Aurelian Resources Was Stolen By Kinross and Management But Will Not Be Forgotten
The company whose shareholders were better than its management
Message: Excerpts from International Minerals Press Release
International Minerals Realizes $4.12 Million ($0.04 per Share) in Net Income for Third Quarter
Most popular |
| |||||
updated 8:30 a.m. ET May 20, 2008
-- Continued working on an updated capital and operating cost estimat for the Rio Blanco project in Ecuador, which is expected to be completed by June 30, 2008.
-- Announced an estimated 308.4 million tonnes at an average grade of 0.63 g/t gold containing 6.2 million ounces of measured and indicated gold resources at the Gaby gold property in Ecuador (the first NI 43-101 compliant mineral resource estimate). See news release dated February 11, 2008 for details. The Company also announced the results of a preliminary feasibility study for the Gaby project, which was not positive at a base case gold price of $650/oz gold. Optimization studies using higher production tonnages are ongoing at Gaby to evaluate the economy of scale effects on the overall project economics. This study is expected to be
completed by the end of September 2008.
-- Received assay results from an additional 38 core drill holes totaling 10,927 meters ("m") at the Main Gaby deposit at Gaby, including a drill intersection of 205m grading 1.3 g/t gold and 202m at 0.8 g/t gold. These new drill results were not included in the measured and indicated resourc estimate described above.
-- Announced an estimated 308.4 million tonnes at an average grade of 0.63 g/t gold containing 6.2 million ounces of measured and indicated gold resources at the Gaby gold property in Ecuador (the first NI 43-101 compliant mineral resource estimate). See news release dated February 11, 2008 for details. The Company also announced the results of a preliminary feasibility study for the Gaby project, which was not positive at a base case gold price of $650/oz gold. Optimization studies using higher production tonnages are ongoing at Gaby to evaluate the economy of scale effects on the overall project economics. This study is expected to be
completed by the end of September 2008.
-- Received assay results from an additional 38 core drill holes totaling 10,927 meters ("m") at the Main Gaby deposit at Gaby, including a drill intersection of 205m grading 1.3 g/t gold and 202m at 0.8 g/t gold. These new drill results were not included in the measured and indicated resourc estimate described above.
Subsequent to the end of the quarter, on April 18, 2008, the National Constituent Assembly in Ecuador approved a new mining mandate, pending the issuance of a revised mining law. The Company is analyzing the impact of the mandate on its Rio Blanco project (currently in the permitting process) and the Gaby project (currently in the preliminary feasibility stage of development). Until the Company understands the full impact of the mining mandate, all drilling and the majority of on-site exploration activities at the Ecuador projects have been suspended. Critical technical studies, however, are continuing at both Rio Blanco and Gaby. As far as the Company is aware, all of its concessions remain in good standing, however, the effects of the mining mandate have not yet been clarified.
New Message
Please
login
to post a reply