HENDERSON, Nev.--(BUSINESS WIRE)--May 7, 1997--Alta Gold Co. (NASDAQ/NM:ALTA) Wednesday announced that the U.S. Forest Service has issued a Record of Decision approving the plan of operations for the company's Griffon gold mine, located in White Pine County, Nevada.
Pending any final appeals, the Record of Decision will allow Alta to begin developing and mining Griffon in the next 45 days.
Robert N. Pratt, president and chief executive officer of Alta Gold, stated: "Upon the resolution of any last-minute appeals, we plan to hit the ground running at Griffon. We have already finalized our mine plan, begun to muster the necessary workforce and to acquire the equipment needed to begin mining at Griffon before the end of June."
As of Dec. 31, 1996, Griffon contained more than 68,000 ounces of mineable gold reserves, as verified by Pincock Allen and Holt, an independent mining engineering firm. The reserves are contained in two distinct deposits, approximately 1,000 feet apart, both of which have excellent internal continuity, as well as gold exposed at the surface. Projected cash production costs are below $200/oz.
The company is engaged in the exploration, development, mining and production of gold on properties in Nevada. The company also has three base metals properties in the western United States which are in various stages of development. -0-
This news release contains statements that may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as management's expectations regarding the company's receipt of required permits, planned dates for commencement of gold production at the company's mining properties and the scope of anticipated drilling programs.
Such forward-looking statements are inherently uncertain and the actual results may differ from management's expectations. Further information on potential factors which could affect the financial condition and results of operations of the company are included in the filings of the company with the Securities and Exchange Commission, including, but not limited to, the company's annual report on Form 10-K for the fiscal year ended Dec. 31, 1996.
CONTACT:
Alta Gold Co.
Margo Bergeson, 702/433-8525
KEYWORD: NEVADA
INDUSTRY KEYWORD: MINING/METALS
BW1063 MAY 07,1997
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