INTERNATIONAL SKYLINE GOLD ENTERS JOINT VENTURE WITH AUSPEX GOLD LTD.
VANCOUVER, British Columbia, Sept. 27 /PRNewswire/ -- Clifford A. Grandison, president and chief executive officer of International Skyline Gold Corp. announced that the company has entered into a 50/50 joint venture with Auspex Gold Ltd. for the development and exploitation of an oolitic limestone deposit in Idaho. Oolitic limestone is primarily calcium carbonate that occurs in a unique, natural prill form, which makes it particularly suitable for use in acidic soil and acidic mine drainage remediation, and as a value- added filler in fertilizer. The property is currently in limited production where approximately 1,000 tons have been shipped to customers including several mining companies, lawn fertilizer suppliers, environmental consultants and golf courses. Production and sales over the next 12 months is forecast to be 10,000 tons with net revenues in excess of $300,000. The rate in the sales of oolitic limestone is expected to increase by at least 20 percent a year over the foreseeable future. Reserves exceed 1 million tons and can be increased with minimal development costs. Skyline has agreed to earn its interest in the property at a cost of $500,000 payable over one year with the first payment of U.S. $100,000 being paid on signing of the agreement. -0- 9/27/93 /CONTACT: Clifford A. Grandison, president and CEO, 604-683-6865/
CO: International Skyline Gold Corp.; Auspex Gold Ltd. ST: British Columbia IN: MNG SU: JVN
LM-JB -- LA022 -- 5974 09/27/93 13:53 EDT
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|Date:||Sep 27, 1993|
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