Mountain Lake Resources Ltd ( MOA) VSE Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Mountain Lake Resources Ltd ( MOA) VSE

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Grim Reaper who started this subject	3/31/2003 2:06:20 PM
From: KC Jones	Read Replies (1) of 598

Diamond Grade and Value Confirmed at Tirisano Monday March 31, 12:47 pm ET WINDSOR, NOVA SCOTIA--Etruscan Resources Inc. (EET.TSX) and Mountain Lake Resources Inc. (MOA.TSX Venture) jointly announced today that results from the 100,000 tonne controlled mining block confirm the diamond grade, price and revenue projections for the Tirisano Mine located in South Africa. The average grade is 1.51 carats per 100 tonnes (2.72 carats per 100 cubic meters) using a bottom cutoff screen size of 2 mm. The average diamond value is US$429 per carat from all diamond sales including the diamonds sold to date from the controlled mining block. The average revenue generated to date per tonne is US$6.49. This compares favourably to the projected business model of 1.6 carats per 100 tonnes (2.9 carats per 100 cubic meters); a value of US$400 per carat; and revenue of US$6.40 per tonne. The Tirisano Diamond Mine has generated total revenues to date of US$752,132 from the sale of 1,754 carats. Another diamond sale is scheduled for early April at which time all the remaining unsold diamonds from the controlled mining block will be auctioned off. A further press release will be issued at that time to report on the final value from the controlled mining block. Material from the controlled mining block consisted predominantly of the yellow, clay-rich alluvial gravel mined at depths varying between 5 and 30 meters over a strike length of 250 meters along the eastern margin of the ore body. Recent drilling confirmed the yellow, clay-rich gravel continues to depths of 80 meters in a large "sinkhole" feature in the underlying dolomite bedrock. The depth extension of the yellow gravel is responsible for the 25% increase in the in situ indicated diamond resource as announced on February 27, 2003. As stated in that press release, the on-going exploration program is managed by Etruscan Diamonds with oversight provided by David Duncan, P. Geo., Chief Geologist for Etruscan Resources. The clay-rich gravel represents over 85% of the alluvial gravel resource and initially presented several challenges for the plant to overcome. Modifications were completed during January and February and plant is now running smoothly. Additional scrubbing capacity will be added to increase daily throughput and plant availability. Final engineering and design studies for expanding the Tirisano plant are now underway based on the new results and current metallurgical parameters. The common shares of Etruscan are traded on The TSX Exchange under the symbol "EET". The common shares of Mountain Lake are traded on the TSX Venture Exchange under the symbol "MOA". More extensive information on Etruscan and Mountain Lake can be found on their respective websites at etruscan.com and mountain-lake.com . KC

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next