Consolidated Nevada Goldfields Corp. announces Aurora discovery and progress on Nixon Fork project financing.DENVER--(BUSINESS WIRE)--Feb. 20, 1995-- Aurora Discovery Consolidated Nevada Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Corp. announced Monday that it has made a geologic discovery that the company believes could significantly increase the mine life at its Aurora Mine. Recent reverse circulation drilling over a 250-foot strike length has intersected nearly continuous, open-ended, ore-grade gold 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. over very large widths. Because of a sub-surface fault, the deposit is blind to the surface and has previously been undetected. Provided below are the drill hole results. -0-
Hole No. Section From To True Grade/a
Location Width Oz. Au/ton
C9555 700 NE 443' 620' 173' 0.10 C9587 703 NE 320' 502' 99' 0.08 C9588 701 NE 413' 596' 132' 0.08 C9589 650 NE 347' 589' 177' 0.05 C9590 450 NE 519' 623' 82' 0.05
/a All assays cut to cap grade of 0.29 ounces gold per ton.
The discovery is open on both ends and open down dip. The company is planning, and has permitted an extensive drilling campaign to test the deposit over more than 1,400 feet of strike length and at depth. Based on the very limited area of the deposit drilled to date, the company has calculated a drilled geologic resource of 1.26 million tons at 0.06 ounces of gold per ton or 75,000 total contained ounces. Management is optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op the deposit could potentially be multiplied in size several times through further drilling scheduled to begin the first part of March. "This new deposit is fundamentally different from the narrow, quartz veins that have been mined at Aurora in the past. If it holds up to further drilling it might be bulk mined at lower costs and substantially extend the life of the mine," said Nevada Goldfield's President Geoffrey Hoyl. Unlike current reserves at Aurora, the new deposit has strong quartz/gold stockwork between the high grade veins. This stockwork carries consistent gold values from 0.03 ounces of gold per ton to 0.054 ounces of gold per ton over extensive widths. The high grade veins within the stockwork carry values up to 0.15 ounces of gold per ton over 30 feet. Nixon Fork Project Financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. Consolidated Nevada Goldfields Corp. has received a commitment from Internationale Nederlanden (U.S.) Capital Corp. (ING) to make available $21.5 million in credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities for the completion of its high grade Nixon Fork gold mine in Alaska. The commitment by ING is subject to certain conditions, primarily satisfactory completion of legal and engineering due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. reviews of the Nixon Fork project. Due diligence for the credit facility commenced on Jan. 23, 1995, and is ongoing. Management anticipates that closing could occur as early as the latter half of March 1995. When consummated, the credit arrangement would provide a US$4 million letter of credit facility to underpin the company's gold hedging arrangements for Nixon Fork; and, a gold loan consisting of up to 46,667 ounces of gold or its dollar equivalent in an amount not to exceed US$17.5 million. The gold loan is intended to be used by the company to pay down its existing US$2.4 million loan with Citibank Australia, and to provide funds for construction, working capital, project contingencies and various financing costs including interest. The gold loan facility would bear interest at the gold lending rate plus 3.5% and would be convertible to a dollar loan. ING would also receive a 1.5% interest in the project's net smelter revenues. The initial maturity date would be June 30, 1997, but could be extended by up to one and one-half years through the discovery of additional reserves at Nixon Fork. Both the gold loan and hedging line of credit are project financings and would be secured by the assets of Nixon Fork Mining Co. Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Consolidated Nevada Goldfields Corp. They would be guaranteed by Consolidated Nevada Goldfields Corp. until commercial completion of the Nixon Fork mine and mill is achieved. Nixon Fork Project Update Procurement and mobilization mobilization Organization of a nation's armed forces for active military service in time of war or other national emergency. It includes recruiting and training, building military bases and training camps, and procuring and distributing weapons, ammunition, uniforms, activities for the Nixon Fork project have begun. Both the civil contractor, Wilder Inc. of Bellingham, Wash., and process plant contractor, Lyntek Inc. of Denver, will be mobilizing mobilizing, v 1. freeing or making loose and able to move. 2. observing any ongoing movements in a client's body, whether small or large, assisted or not, that identify strengths and weaknesses, as well as the client's physical and equipment and personnel to the site during the next 30 days. Ground breaking is scheduled for April 2, 1995. The mine, mill and related facilities are expected to be fully constructed and in operation early in the fourth quarter of calendar 1995 and at a production rate of 60,000 ounces of gold per year. Cash costs for the project are projected to be $169 per ounce of gold. Consolidated Nevada Goldfields Corp. is a gold mining and exploration company which operates the Aurora Mine in Nevada, the Barite barite (bâr`īt), barytes (bərī`tēz) [New Lat., from barium], or heavy spar, a white, yellow, blue, red, or colorless mineral. Hill mine in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , and the Nixon Fork development project in Alaska. The company's common shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol KNV KNV Koninklijk Nederlands Vervoer (Dutch) , on 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 under the symbol KNVCF, and on the Stuttgart exchange in Germany under the symbol CNV-SG. CONTACT: Consolidated Nevada Goldfields Corp., Denver Geoffrey Hoyl, 303/296-3200 |
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