Jinshan Goldmines Acquires Option on New Gold and Copper-Gold Project in Yunnan Province, China.BEIJING -- Jinshan Gold Mines (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:JIN) announced today that it has signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with the Yunnan Geology & Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature Co. Ltd. (YGMRC) that gives Jinshan the exclusive right to form a joint venture with YGMRC to explore for gold and copper-gold porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. systems at and around YGMRC's Beiya Gold Mine in western Yunnan Province Noun 1. Yunnan province - a province of southern China Yunnan Cathay, China, Communist China, mainland China, People's Republic of China, PRC, Red China - a communist nation that covers a vast territory in eastern Asia; the most populous country in the world , China. The optioned land covers an area of 13 square kilometres. Jinshan also will have an option to earn into the existing Beiya underground mine. The joint venture is subject to Jinshan's due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. which, is currently underway. The Beiya Mine is YGMRC's premier gold operation. The Mine currently produces 300 tonnes/day at a head grade of 5.0 grams of gold per tonne from a limestone skarn/replacement ore body. The mine, approximately 90 kilometres northeast of Dali City Dali can refer to one of the following two cities:
"The project offers significant scope for the discovery of gold and porphyry copper-gold deposits. Only a small area around the current mine has been explored and there is good potential below the current mine workings and in the surrounding area," said Mike Page, Jinshan's Vice-President of Exploration. The Beiya opportunity is an example of Jinshan's China strategy of identifying under-capitalized opportunities in China that have the potential for a large scale deposit. The details of the memorandum of understanding are as follows: - Jinshan has the right to earn up to 80% equity in discoveries on the land which has been optioned surrounding the Beiya Gold Mine and below the 1700-metre elevation (above sea level) of the Beiya Mine (approximately 100-200 metres below surface). - Jinshan has the option to acquire the controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the Beiya Mine after a three-year period. Jinshan has begun a detailed due diligence of the project. Dr. Gregg Morrison of Klondike Exploration Services, Australia, will review geology and exploration data. Mr. John McDonald John McDonald may refer to:
The Beiya joint venture is subject to Ivanhoe Mines' earn-in agreement as detailed in Jinshan's October 24, 2003, news release. Mike Page, a qualified person as defined by National Instrument 43-101, supervised the preparation of the information in this release. Jinshan is focused on the exploration and development of precious and base metals (gold, copper, nickel, and platinum group metals) in China and Mongolia. Jinshan's most advanced project is the 217 Gold Project in Inner Mongolia. The company is also conducting exploration work on prospective properties in Yunnan, Shandong, Liaoning, Guizhou and Inner Mongolia, in China. Jinshan shares are listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol JIN. Forward-Looking Statements: Statements in this release that are forward-looking statements, including the planned earn-in and exploration of the Beiya mineral project in China, are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume the obligation to update any forward-looking statement. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy or this release. |
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