Printer Friendly

FIRST STANDARD MINING LTD. ANNOUNCES UPDATE

 FIRST STANDARD MINING LTD. ANNOUNCES UPDATE
 VANCOUVER, British Columbia, June 30 /PRNewswire/ -- First


Standard Mining Ltd. (Vancouver: FSL) announces that at its Val St. Gilles Gold Mine, 60 miles north of Noranda, Province of Quebec, all environmental permits and other necessary considerations have been approved and dewatering of the mine is now in progress. Local contractors are being directed by mine manager, Paul Cregheur and as the ore horizons are exposed, check-sampling will be carried out to ensure maximum efficiency during the mining of bulk samples in Phases I and II.
 An agreement has been reached with the Barrick Camflo Mill for processing.
 Cregheur has projected a net pre-tax cash flow or $1,628,000 Cdn. and gross revenues of $4,576,929 Cdn. from Phase I.
 Parameters Phase I Time Frame - 8 Months
 Ore reserves 34,500 tons x 0.35 O.P.T. Au
 Production rate 175 tons/day
 Recovery 95 percent
 Gold production 11,471 ounces.
 Production cost $2,760,000 Cdn. ($80/ton)
 Capital cost $200,000 Cdn.
 Gold price $350 US per ounce
 Exchange rate 1.20 Cdn.
 Cregheur projects a net pre-tax cash flow of $2,737,000 Cdn. and gross revenues of $10,679,634 Cdn. from Phase II.
 Parameters Phase II Time Frame - 15 Months
 Ore Reserves 80,500 tons x 0.35 O.P.T. Au
 Production rate 200 tons/day
 Recovery 95 percent
 Gold production 26,766 ounces
 Gold price $350 US per ounce
 Exchange Rate 1.20 Cdn.
 Production Cost $6,444,000 Cdn. ($80/ton)
 Capital Cost $1,200,000 (developing additional
 or reserves)
 The company intends to utilize the funds to further develop reserves both laterally and to depth. Additionally work could potentially produce a 2-3,000,000 ton ore body. Many of the major mines in this well-known gold belt have encountered ore to the 5,000-6,000 foot level.
 -0- 6/30/92
 /CONTACT: M.M. Guthrie, president of First Standard Mining Ltd., 604-437-0671/
 (FSL.) CO: First Standard Mining Ltd. ST: British Columbia IN: MNG SU: EH -- LA022 -- 5384 06/30/92 17:46 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 30, 1992
Words:350
Previous Article:ZOETROPE CORPORATION, ZOETROPE PRODUCTIONS AND FRANCIS AND ELEANOR COPPOLA SEEK CHAPTER 11 PROTECTION AND FILE JOINT PLAN OF REORGANIZATION
Next Article:STANDARD & POOR'S STOCK PRICE INDEX -- CLOSING, TUESDAY, JUNE 30
Topics:


Related Articles
FIRST DYNASTY MINES LTD. EXERCISES OPTION
FIRST DYNASTY RELEASES 1994 FINANCIAL RESULTS
CHIEF CONSOLIDATED MINING COMPANY, SOUTH KOREAN SMELTING COMPANY JOINS U.S. AND CANADIAN COMPANIES IN UTAH MINING JOINT VENTURE
First Dynasty Mines Ltd.
Addwest Minerals International, Ltd. Completes Name Change, Share Rollback and Increases Gold Road Mine Reserves by 17%
ATTENTION BUSINESS EDITORS:
Echo Bay Mines Still on S&PWatch Re: Low Gold Prices
HARMONY GOLD MINING CO LTD - Annual Information Update.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters