nice news !! load up FFR and ITS
International Taurus collars Fenelon portal
International Taurus Resources Inc (2) ITS
Shares issued 61,394,115 Oct 22 close $0.12
Thu 23 Oct 2003 News Release
Also (FFR)
Mr. Robert Blakestad of International Taurus reports
INTERNATIONAL TAURUS RESOURCES INC.: PORTAL ESTABLISHED FOR NEW MINE AT
FENELON GOLD PROJECT; UNDERGROUND DECLINE RAMP DEVELOPMENT UNDERWAY
The Fenelon joint venture has collared the new portal (surface entrance to
new underground mine) and has commenced development of the decline ramp at
the high-grade Fenelon gold project in northwestern Quebec. This milestone
begins the construction of 262 metres of main decline, 484 metres of spiral
decline and stations, 223 metres of vein accesses, and 185 metres of drill
lateral, from which 5,000 metres of exploration drilling are scheduled. The
underground workings designed by the mine plan will provide access to test
mine, and to prove up to reserve status, the present Fenelon resources.
These resources include, as a base case, the resource estimate provided by
SRK Consulting in its independent report (J. Couture, April, 2003).
International Taurus operates the joint venture and holds a 62-per-cent
interest. Fairstar Explorations holds a 38-per-cent interest.
According to the current schedule, the first mineralization can be
extracted approximately four months after the decline is started. The JV is
planning to send the mined ore to Richmont Mines' Camflo mill for
processing. This mill was used successfully for the earlier bulk sample,
with a gold recovery of 97 per cent on a head grade of 9.84 grams of gold
per tonne. All necessary permits have been secured and the JV will apply
for a full mining licence once the feasibility study and mining test are
under way. As the project progresses, additional drilling will be conducted
to add minable reserves to the resources already identified and, as cash
flow is realized, the JV will continue to explore and develop the
additional significant potential of the Fenelon property.
Robert Blakestad, president of Taurus, comments: "This latest development
at the Fenelon project is an exciting milestone. We continue to be
encouraged by the character and extent of this high-grade gold deposit,
which strongly support our belief that the project will be developed into
the next profitable new mining venture in northwestern Quebec. We expect a
successful mining test and feasibility study that will allow continuous
development of the project. We look forward to working with our partner to
make this project a success. The interest in our program and assistance
provided by local and provincial governmental agencies continues to confirm
that Quebec is a very favourable place for new mineral development. We
believe that we will have a long and prosperous presence in the area."
(c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com
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