Printer Friendly
The Free Library
19,607,059 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Crown Resources Gold Project Wins Major Court Victory.


DENVER--(BUSINESS WIRE)--Jan. 6, 1999--Crown Resources Corp. today announced that it won a major victory in U.S. Federal District Court on its 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 in Washington state.

The court affirmed the decision of the U.S. Forest Service on the adequacy of the Final Environmental Impact Statement (FEIS FEIS Final Environmental Impact Statement
FEIS Final Environmental Impact Report
FEIS Fugitive Emissions Information System
FEIS Fellow of the Educational Institute of Scotland
) and the Record of Decision. The court granted all motions for summary judgement on behalf of the U.S. Forest Service and Battle Mountain Gold Company, while denying all motions of the plaintiffs.

The plaintiffs, consisting of environmental and special interest groups, alleged that the U.S. Forest Service violated the National Environmental Policy Act, the Organic Administration Act and various trust obligations. The Plaintiffs sought declaratory DECLARATORY. Something which explains, or ascertains what before was uncertain or doubtful; as a declaratory statute, which is one passed to put an end to a doubt as to what the law is, and which declares what it is, and what it has been. 1 Bl. Com. 86.  and injunctive relief from the court in the form of an order directing the U.S. Forest Service to withdraw the Record of Decision, revise its analysis in the FEIS, and issue a new Record of Decision based on the revised FEIS. All these motions were denied.

Christopher E. Herald, President of Crown, stated: "This ruling represents a major step in the Crown Jewel project moving forward to production. The decision affirms the adequacy of the project's environmental review and the measures taken to protect the environment, and removes the uncertainty of federal environmental litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.

When a person begins a civil lawsuit, the person enters into a process called litigation.
."

The Crown Jewel gold deposit contains approximately 1.6 million ounces of gold at an average grade of 0.185 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 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 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 market price of gold, results of current exploration activities and other risk factors detailed in the Company's Securities and Exchange Commission filings.
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.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jan 6, 1999
Words:457
Previous Article:Genuine Parts Company Completes Acquisition of Johnson Industries, Inc.
Next Article:Bionet Technologies Announces Z Smith Reynolds Grant to Greengold International.



Related Articles
ALMOST A GREAT MOMENT.
CLOSE . . . BUT A REAL LETDOWN; BY A NOSE, VICTORY GALLOP SPOILS TRIPLE CROWN BID.
REAL QUIET UNDONE BY A -1/4-MILE.
BRIEFLY : GOLD CUP ADDS CHARM.
THIS OPEN IS WIDE OPEN; NO. 1 HINGIS WILL FACE PLENTY OF COMPETITION.
DENYING TRIPLE CROWN IS MCCARRON'S AIM.
HOFMANS COULD SEE IT COMING.
THIS BREW IS JUST FINE FOR YOUNGSTERS.
LAVA MAN CHASING LEGEND.
LAVA MAN SEEKING TRIPLE CROWN HORSE TRYING FOR CALIFORNIA SWEEP.

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles