Bill and ALL - - - NEWS out today. Dow and Rueters haven't picked it up but it is on Businesswire and Bloomberg. Even with gold strugling, this should interest the bargain hunters! Here is a copy.
ALTA GOLD CO.
BEGINS CONSTRUCTION AT GRIFFON
FOR IMMEDIATE RELEASE
Contact: Margo Bergeson, Director - Investor Relations
(702) 433-8525
(July 16, 1997) - Henderson, Nevada: Alta Gold Co. (Nasdaq National
Market: ALTA) announced that, effective as of today, Alta has
received all of the permits necessary to put the Griffon gold mine
into production and has commenced site development and construction
at Griffon.
The Griffon gold mine is located in White Pine County, Nevada, 46
miles southwest of the Company's eastern Nevada operational
headquarters in Ely, Nevada. The property contains two presently
identified near-surface ore bodies, each of which is open to
expansion in three directions. As of December 31, 1996, Griffon
contained more than 68,000 ounces of mineable gold reserves, as
verified by Pincock Allen & Holt, an independent mining engineering
firm.
Mr. Robert N. Pratt, President and Chief Executive Officer of Alta
Gold, stated: "Gold production at Griffon is scheduled to begin in
January 1998 at a rate of 35,000 oz/year and at a cash cost of less
than $200/oz. During the construction phase, we also plan to drill
multiple targets which are adjacent to both of the presently known
ore bodies. Any additional gold reserves discovered will not only
increase future revenue but is also expected to further reduce our
already low per ounce cash cost of production."
Mr. Pratt further noted that the recent decrease in the price of gold
is not expected to adversely impact on the profitability of the
Company's operations during the next 18 months because of hedges that
the Company has in place. Mr. Pratt stated: "Through the purchase
of put options, we are guaranteed to receive a minimum of $335/oz for
nearly all of the gold we are scheduled to produce during the next 18
months - 21,000 ounces for the remainder of 1997 and 84,000 ounces
for 1998. Although we don't like the current price of gold, we
aren't overly concerned about it - thanks to the price protection we
have in place."
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. |
