Chief Consolidated Mining Company, Now Operational Sells First Gold Under Contract and Announces Major Staff Additions.Business Editors NEW YORK--(BUSINESS WIRE)--January 28, 2002 Andre J. Douchane, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. announced today that Chief Consolidated Mining Company (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 : CFCM CFCM Conseil Français du Culte Musulman (French Council for the Muslim Religion) CFCM Certified Federal Contracts Manager CFCM Canadian Fellowship of Churches and Ministries CFCM Cease Fire Contact Maker ) sold the first gold produced from the Trixie Mine and the Tintic Mill. Gold in high-grade concentrates is now being produced as budgeted at the Tintic Mill and sold under contract to H&H Metals Corp., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY. The sales are on the spot market and are unhedged. The Trixie Mine continues to produce initially 100 tons per day of mill feed containing 1.0 ounce of gold per ton, as expected. Mr. Douchane observed, "This is a most important milestone in the rebirth of Chief Consolidated Mining. These revenues will not only lead us back to profitability but more importantly they will provide the funds to develop our other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. of minerals, water and real estate." We are also pleased to announce that Michael G. Lee, C. Otto Walls, and Alfred Bauchrowitz have joined Chief Consolidated Mining Company's operating staff. These three gentlemen will round out an excellent team of technical staff, miners, mill operators, mechanics, and support staff. Michael G. Lee has joined as General Manager. Mr. Lee, a mining engineer, brings a wealth of management expertise and many years of diverse underground mining experience. Mr. Lee served previously in a similar capacity with Coeur d'Alene Coeur d'Alene, city, United States Coeur d'Alene (kûrdəlān`), city (1990 pop. 24,563), seat of Kootenai co., N Idaho, near the Wash. line; inc. 1907. Mines. C. Otto Walls has joined as Manager of the Tintic Mill. Mr. Walls joins the company from Midas Joint Venture's Ken Snyder Mine. Mr. Walls, a metallurgical engineer, brings a diverse multinational mineral beneficiation beneficiation Treatment of raw material (such as pulverized ore) to improve physical or chemical properties in preparation for further processing. Beneficiation techniques include washing, sizing of particulates, and concentration (which involves the separation of valuable knowledge base to the team. He has operated gold and silver, lead and zinc, copper, and mercury mills in both the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Chile. Alfred Bauchrowitz has joined as Technical Manager. Mr. Bauchrowitz's previous post was with Midas Joint Venture's Ken Snyder Mine. During his career, Mr. Bauchrowitz, a mining engineer, has operated underground mines, open pit mines, and mills in South America, Australia, and the United States. This news release report contains statements which are not historical facts, such as anticipated mill feed production, grades of gold per ton and continuing sales of high-grade gold concentrates that will lead to profitability, and therefore are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, the following; the Company is unable to continue mining due to cash insufficiency; the gold values are not as high as anticipated and do not support the profitable operation of the Trixie Mine or mining from the Trixie Mine is not commercially feasible; the milling operation does not process mill feed at the rate anticipated; the Company's current contract for the sale of high-grade concentrates is canceled. Refer to the Company's Form 10-KSB for the year ended December 31, 2000 and the Company's Quarterly Report Form 10-QSB for the quarterly period ended September 30, 2001 filed with the Securities and Exchange Commission. |
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