News 9/5:
Tuesday September 5, 9:06 am Eastern Time
Press Release
Balsa Project On a Fast Track
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Sept. 5,
2000--Fischer-Watt Gold (OTCBB:FWGO - news) announced today that
funding for a bankable feasibility study on its Balsa Project has been
assured by an arrangement made with the Chairman of the Board, James
Seed.
Under this arrangement, Mr. Seed has agreed to provide the funds necessary to produce the study, up to a maximum of
$400,000. Fischer-Watt will form a New Mexican subsidiary in which Mr. Seed will hold 10%. Fischer-Watt and its
present Mexican subsidiary, Minera Montoro, will hold the balance of the new company.
George Beattie, President and CEO of Fischer-Watt, said, ``Jim Seed has always been supportive of the company and
this arrangement is a continuation of his past actions. This stable source of funds will allow us to proceed with the
development of this project on a fast track. Senior staff is scheduled to make an in-depth site visit to the Balsa early in
September and discussions with qualified consulting firms have begun.''
As previously announced arrangements for capital financing on the Balsa, up to $7,000,000, have already been made
contingent upon the production of a bankable feasible study.
The Balsa is an open pit copper project located in the state of Michoacan, Mexico. The gross value of the copper,
recoverable by leaching, is $48,200,000.
Statements in this release that are not historical facts are ``forward-looking statements'' within the meaning of the Private
Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future
performance and that actual developments or results may vary materially from those projected in the forward-looking
statements.
Contact:
Fischer-Watt Gold Company Inc., Coeur d' Alene
George Beattie, 208/664-6757 |
