Electra Mining - Agreement to Acquire Interest.VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 8, 1996--ELECTRA MINING (VSE See DOS/VSE. VSE - Virtual Storage Extended : ELC ELC Early Learning Centre (UK) ELC Environmental Law Centre (Canada) ELC Environmental Learning Center (Vero Beach, FL) ELC Education Law Center ELC Early Learning Coalition ) Electra is pleased to announce that it has entered into an agreement under which it can acquire a 35 percent interest in the Pine Cove property, which is located close to Electra's gold recovery plant and tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. project in Baie Verte Baie Verte may refer to:
The agreement provides for the formation of a joint venture with Pine Cove Resources Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of NovaGold Resources Inc., and New Island Minerals Inc. Drilling at Pine Cove has established a mineral inventory of 2,922,000 tonnes at an average grade of 2.95 grams/tonne containing approximately 270,000 ounces of gold and a positive feasibility study has already been completed. The plan is to complete a bulk sample through Electra's facility prior to commencing full scale operations at Pine Cove using indoor vat leach technology developed by NovaGold Resources Inc. Under the agreement, Electra will process 30,000 tonnes of Pine Cove ore through its Rambler ram·bler n. 1. One that rambles: tourists and Sunday ramblers on the village streets; a conversational rambler. 2. A type of climbing rose having numerous red, pink, or white flowers. Tailings facility and participate in an updated economic analysis of the project in order to earn its interest. It will incur certain capital costs, including the installation of a milling circuit at the Rambler gold tailings recovery plant site, in order to process Pine Cove ore. All revenues from the 30,000 tonne test will be paid to Electra until it has recovered its costs. The agreement marks a further stage in Electra's policy of growth in the Baie Verte peninsula in Newfoundland. Electra is committed to continuing its expansion and development activities in the area. -0- The information contained herein has neither been approved nor disapproved by regulatory authorities CONTACT: Douglas B. Stelling President (604) 685-4747 (604) 685-4730 (Fax) |
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