Dixon Adit Reaches Emerald Bearing Unit at Depth.TORONTO--(BUSINESS WIRE)--Oct. 15, 1996--Chivor Emerald Corporation Ltd. (Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : CHIV.U.) (the Company) is pleased to announce that significant progress has been achieved at its 80 percent-owned Oriente emerald mine, 90 km northeast of Bogota, Colombia. As part of its plan to modernize mod·ern·ize v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es v.tr. To make modern in appearance, style, or character; update. v.intr. To accept or adopt modern ways, ideas, or style. and mechanize mech·a·nize tr.v. mech·a·nized, mech·a·niz·ing, mech·a·niz·es 1. To equip with machinery: mechanize a factory. 2. the operation, the Company has successfully completed driving the new Dixon adit, which has intersected Unit V, the unit which hosts the emerald bearing veins of the Chivor emerald district. The adit intersects the unit at a deeper level than has ever been worked previously and management is optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that new emerald bearing veins will be identified for development and mining. The Chivor district is one of the richest emerald producing districts in the world, historically accounting for approximately 20 percent of Colombia's total emerald production. In 1995, Colombia reported emerald exports valued at US$456 million. The next stage of the modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, program will be to develop the first of a series of levels in the footwall foot·wall n. Geology 1. The mass of rock underlying a mineral deposit in a mine. 2. The underlying block of a fault having an inclined fault plane. that will run parallel to the unit. Crosscuts will be driven approximately every 40 metres and detailed underground diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral to locate emerald-bearing veins will be initiated. Meanwhile, the Company continues to operate in the old mining areas where several very promising veins are currently being mined. Small quantities of emerald crystals have been produced providing encouragement that more significant quantities can be expected in future. Outside the mine area, Chivor holds options to acquire 90 percent interests in 19 separate properties in the district covering about 75 percent of the prospective land area. A regional exploration program is underway and old workings outside the Oriente mine are being examined. The Company is hopeful that potential new mining areas will be identified, which could significantly enhance future emerald production. Chivor is the only publicly traded emerald mining company in the world. The company was established earlier this year to hold the 80 percent interests in the Oriente, Jagua 1 and Jagua 2 mining areas as well as the 19 exploration options. A total of US$14.17 million was raised in two private placements providing adequate funding to acquire the properties, repay debt, acquire new mining equipment and fund working capital. -0- Note to Editors: No Stock Exchange, Securities Commission or Other Regulatory Authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities has Approved or Disapproved the Information Contained Herein. CONTACT: Chivor Emerald Corporation Ltd Patrick J. Mars/Steven A. Dawson, 416/955-4494 |
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