Printer Friendly

AMAX GOLD ACQUIRES 62.5 PERCENT INTEREST IN THE HAILE PROJECT

 AMAX GOLD ACQUIRES 62.5 PERCENT INTEREST IN THE HAILE PROJECT
 GOLDEN, Colo., May 4 /PRNewswire/ -- Amax Gold Inc. (NYSE: AU; Toronto: AXG) has purchased a 62.5 percent interest in the Haile Project in South Carolina by exercising its option with Piedmont Mining Co. (NASDAQ: PIED), a publicly traded corporation headquartered in Charlotte, N.C. Under the terms of the agreement, Amax Gold paid $1.75 million and issued 1 million shares of Amax Gold restricted common stock to Piedmont Mining.
 Through a drilling program begun in 1991, Amax Gold has identified a resource of over 800,000 ounces of gold on this 3,675 acre property, 50 miles north of Columbia, S.C. Amax Gold and Piedmont Mining will form a joint venture in which a subsidiary of Amax Gold will be the operator. Amax Gold's preliminary studies indicate the project will have the potential to produce in the range of 100,000 ounces of gold annually with cash production costs in the $200 per ounce range.
 "The addition of the Haile Project is another important step in our strategy to expand our reserve base and increase production in the longer term. This property has excellent potential, and we are excited about the prospect of increasing the present resource," said Timothy J. Haddon, president and chief executive officer. "We look forward to working with Piedmont Mining as we begin the drilling and technical evaluation process to move this project to the development stage."
 Amax Gold produces and explores for gold in North and South America and New Zealand and is listed on the New York and Toronto stock exchanges. Amax Gold warrants trade on the American Stock Exchange under the symbol AUWT and on the Toronto Stock Exchange under the symbol AXGWT.
 -0- 5/4/92
 /CONTACT: Gina Wilson of Amax Gold, 303-273-0623/
 (AU PIED) CO: Amax Gold Inc.; Piedmont Mining Co. ST: Colorado, North Carolina, South Carolina IN: MNG SU: TNM


BB -- DV003 -- 5884 05/04/92 09:30 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 4, 1992
Words:333
Previous Article:HEALTHCARE COMPARE REPORTS FIRST QUARTER RESULTS
Next Article:PITTSBURGH PRESS COMPANY TO EXPAND ALLEGHENY BULLETIN SCHEDULE TO FOUR PER WEEK


Related Articles
PIEDMONT MINING COMPANY REPORTS FIRST QUARTER RESULTS
AMAX GOLD EXPECTED TO EXERCISE HAILE PROPERTY OPTION
PIEDMONT MINING COMPANY REPORTS UPDATED PRELIMINARY ECONOMIC EVALUATION AND MORE THAN 1,000,000 MINEABLE OUNCES OF GOLD FOR THE HAILE PROPERTY
PIEDMONT MINING COMPANY ANNOUNCES SIGNING OF THE HAILE MINING VENTURE AGREEMENT WITH AMAX GOLD INC.
PIEDMONT MINING COMPANY REPORTS THIRD QUARTER RESULTS
AMAX GOLD RESERVES INCREASE 40 PERCENT
PIEDMONT MINING COMPANY REPORTS RESULTS FOR 1992
PIEDMONT MINING COMPANY REPORTS FIRST QUARTER RESULTS
PIEDMONT MINING COMPANY REPORTS SECOND QUARTER RESULTS
Piedmont Mining Company Reports First Quarter Results and Update on Lawsuit

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters