Canadian Company Press Release
GQM 2000-02-04 (provided courtesy of Canadian Corporate News.)
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Golden Queen Announces Management Changes
SPOKANE, WASHINGTON--Golden Queen Mining Co. Ltd. announced today
that Steven W. Banning has announced his resignation as its
President and Chief Executive Officer. Mr. Banning will remain a
director of the Company.
The Company is pleased to announce that Edward Thompson, the
Chairman of the Board of Directors of the Company, has been named
interim President and Chief Executive Officer.
Mr. Banning's resignation will allow the Company to realize
significant cost savings while it awaits the gold price to improve
to a level that will allow the Soledad Mountain Project to be put
into production. "The current level of activity at the project
site and within the Company does not warrant the expenditure of a
full-time President," Mr. Banning stated.
Edward Thompson stated "we are grateful to Steve for his
contribution to the development of the Soledad Mountain Project
over the last four years. We believe the Project has the
potential to be a world-class mine and appreciate Steve's efforts
in advancing the status of the Project towards the realization of
this objective. We wish him every success in his future endeavors
and look forward to his continuing involvement as a director of
the Company."
A fully updated feasibility study on the Soledad Mountain Project
is expected to be complete late next month. Although final
results of the study are not complete, the Company does not expect
to be able to put the Project into production at the current gold
price. The Company anticipates that a gold price in the $325 per
ounce range will be required before project finance can be
procured. It is planned to keep the core site project team in
place to facilitate a rapid response in the event the gold price
improves.
Golden Queen Mining Co. Ltd. is developing the Soledad Mountain
Project, which is located near Mojave, California. With all
significant permits in place and an updated bankable-level
feasibility study expected during the first quarter of this year,
the Project is well-positioned for development in the event of an
improvement in gold prices. Management expects the mineable ore
reserve to exceed 2 million ounces of gold equivalent calculated
at a gold price of $325 per ounce and a silver price of $5.50 per
ounce. Total cash operating cost is projected to be less than
$170 per ounce (net of byproduct silver credits) and total
production cost, which includes life-of-mine capital and
reclamation costs, is expected to be less than $250 per ounce.
The Company's common shares trade on The Toronto Stock Exchange
under the symbol GQM.
This news release contains forward-looking information as
described in the Private Securities Litigation Reform Act of 1995.
The statements herein involve a degree of risk and uncertainty
due to various factors, including, but not limited to, precious
metal price volatility and management's expectations regarding ore
grade and recovery rates, precious metal production, and operating
and capital costs. For a more detailed discussion of these and
other factors that can be expected to affect the Company's future
operations, and, by implication, the accuracy of the
forward-looking statements contained in this press release, please
consult Golden Queen's period reports filed with the United States
Securities and Exchange Commission pursuant to the Securities
Exchange Act of 1934, particularly its annual reports on Form
10-KSB and its quarterly reports on Form 10-QSB. These reports
may be obtained from the SEC, electronically, through its website
at www.sec.gov.
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