Royal Standard Minerals Inc.: Nevada Progress Report for 2003 'Well Positioned for Rapid Growth in 2004'.
SPARKS, Nev.--(BUSINESS WIRE)--Dec. 3, 2003
ROYAL STANDARD MINERALS INC ("RYSMF.OB, RSM.V") www.royal-standard.com:
Royal Standard Minerals, Inc. announces that the Company has made substantial progress during 2003 toward advancing its first two proposed development projects, the Gold Wedge and Pinon-Railroad properties. Significant milestones include:
-- In July, the Company secured institutional support for a C$1.5
million private placement financing
-- During the first quarter, 2003 the Company's Gold Wedge
project was granted permits (mine, surface use and water well
use) for a 500 ton/day processing plant from the Nevada
Department of Environmental Protection (NDEP).
-- Royal Standard Minerals anticipates the Gold Wedge underground
development and the completion of the feasibility study during
the first quarter, 2004.
-- Favorable drilling results at the Pinon deposit indicate that
the gold grades are uniformly distributed and extension tests
of the Pinon main zone deposit has resulted in extending the
deposit toward the south. Additional drilling is expected to
add more tonnage in this area as previously reported. Recent
density measurements indicate that the overall tonnage is 10%
greater than previously estimated for the Pinon main zone
-- Initial metallurgical results for the Pinon deposit indicate
that the gold and silver can be recovered through conventional
grinding and heap leach recovery of the gold with a
significant silver credit.
-- Gold price projections have increased support for the economic
potential of the RYSMF proposed development projects.
-- Royal Standard Minerals is developing construction plans for
the Pinon-Railroad project to include surface facilities, the
heap leach pad locations as well as open pit modeling of the
deposit as part of the mining permit application and ongoing
feasibility study for a proposed 5,000 ton per day operation.
-- The Company plans to file the mine permit application for the
Pinon-Railroad property and feasibility study is expected to
be completed during the first quarter, 2004.
-- RSM acquired the extensively tested Fondaway Canyon
gold-tungsten project located in Churchill County, Nevada
RSYMF also announced that it has retained an international financial advisory firm to assist in completing its financing requirements (the Company recently announced its intention to issue up to $25 million in debt) for the Gold Wedge, Pinon-Railroad and Fondaway Canyon projects in 2004.
Roland Larsen, President/CEO indicates, "we are optimistic that the results will continue to support the belief that our first two proposed development projects, the Gold Wedge and Pinon-Railroad properties will proceed on schedule. Steps taken in 2003, both financial and operational, have been critical. We are now well positioned to complete the necessary feasibility analyses and the indications are that we will have the financial support to pursue a development program on these properties in 2004."
Shareholders are asked to contact Roland Larsen @ (804) 580-8107 or visit the corporate website at www.royal-standard.com for additional information
Royal Standard Minerals cautions that the statements made in this press release and other forward looking statements made on behalf of the Company may be affected by such other factors including, but not limited to, volatility of mineral prices, product demand, market competition, imprecision of mineral estimates, and other risks detailed herein and from time to time in the Securities and Exchange Commission filings of the Company.
C.U.S.I.P. # 780919106
LISTED: STANDARD & POORS
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