Crown Jewel Gold Project Receives IBLA Favorable Decision.DENVER--(BUSINESS WIRE)--Sept. 16, 1999-- Crown Resources Corporation today announced that the Crown Jewel Crown jewel A particularly profitable or otherwise particularly valuable corporate unit or asset of a firm. Often used in risk arbitrage. The most desirable entities within a diversified corporation as measured by asset value, earning power, and business prospects; in takeover gold project received a favorable ruling concerning the appeal of its previously approved Plan of Operations and Record of Decision before the Department of Interior's Board of Land Appeals (IBLA IBLA Interior Board of Land Appeals IBLA Inter-american Bibliographical and Library Association ). In a strongly worded decision, the IBLA ruled in favor of the Department of Interior's decision to approve the Crown Jewel's Plan of Operations and restore the Record of Decision, stating: "Because we (IBLA) find that they (the Plaintiffs) have no chance of success on the merits on the merits adj. referring to a judgment, decision or ruling of a court based upon the facts presented in evidence and the law applied to that evidence. A judge decides a case "on the merits" when he/she bases the decision on the fundamental issues and considers of their appeals, we deny their petitions for stay and affirm the BLM's approval decision...We (IBLA) find that this plain and unequivocal statutory language clearly expresses Congress' intent that the Crown Jewel Mine project be approved." Christopher E. Herald, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Crown, stated, "This decision continues the unbroken string of federal, state and county court rulings which have all been favorable to the project. It represents another step in the Crown Jewel mine moving forward to production. Once again the adequacy of the project's environmental review and the measures taken to protect the environment have been affirmed." The Crown Jewel gold deposit contains approximately 1.6 million ounces of gold at an average grade of 0.188 ounces of gold per ton. Battle Mountain Gold Company is earning a 54% interest in the project by providing 100% of the funding, without any repayment from Crown, to place the property into production at a minimum rate of 3,000 tons per day. Average life of mine cash costs are estimated at $160 per ounce. Average annual production rates are forecast at approximately 185,000 ounces of gold, with Crown retaining a 46% interest in this production. Crown is a U.S. domiciled gold exploration company with properties in the U.S. and Mexico and a 57%-equity interest in Solitario Resources Corporation (SLR-Toronto Stock Exchange). Crown is traded on the 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 National Market System under the trading symbol Trading symbol See: Ticker symbol CRRS CRRS Comprehensive Records Retention Schedule CRRS Combat Readiness Reporting System CRRS Comprehensive Risk Reduction Specialist and 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 CRO. The information set forth above includes "forward-looking" statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. Factors that could cause results to differ materially from those projected in the forward-looking statements include, but are not limited to, the timing of receipt of necessary governmental permits, the results of judicial proceedings, the market price of gold, results of current exploration activities and other risk factors. |
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