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Post by Franko10 ™ on Oct 13, 2004 20:47:30 GMT -5
Reynolds ends gold project February 22, 1991
NEW YORK - Reynolds Metals Co. earlier this week pulled out of a gold exploration program in Nevada with Houston-based St. George Metals Inc. after two years of unsuccessful drilling.
The Richmond, Va.,-based aluminum and packaging company said it had satisfied all its obligations in the joint venture, inked with St. George in January 1989, with payment of an undisclosed amount of funds to cover existing commitments.
Reynolds Metals' longtime corporate logo depicts St. George slaying the dragon, but this is a coincidence because there was no connection between the two companies prior to an agreement in principle announced in October 1988.
Reynolds said two years' drilling on the Nevada properties "indicated several geological resources but no proven gold reserves."
Harry V. Helton, executive vice president of metals and raw materials, said Reynolds intends to continue expanding its precious metals business through other projects in the United States and aggressive exploration in Australia, where the company now ranks as the seventh-largest gold producer following its agreement to purchase Mawson Pacific Ltd., which can produce 80,000 troy ounces of gold a year, from NZ Forest Products Ltd. of New Zealand.
Reynolds' other gold properties include a 40-percent stake in the Boddington Mine, Australia's largest, and a 50-percent stake in the Mount Gibson Mine.
COPYRIGHT 1991 Reed Business Information
COPYRIGHT 2004 Gale Group
NEW YORK - Reynolds Metals Co. earlier this week pulled out of a gold exploration program in Nevada with Houston-based St. George Metals Inc. after two years of unsuccessful drilling.
The Richmond, Va.,-based aluminum and packaging company said it had satisfied all its obligations in the joint venture, inked with St. George in January 1989, with payment of an undisclosed amount of funds to cover existing commitments.
Reynolds Metals' longtime corporate logo depicts St. George slaying the dragon, but this is a coincidence because there was no connection between the two companies prior to an agreement in principle announced in October 1988.
Reynolds said two years' drilling on the Nevada properties "indicated several geological resources but no proven gold reserves."
Harry V. Helton, executive vice president of metals and raw materials, said Reynolds intends to continue expanding its precious metals business through other projects in the United States and aggressive exploration in Australia, where the company now ranks as the seventh-largest gold producer following its agreement to purchase Mawson Pacific Ltd., which can produce 80,000 troy ounces of gold a year, from NZ Forest Products Ltd. of New Zealand.
Reynolds' other gold properties include a 40-percent stake in the Boddington Mine, Australia's largest, and a 50-percent stake in the Mount Gibson Mine.
COPYRIGHT 1991 Reed Business Information
COPYRIGHT 2004 Gale Group
