Hi Lee,
For some reason your pointer didn't work. It might be better to point to the page preceeding the story. Here's the pointer to the previous page and the story itself.
biz.yahoo.com
Regards - Emory
Wednesday March 26 8:04 AM EDT
Alta Gold Co. Acquires Interest in Osceola Mining District
HENDERSON, Nev., March 26 /PRNewswire/ -- Alta Gold Co today announced the signing of an agreement with Osceola Gold Mining Company to develop gold properties located in the Osceola Mining District, 37 miles east of Ely, Nevada, Alta's operational headquarters. The gold properties include 85 unpatented and five patented mining claims covering approximately 1,800 acres. Initial drilling by Alta is focusing on the area around the old Gilded Age mine. Samples taken of waste dumps at this mine average +/-0.08 oz/ton gold. Following completion of the initial drilling program, Alta has the option to become a 50% owner in the properties and manage the project.
The Osceola Mining District is one of eleven Nevada districts with significant placer gold production. Seven of these districts have now been developed into large lode gold producing mines. An eighth one, Olinghouse, is currently being developed by the Company and is scheduled to go into operation later in 1997 at an initial production rate of 120,000 ounces of gold per year. Alta's interest in the Osceola Mining District is the direct result of the Company's experience at Olinghouse. Olinghouse and Osceola share similar production histories and, around the turn of the century, were two of the largest placer gold producers in the state of Nevada. In spite of these similarities, and Osceola's well documented history of placer gold production, the District has never been the focus of a drilling program using modern techniques.
Gold was discovered at Osceola in 1872 and the District boomed between 1880 and 1900. Published reports state that up to 250,000 ounces of placer gold were recovered from the District. Dry Gulch, at the north end of the District, was the site of the largest single gold nugget ever found in Nevada, weighing 24 pounds.
Alta is engaged in the exploration, development, mining and production of gold on properties in Nevada and also has three base metals properties in the western United States. The Company has posted 11 consecutive profitable quarters and in 1994 reported its first annual operating profit since 1988.
This press release contains statements that may be considered forward- looking statements within the meaning of the private securities litigation reform act of 1995, such as management's expectations regarding the company's proven and probable gold reserves, planned dates for commencement and completion of gold production at the company's mining properties, and the scope of anticipated drilling programs and expenditures. Such forward-looking statements are inherently uncertain, and the actual results may differ from management's expectations. Further information on potential factors which could affect the financial condition and results of operations of the company are included in the filings of the company with the securities and exchange commission, including, but not limited to, the company's annual report on form 10-K for the fiscal year ended December 31, 1995. SOURCE Alta Gold Co. |
