Gold Capital Corporation's Tonkin Springs Project Receives Positive Review From Behre Dolbear Mine Feasibility Study.VANCOUVER, British Columbia--(BUSINESS WIRE)--April 30, 1996-- GOLD CAPITAL CORP.(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on OTC BULLETIN BOARD OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : GOCP ) announced today that the result of the Tonkin Springs Joint Venture mine feasibility audit - conducted by international mining consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a Behre Dolbear - is positive, shows strong economics and recommends Gold Capital place the project into commercial production. This new report expands upon 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. completed in 1995 and is expected to be a significant factor in facilitating final funding for Tonkin Springs Project (Eureka County, Nevada Eureka County is a county located in the U.S. state of Nevada. As of the 2000 census, the population is 1,651. Its county seat is Eureka6. History Eureka County was created out of eastern Lander County in 1873 after silver was discovered more than 100 miles ). The report reviewed the proposed initial five year operating period of the project's life and reported that in-place proven and probable reserves for this period are 554,000 ounces of gold; cash operating costs operating costs npl → gastos mpl operacionales - including general and administrative, royalties, and severance taxes severance tax n. A tax imposed by a state on the extraction of natural resources, such as oil, coal, or gas, that will be used in other states. - are projected at US $243 per ounce of gold sold; and the project's internal rate of return on a pre-tax basis is approximately 63 percent. At full production, the Tonkin Springs Project is estimated to produce approximately 100,000 ounces of gold per year. "The Behre Dolbear audit confirms and, in several key areas, exceeds our in-house expectations for this project," stated Mr. John Young, president of Gold Capital Corporation. "Near term gold production and cash flow will elevate Gold Capital to the elite status of a gold producer. Additional reserves exist on the property, as well as excellent exploration potential, which we believe will keep the project operating beyond the five years that were audited." The Tonkin Springs project encompasses 33 square miles on the Cortez Gold Trend in Nevada. The project has received regulatory approvals to construct a bio-oxidation pad and is continuing to finalize permits necessary to begin mining. The Tonkin Springs Project Joint Venture is owned 60 percent by Gold Capital, which operates the project and 40 percent by U. S. Gold Corporation. The project is targeting gold production for later this year. CONTACT: Gold Capital Corporation John Young, 604/683-1378 800/260-4828 604/683-0624 (Fax) or Gold Capital Corporation Bill Conrad, 719/260-8509 |
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