Geodyne Technologies Acquires Working Interest.CALGARY, ALBERTA--(BUSINESS WIRE)--June 2, 1997--Geodyne Technologies (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :GTI GTI Gas Technology Institute GTI Global Taxonomy Initiative GTI Good Time Interval GTI Guelph Turfgrass Institute GTI Green Theme International GTI Gordon Training International GTI Georgia Transportation Institute GTI Group Travel Insurance .) Geodyne Technologies Inc. ("GTI"-ASE) announced today that the company has acquired a 20 percent working interest in all of the assets of Odessa Mining South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. Inc. located in Bolivia. The assets include an alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun gold deposit, which will commence production immediately, and exploratory land holdings in north-eastern Bolivia. As well, the companies will jointly seek new mineral exploration and exploitation opportunities in the South American nation. The alluvial gold property, which is located at Mayaya approximately 250 kilometers north of La Paz La Paz, city, Bolivia La Paz (lä päs), city (1992 pop. 713,378), W Bolivia, administrative capital (since 1898) and largest city of Bolivia. The legal capital is Sucre. , covers 613 hectares (1,515 acres). The site has been mined by local gold miners and Odessa has recently installed and tested a plant which is capable of processing in excess of 2,000 cubic meters Noun 1. cubic meter - a metric unit of volume or capacity equal to 1000 liters cubic metre, kiloliter, kilolitre metric capacity unit - a capacity unit defined in metric terms of gravel per day. Results from churn drilling The churn drill is a large drilling machine that bores large diameter holes in the ground. In mining, they were used to drill into the soft carbonate rocks of lead and zinc hosted regions to extract bulk samples of the ore. on the Mayaya property indicate commercial quantities of gold may be recovered from gravels with a thickness of up to twenty meters . The drill indicated thickness of the overburden o·ver·bur·den tr.v. o·ver·bur·dened, o·ver·bur·den·ing, o·ver·bur·dens 1. To burden with too much weight; overload. 2. To subject to an excessive burden or strain; overtax. n. 1. on the property is two to four meters. A mining plan based upon past work and drill results will be implemented immediately. The initial goal is to process 60,000 cubic meters of gold bearing gravel per month. Further development plans at Mayaya, including the possible addition of a second plant, will be dependent upon results from the initial operation. Exploration lands included in the acquisition by Geodyne cover approximately 34,000 hectares (84,000 acres) in 20 properties. These lands are located on the Pre-Cambrian Shield which extends from Brazil into north-eastern Bolivia. The green stone belt in this area is being exploited by local gold miners and in recent years has attracted the attention of the international mining community. Odessa and Geodyne plan to continue exploration programs already initiated by Odessa on the San Simon properties and on the San Simon de Guarayous properties. The programs will include trenching, soil geochemistry geochemistry, study of the chemical changes on the earth. More specifically, it is the study of the absolute and relative abundances of chemical elements in the minerals, soils, ores, rocks, water, and atmosphere of the earth and the distribution and movement of and stream sediment sampling. Continuing a program established by Odessa, the companies will jointly (as to 50 percent each) pursue the acquisition of additional properties in Bolivia. Both exploitation and exploratory opportunities are to be reviewed on a continuous basis. Geodyne anticipates that its current Bolivian operations will be funded with cash flow generated from the Mayaya gold deposit. This acquisition by Geodyne, which is in keeping with the company's objective of diverse international exposure to mineral and hydrocarbon opportunities, will be financed with funds made available by its western Canadian oil production. Geodyne is also currently reviewing various additional international projects. -0- The Alberta Stock Exchange has neither approved nor disapproved the contents of this release. CONTACT: Geodyne Technologies Inc. John Constable, 403/266-7047 geodyne@agt.net |
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