Chivor Announces Results of Emerald Sales.TORONTO--(BUSINESS WIRE)--Nov. 5, 1997--Chivor Emerald Corporation (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : CHIV.U; CHIV.WT.U) -- Chivor Chivor is a town and municipality in the Colombian Department of Boyacá, part of the the subregion of the Eastern Boyacá Province. • • Emerald Corporation is pleased to announce the results of its emerald sales. Two separate parcels were sold for gross proceeds of 332 million pesos, approximately US$276,000. From the recent production, announced on October 6, 1997, which totaled approximately 2100 carats, gem gem, ornamental mineral or organic substance gem, commonly, a mineral or organic substance, cut and polished and used as an ornament. Gems also are used as seals (items of assurance) and as talismans (good-luck charms). For birthstones, see month. quality emeralds amounting to 1173 carats were sold for 300 million pesos, (approximately US$250,000) for an average of US$213 per carat CARAT, weights. A carat is a weight equal to three and one-sixth grains, in diamonds, and the like. Jac. L. Dict. See Weight. . The balance of this production is of lower quality and will be sold separately. Another 487 carats produced earlier this year were sold for 32 million pesos, (approximately US$26,700) for an average of US$55 per carat. At the Oriente mine, operations are currently focused on mining prospective veins with further significant development work being postponed until additional production is achieved. Chivor presently has US$1.0 million in net working capital, sufficient for at least four months of full operations. Number of shares issued and outstanding: 26,976,307 -0- NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. CONTACT: Chivor Emerald Corporation Ltd. Patrick J. Mars, 416/955-4494 416/955-1206 (fax) or Forbes West, 416/868-6666 |
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