Owner
Post by Franko10 ™ on Feb 16, 2005 13:29:53 GMT -5
Utter elected president of Latin American Gold Ltd
GREENWICH, Conn.--(BUSINESS WIRE)--Dec. 7, 1995--Gerard E. Munera, chairman of Latin American Gold Ltd., announced today that Dr. Thomas Utter has been elected as president and chief operating officer of the company.
As a full-time consultant to LAG, Dr. Utter has been instrumental in defining the geological information and concepts which the company is developing in Southern Ecuador via its 40 percent interest in Cominzasa. Dr. Utter has spent the majority of his time in recent months in Ecuador, working on the Cominzasa concessions.
A graduate of the University of Frankfurt, Dr. Utter is a professor of geology and has been a consultant to several leading mining companies. As president, Dr. Utter succeeds Carmen F. Fimiani, who has resigned as a member of LAG management but remains as a member of its Board of Directors.
Munera also announced that effective Oct. 1, 1995, the company's 40 percent interest in Cominzasa was confirmed as fully vested and its obligations were reduced to (a) the US$7.2 million already paid (US$3.6 million to the other shareholders of Cominzasa and US$3.6 million in investment in Cominzasa and its drill program); plus (b) the funds needed to complete the second phase drilling program, to expand the mine and mill at Guayzimi Alto to a capacity of 150 to 200 tonnes per day and to make the remaining payments to complete the acquisition of the Minanca concession. The actual amount of money advanced to complete the second phase drilling program, expand the mine and mill and complete the payments for Minanca, anticipated to be an aggregate of US$646,000, is repayable to the company out of the first available cash flow from the Guayzimi Alto property.
As announced in November, Cominzasa expects to produce 16,000 ounces of gold during 1996, at a cash cost well under US$100 per ounce. Part of the cash flow from the increased production will fund the third phase of drilling that is scheduled to begin in the first quarter of 1996, after repayment to the company of the advances noted above.
The company has arranged for interim financing in the amount of US$850,000, secured by the repayment from Cominzasa, and carrying 850,000 warrants, each one for one LAG share at US$.50 (the present market price).
Latin American Gold Ltd. is a gold exploration company with property interests in Ecuador and Venezuela. Its shares are traded in the Canadian Dealing Network under the symbol LAGD.
CONTACT: James F. Hill, For Latin American Gold Ltd.
201/930-0037
COPYRIGHT 1995 Business Wire
COPYRIGHT 2004 Gale Group
GREENWICH, Conn.--(BUSINESS WIRE)--Dec. 7, 1995--Gerard E. Munera, chairman of Latin American Gold Ltd., announced today that Dr. Thomas Utter has been elected as president and chief operating officer of the company.
As a full-time consultant to LAG, Dr. Utter has been instrumental in defining the geological information and concepts which the company is developing in Southern Ecuador via its 40 percent interest in Cominzasa. Dr. Utter has spent the majority of his time in recent months in Ecuador, working on the Cominzasa concessions.
A graduate of the University of Frankfurt, Dr. Utter is a professor of geology and has been a consultant to several leading mining companies. As president, Dr. Utter succeeds Carmen F. Fimiani, who has resigned as a member of LAG management but remains as a member of its Board of Directors.
Munera also announced that effective Oct. 1, 1995, the company's 40 percent interest in Cominzasa was confirmed as fully vested and its obligations were reduced to (a) the US$7.2 million already paid (US$3.6 million to the other shareholders of Cominzasa and US$3.6 million in investment in Cominzasa and its drill program); plus (b) the funds needed to complete the second phase drilling program, to expand the mine and mill at Guayzimi Alto to a capacity of 150 to 200 tonnes per day and to make the remaining payments to complete the acquisition of the Minanca concession. The actual amount of money advanced to complete the second phase drilling program, expand the mine and mill and complete the payments for Minanca, anticipated to be an aggregate of US$646,000, is repayable to the company out of the first available cash flow from the Guayzimi Alto property.
As announced in November, Cominzasa expects to produce 16,000 ounces of gold during 1996, at a cash cost well under US$100 per ounce. Part of the cash flow from the increased production will fund the third phase of drilling that is scheduled to begin in the first quarter of 1996, after repayment to the company of the advances noted above.
The company has arranged for interim financing in the amount of US$850,000, secured by the repayment from Cominzasa, and carrying 850,000 warrants, each one for one LAG share at US$.50 (the present market price).
Latin American Gold Ltd. is a gold exploration company with property interests in Ecuador and Venezuela. Its shares are traded in the Canadian Dealing Network under the symbol LAGD.
CONTACT: James F. Hill, For Latin American Gold Ltd.
201/930-0037
COPYRIGHT 1995 Business Wire
COPYRIGHT 2004 Gale Group
