------- -------
BF-032729 10 feet 0.28 4.9 4.9 BF-032730 10 feet 0.28 11.5 8.3 BF-032731 5 feet 0.29 124.6 10.5 BF-032732 8 feet 0.22 7.3 4.9 BF-032733 6 feet 0.29 19.6 10.0 BF-O32734 10 feet 0.15 20.8 10.2 BF-032735 8 feet 0.17 6.5 5.1 BF-032736 10 feet 0.10 9.2 7.1 Drill hole (No.I-584-4), drilled from the surface at the Mammoth Mine, intercepted a 20 foot zone of mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. at a depth of 230 to 250 feet. The assay results are 0.38 ounces per ton gold, 7.3 ounces per ton silver and 0.44% copper (about $190 per ton at current prices). "Given the history of the Mammoth Mine, a mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. intercept of this thickness and grade is considered highly prospective for development of large tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. , high grade ore," said Centurion Mines staff geologist, Chris Johnson Chris Johnson may refer to: In sports:
Centurion has adequate resources to finance the mining operations and does not foresee the need for additional equity or debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay . There are no outstanding royalties attached to these properties. Water lines, electrical power, existing access roads and all other infrastructure needed to conduct modern mining operations are in place. Centurion Mines is a significant holder of copper and precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. mining properties in the state of Utah (U.S.A.). Centurion is engaged in the business of exploration, development, and mining of gold, silver, copper, and other metals. -0- NOTE TO EDITORS: Centurion stock quotations are reported daily in The Wall Street Journal, NASDAQ Small-Cap Issue, code "CntMne." CONTACT: Centurion Mines Corp., Salt Lake City Barry F. Katona, 801/534-1120 |
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