Crown Jewel Project Receives Unfavorable Court Rulings.Business Editors DENVER--(BUSINESS WIRE)--Jan. 19, 2000 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 unfavorable rulings concerning the previously issued 401-Water Quality Permit and various water rights permits before Washington state's Pollution Control Hearings Board ("PCHB"). The PCHB PCHB Pollution Control Hearings Board PCHB Pre-Charge Half-Buffer ruled against the Department of Ecology ("DOE") and Battle Mountain Gold Company by upholding the appeal of the water rights and 401-Water Quality Permit by special interest groups challenging the project. 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 is being reviewed with Battle Mountain Gold to determine our next course of action. We were shocked by the court's decision reversing eight years of diligent work by the Department of Ecology which had previously determined that the project met all legal standards regarding these permits. "Although this decision will further delay the project's start-up, we remain determined to see that Crown Jewel goes into production. It is not only important to Crown Resources and its shareholders, but also to the local economy which continues to suffer with high unemployment." 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. The project will result in over 150 highly paid jobs for a period of approximately ten years. 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 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 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, the market price of gold, results of current exploration activities and other risk. |
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