Electra Mining Consolidated -- Pine Cove Gold Mine Agreement Signed.VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 18, 1996-- Electra Mining Consolidated Ltd. (ELC- VSE See DOS/VSE. VSE - Virtual Storage Extended ) announces that it has entered into a revised agreement under which it can acquire a 35 percent joint venture 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:
As a result, Electra will not now incur certain capital costs but, to earn its interest, will complete a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. by mid-March 1997, arrange financing for the project and, subject to regulatory approval, will issue 600,000 of its common shares to a subsidiary of NovaGold Resources NovaGold Resources Inc. (TSX: NG, (AMEX:NG)) is a leading exploration and development company with three of the world’s largest undeveloped gold and copper deposits located in Alaska and Western Canada. These projects include the 28. Inc. (NRI-TSE) and 400,000 common shares to New Island Minerals Ltd. (NLM-ASE). In the new joint venture, NovaGold and New Island will have interests of 35 percent and 30 percent respectively. Electra is encouraged by the work it has performed in 1996 to date on the Pine Cove orebody, including metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. tests and further definition of the ore body. This work is continuing at present. The mineral inventory at Pine Cove remains approximately 3.0 million tonnes at an average grade of 2.95 grams/tonne containing at least 270,000 ounces of gold, mineable by open-pit methods. Electra's efforts continue to be focused on two geographic areas of interest: the southwestern U.S. where its Aurora mine continues in production and has recently identified significant additional ore reserves; and the Baie Verte district of Newfoundland where its gold recovery plant has recently commenced production. The new Pine Cove agreement is a significant step in maintaining Electra's policy of growth. Electra also announces that the private placement announced on September 11, 1996 has been cancelled as other financial arrangements have been made. -0- Information contained herein has neither been approved nor disapproved by regulatory authorities 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 . CONTACT: Electra Mining Consolidated Ltd. Bryce M.A. Porter, 604/685-4747 |
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