Romarco(R:TSE) ties knot with Blue Desert (BDE.C)
Romarco options South Midas projectÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Blue Desert Mining Incÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ BDE
Shares issued 6,550,507ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Jun 23 close $0.21
Wed 15 Jul 98ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release
Also Golden Glacier Resources Inc (GGA)
Also Romarco Minerals Inc (R)
Mr. Brian Fairbank reports
Romarco Minerals has been granted an option to earn aÿ 50ÿ perÿ centÿ joint
ventureÿ interestÿ inÿ the South Midas project, by making cash payments and
exploration expenditures totalling $2,000,000.
As previously released, Blue Desert has an underlyingÿ optionÿ fromÿ Golden
Glacierÿ Resources to earn a 51 per cent initial joint venture interest and
an ultimate 75 per cent joint venture interest by making cash paymentsÿ and
explorationÿ expendituresÿ totallingÿ $450,000ÿ and $1,585,000 respectively
(see news release in Stockwatch Nov. 21, 1997). Blue Desert will beÿ vested
withÿ theÿ initialÿ 51 per cent interest once $450,000 has been expended by
Romarco. When Romarco completes its earnÿ inÿ byÿ expendingÿ $2,000,000,ÿ a
jointÿ ventureÿ willÿ beÿ formedÿ betweenÿ Blueÿ Desert, Golden Glacier and
Romarco with 25 per cent, 25 per cent and 50 per cent respective interests.
The South Midas project is in the Carlin Trend, one ofÿ theÿ mostÿ prolific
andÿ lowÿ costÿ gold producing regions in the world. Recent interest in the
Midas District has been created by the development of theÿ highÿ gradeÿ Ken
Snyderÿ mine,ÿ where underground development is under way on a 2.25 million
ounce gold and 25.3 million ounce silver mining reserve.ÿ Productionÿ costs
areÿ expectedÿ to be $80 (U.S.)/ounce gold equivalent. On the Belnap claims
immediately adjacent to the Ken Snyder mine, Romarco Mineralsÿ announcedÿ a
resourceÿ estimate of 379,400 ounces of gold and 4,399,000 ounces of silver
or 467,000 ounces of gold equivalent. Continuedÿ drillingÿ isÿ expectedÿ to
increase the reserves at both properties.
A work program to include drilling at South Midas will begin immediately to
exploreÿ structuresÿ identified on surface for their potential to host high
grade veins of the Midas type (see newsÿ inÿ Stockwatchÿ Aprilÿ 23,ÿ 1998).
Romarco,ÿ withÿ itsÿ in-depth experience and existing infrastructure in the
camp, will be project operator.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
