Consolidated Silver Tusk Mines Ltd. - Announcement.VANCOUVER, BC--(BUSINESS WIRE)--March 25, 1999--Consolidated Silver Tusk Mines Ltd. is pleased to announce that the recent closing of private placements totaling US$1,000,000.00 will enable the Company to continue with its committed exploration and development programs on its Karya Bukit Utama project. The Company anticipates adding to these funds a further US$500,000.00 from the second tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. of the January 1999 private placement due to close at the end of March 1999. This funding will be used for two primary purposes: 1. to increase the volume to be delivered to the concentrating plant on the Karya Bukit Utama epithermal gold-silver-manganese project located near the south end of Sumatra Island, Indonesia; and 2. to identify and further define the 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. gold-silver deposit or deposits amenable AMENABLE. Responsible; subject to answer in a court of justice liable to punishment. to inexpensive open pit mining methods. The Karya Bukit Utama project is held with the Company's Indonesian partners under a KP or "Exploitation Permit" and as such continuous production must be maintained to retain mineral tenure to the property. With the construction of the test plant, underground mining has been halted in favour of bulk testing. To comply with permitting requirements, the Company is now planning and structuring mining activities to increase volume at the existing plant to at least 350 tonnes per day and a resultant projected gold-silver-manganese concentrate production of some 9 to 10 tonnes per day. Initial feed for the plant will come from the inferred mineral resource of 14,790,125 tonnes grading 2.170 grams/tonne gold equivalent as calculated by David St. Clair Dunn, P.Geo., based on the weighted average grades calculated from sample results obtained from 58 trenches (+ 3,000 metres), 16 diamond drill holes (2,300 metres), a geochemical survey, and geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. . The gold equivalent grade was calculated from weighted average grades of 1.165 grams/ tonne gold and 48.35 grams/ tonne silver. It is estimated that the resource contains 32,094,571 grams or 1,031,980 troy ounces Noun 1. troy ounce - a unit of apothecary weight equal to 480 grains or one twelfth of a pound apothecaries' ounce, ounce troy unit - any of the unit of the troy system of weights of gold equivalent. Further work must be undertaken before the resource can be upgraded to reserve status. A batch test of 1,000 tonnes mined from the South Gate Trench test area averaged a mill head grade of 3.53 grams of gold per tonne and 230.0 grams of silver per tonne. The processing of material from this area (20 metres by 120 metres) is to be continued This article is about the Elton John box set. For the plot device commonly featuring the phrase "To be continued", see Cliffhanger. To Be Continued . Additional material from Trench #25 area to the south west of the South Gate Trench area will also be processed. The projected cost of production is and should remain low and in line with open pit mining costs given the soft material of which the area is made up eliminates the need for drilling or blasting; the haul distance to the plant is short; fuel costs are low and labour costs are presently less than one per cent of the average miner's wage in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The Company has commissioned consultants to carry out further metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. testing to enable the production of gold-silver bullion BULLION. In its usual acceptation, is uncoined gold or silver, in bars, plates, or other masses. 1 East, P. C. 188. 2. In the acts of Congress, the term is also applied to copper properly manufactured for the purpose of being coined into money. at the site. These tests to date have been very positive. A flow sheet, together with equipment requirements is currently being prepared along with cost projections of the recovery process. The process will alleviate the high cost of shipping to and processing concentrate at a smelter. Significantly, the 15,000,000 tonne resource has been developed within an area some 1.25 kilometres by 0.25 kilometres representing only 20% of the known anomalous area (2.0 kilometres x 0.8 kilometres). Cognizant of this opportunity to increase the resource, the Company plans to carry out further exploration, concurrent with the mining and milling operations described above, consisting of trenching, mapping and sampling to complete the evaluation of the anomalies identified to date prior to drilling. In addition, the Company plans to conduct geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. and geochemical surveys over the remaining six square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
Information published by the Company concerning the Karya Bukit Utama project, contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding anticipated developments, agreements, and financing. These forward-looking statements address future events and conditions based on the opinions and estimates of the report writers, project operators, and management and, therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. |
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