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Post by Franko10 ™ on Sept 30, 2004 19:57:44 GMT -5
Petro Plus Inc. reports Blackdome Gold Mine joint venture
Business Wire, May 2, 1996
EDMONTON, ALBERTA--(BUSINESS WIRE)--May 2, 1996--Petro Plus Inc. (ASE symbol: PPV.A) and Claimstaker Resources Ltd. (VSE/ASE symbol: CLN) are pleased to announce that they have reached an agreement in principle to a joint venture whereby Petro Plus Inc. can acquire a 50% interest in the Blackdome Gold Mine near Clinton, B.C.
To earn a 50% interest in the mine, Petro Plus Inc. must finance a $2.5 million exploration and development program before May 1, 1997. Claimstaker will be the operator of the program. Under the terms of the agreement, Petro Plus Inc. must deliver the funds for the first $500,000 program to the operator by June 17, 1996. This agreement in principle is subject to the execution of formal agreements, approval by the boards of directors both companies and by the regulatory authorities.
In a News Release dated May 2, 1996 by Claimstaker Resources Ltd., it stated that:
"A recent study has indicated an ore resource of 176,000 tons at a grade of 0.47 oz. gold and 1.08 oz. silver per ton. The initial joint venture work program will be directed toward confirming this resource so that a production decision may be announced within a few months.
Between 1986 and 1991 the Blackdome Gold Mine produced approximately 225,000 oz. of gold and 550,000 oz. of silver from some 370,000 tons of ore. The average grade of the ore mined during this period was 0.64 oz. gold and 1.49 oz. silver per ton. The on-site 210 tonne per day ore processing plant has been examined by an independent engineer, and only minor changes will be required to resume operation. With the existing mill facilities and underground development, the Blackdome Gold Mine could be placed back into commercial production very quickly if sufficient mineable reserves are confirmed."
For further information please contact Urban Casavant c/o 500, 10060 Jasper Avenue, Edmonton, Alberta T5J 3R8, or by telephone at (306) 922-6065 or fax (306) 922-6065.
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
CONTACT: Urban Casavant, 306/922-6065
COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group
Business Wire, May 2, 1996
EDMONTON, ALBERTA--(BUSINESS WIRE)--May 2, 1996--Petro Plus Inc. (ASE symbol: PPV.A) and Claimstaker Resources Ltd. (VSE/ASE symbol: CLN) are pleased to announce that they have reached an agreement in principle to a joint venture whereby Petro Plus Inc. can acquire a 50% interest in the Blackdome Gold Mine near Clinton, B.C.
To earn a 50% interest in the mine, Petro Plus Inc. must finance a $2.5 million exploration and development program before May 1, 1997. Claimstaker will be the operator of the program. Under the terms of the agreement, Petro Plus Inc. must deliver the funds for the first $500,000 program to the operator by June 17, 1996. This agreement in principle is subject to the execution of formal agreements, approval by the boards of directors both companies and by the regulatory authorities.
In a News Release dated May 2, 1996 by Claimstaker Resources Ltd., it stated that:
"A recent study has indicated an ore resource of 176,000 tons at a grade of 0.47 oz. gold and 1.08 oz. silver per ton. The initial joint venture work program will be directed toward confirming this resource so that a production decision may be announced within a few months.
Between 1986 and 1991 the Blackdome Gold Mine produced approximately 225,000 oz. of gold and 550,000 oz. of silver from some 370,000 tons of ore. The average grade of the ore mined during this period was 0.64 oz. gold and 1.49 oz. silver per ton. The on-site 210 tonne per day ore processing plant has been examined by an independent engineer, and only minor changes will be required to resume operation. With the existing mill facilities and underground development, the Blackdome Gold Mine could be placed back into commercial production very quickly if sufficient mineable reserves are confirmed."
For further information please contact Urban Casavant c/o 500, 10060 Jasper Avenue, Edmonton, Alberta T5J 3R8, or by telephone at (306) 922-6065 or fax (306) 922-6065.
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
CONTACT: Urban Casavant, 306/922-6065
COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group
