All-- Here is the "news">>Tuesday September 9 8:04 AM EDT
Company Press Release
Alta Gold Co. Nears Completion of Permitting
Olinghouse
HENDERSON, Nev.--(BUSINESS WIRE)--Sept. 9, 1997--Alta Gold Co.
(Nasdaq/NMS:ALTA) Tuesday announced that the U.S. Bureau of Land Management has issued
a Draft Environmental Impact Statement (``DEIS'') in regard to the plan of operations for the
company's Olinghouse gold mine, located in Washoe County, Nevada.
The issuance of the DEIS, which will become available to the public on Sept. 12, 1997, is the
precursor to the issuance of the Record of Decision which will allow Alta to begin developing and
mining Olinghouse.
Robert N. Pratt, president and chief executive officer of Alta Gold, stated: ``The issuance of the
DEIS is an important milestone in the development of Olinghouse. In addition to the BLM, many
local government agencies were involved in the development and completion of the DEIS and we
wish to thank them all for their valuable input and participation.
``As soon as the Record of Decision is issued, we will commence site development, construction
and mining. Gold production will follow shortly thereafter at a rate in excess of 100,000 ounces
per year over a period of at least five years.''
As of Dec. 31, 1996, Olinghouse contained more than 662,000 ounces of mineable gold reserves,
as verified by Pincock Allen & Holt, an independent mining engineering firm. In April 1997, the
company increased its land position at Olinghouse by more than 50% to more than 6,700 acres,
which includes the extension of the Olinghouse mineralized trend which covers an area five miles
long and one mile wide.
It is the company's belief that the gold reserves verified at the end of 1996 represent only a fraction
of a much larger gold reserve contained in the underlying property.
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. |
