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Crown Jewel Project's Plan of Operations Approved.


DENVER--(BUSINESS WIRE)--June 3, 1999--

Crown Resources Corporation today announced that Departments of Interior and Agriculture have approved 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
 project's Plan of Operations.

The approval followed the reinstatement of the project's Record of Decision last week. These actions were in accordance with recent Congressional legislation that affirmed long-held Mining Law interpretation concerning land-use regulations. This project has received approvals from county, state and federal regulatory agencies, favorable rulings by state and federal courts and Congress.

Christopher E. Herald, President of Crown, stated: "With the approval of the Plan of Operations, as mandated by Congress, the project continues to obtain the final approvals needed to begin construction. To date, the project has received over 50 permit approvals and has prevailed in every adverse action and challenge. The Company looks forward to beginning construction of the mine and production."

The project will generate $5 million in new annual payroll, over $1 million in annual state and local taxes and tens of millions of dollars in new capital investment to the local economy. 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 (1) (Scalable Linear Recording) A line of magnetic tape drives from Tandberg Data that evolved from the QIC Data Cartridge format. See QIC.

(2) (Single Lens Reflex) A camera that uses the same lens for viewing and shooting.
 -- Toronto Stock Exchange Toronto Stock Exchange (TSE)

Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options.
). 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 the Toronto Stock Exchange 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 Safe Harbor

1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.

2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive.
 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 judicial proceedings n. any action by a judge re: trials, hearings, petitions, or other matters formally before the court. (See: judicial) , the market price of gold, results of current exploration activities and other risk.
COPYRIGHT 1999 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Jun 3, 1999
Words:412
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