GOLDBELT ACQUIRES NEW POLYMETALLIC DEPOSITS IN KAZAKHSTAN.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 30, 1995-- Goldbelt (VSE See DOS/VSE. VSE - Virtual Storage Extended :GDB (programming, tool) GDB - GNU debugger. The FSF's source-level debugger for C, C++ and other languages. Developed by many people but most recently Fred Fish <fnf@cygnus.com>, Stu Grossman <grossman@cygnus.com> and John Gilmore <gnu@cygnus. ) has entered into an agreement with Temenaj Ltd., a Kazakhstan company, to acquire a 60% interest in the Abyz and the Progress Deposits located approximately 250 kilometres east south-east of Karaganda in Central Kazakhstan. ABYZ DEPOSIT The Abyz Deposit is a polymetallic massive sulphide sulphide: see sulfide. deposit rich in precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. with stated reserves of: 8.233 million tonnes grading 4.7 grams/tonne Gold, 42.3 grams/tonne Silver, 1.60% Copper, 3.51% Zinc and 0.38% Lead. The Deposit consists of two ore zones (the East Zone and the West Zone) steeply dipping and occurs in Devonian terrigenous ter·rig·e·nous adj. Derived from the land, especially by erosive action. Used primarily of sediments. [From Latin terrigena, earth-born : terra, earth; see ters- sediments and tuffaceaous andesites on the east side of a north-south fault with a massive sulphide zone and an underlying stringer string·er n. 1. One that strings: a stringer of beads. 2. Architecture a. A long heavy horizontal timber used as a support or connector. b. A stringboard. ore zone. The East Zone occurs 20 to 40 metres below the surface and may be open-pitable. The West Zone occurs 350 to 550 metres below the surface and will be mined using underground mining methods. A small secondary enriched ore zone outcrops to the east of the East Zone. The West Zone appears to be open on both ends. Considerable work has been conducted on the Deposit to date including 75,000 metres of 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 intersecting in·ter·sect v. in·ter·sect·ed, in·ter·sect·ing, in·ter·sects v.tr. 1. To cut across or through: The path intersects the park. 2. the East Zone every 20 metres vertically. In addition, 1,758 metres of underground development has been completed. A horizontal drift on the 100 metre level running the length of the ore body has been completed with cross cuts every 20 metres throughout the ore zone. The Deposit is located within 55 kilometres of the city of Karagarly with a population of 7,500. 35 megawatts of power are available from a new powerline terminating 1.5 kilometres from the Deposit. A 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. plant providing crushing, grinding grinding, process by which surface material is removed from an object, usually metal, by the abrasive action of a rotating wheel or a moving belt that contains abrasive grains. and flotation flotation or froth flotation Most widely used process for extracting many minerals from their ores. The method separates and concentrates ores by altering their surfaces so that they are either repelled or attracted by water. which is currently under-utilized, is situated at Karagarly. In addition, a variety of mining equipment is available at Karagarly. PROGRESS DEPOSIT The Progress Deposit, located approximately 40 kilometres from the Abyz Deposit, contains stated reserves of approximately 2.2 million tonnes averaging 5.7 grams/tonne of Gold in a pipe-like structure. AGREEMENT The agreement with Temenaj Ltd. was approved by the Ministry of Geology and provides for Goldbelt to pay the Government of Kazakhstan The Government of Kazakhstan oversees a presidential republic. The President of Kazakhstan, currently Nursultan Nazarbayev, is head of state and nominates the head of government. Executive power is exercised by the government. US$1,500,000 of which US$750,000 is payable on registration of the final agreement and US$750,000 is payable upon receipt of final export and environmental approvals. Goldbelt holds a 60% interest and will fund 100% of the costs to bring the Abyz Deposit into production and will receive 90% of the after tax project cash flow until it has recovered its costs, plus interest. Thereafter the proceeds will be distributed 60% to Goldbelt and 40% to Temenaj Ltd. Goldbelt will be manager of the project and will receive management fees. Goldbelt will be obliged o·blige v. o·bliged, o·blig·ing, o·blig·es v.tr. 1. To constrain by physical, legal, social, or moral means. 2. to make a production decision within 24 months subject to receipt of final approvals. RESERVES With the Abyz and Progress Deposits added to Goldbelt's interest in the Leninogorsk Gold 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 Goldbelt is well positioned to become a significant participant in the mining industry in Kazakhstan. A summary of Goldbelt's reserves follows. -0- GOLDBELT RESOURCES LTD. - RESERVE STATISTICS PRECIOUS METALS
Mine % Ore Grade Ounces Goldbelt's
Beneficial (tonnes) (grams/ Share
Ownership tonnes) (ounces)
RESERVE STATISTICS GOLD Leninogorsk Chasinskoe 25.00% 88,847,530 0.68 1,942,431 485,607 Starroya 25.00% 13,608,615 1.16 507,531 126,883 Abyz 60.00% 8,233,000 4.70 1,244,076 746,446
Progress 60.00% 2,200,000 5.70 403,170 241,902
-------------------
TOTALS 4,097,208 1,600,838
-------------------
RESERVE STATISTICS SILVER Leninogorsk Chaskinskoe 25.00% 88,847,530 4.69 13,397,053 3,349,263 Starroya 25.00% 13,608,615 12.35 5,403,460 1,350,865
Abyz 60.00% 8,233,000 42.30 11,196,687 6,718,012
----------------------
TOTALS 29,997,200 11,418,140
----------------------
BASE METALS
Mine % Ore Grade Tonnes Goldbelt's
Beneficial (tonnes) (%) of Share
Ownership Copper (tonnes)
RESERVE STATISTICS COPPER
Abyz 60.00% 8,233,000 1.60 131,728 79,037
---------------------
TOTALS 131,728 79,037
---------------------
RESERVE STATISTICS
ZINC
Tonnes Goldbelt's
of Share
Zinc (tonnes)
Abyz 60.00% 8,233,000 3.51 288,978 173,387
----------------------
TOTALS 288,978 173,387
----------------------
Goldbelt's gold equivalent reserves based on these statistics increases from 699,045 ounces to 2,833,994 ounces. On Behalf of The Board Paul J. Morgan President -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. CONTACT: Goldbelt Resources Mike Muzylowski, 604/669-2290 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion