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Gold/Mining/Energy : NANECO - NNE-A - The Big Time

NNE 34.73

-3.8%

Jan 23 9:30 AM EST

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To: Gord Bolton who wrote (102)	8/31/1999 8:44:00 AM
From: Bob Lawson	Read Replies (1) of 106

We're ready to roll now ... Naneco Minerals Ltd - Naneco to receive licence under Chinese mining legislation Naneco Minerals Ltd NNE Shares issued 23,237,196 1999-08-30 close $0.25 Monday Aug 30 1999 Mr. Archie Nesbitt reports Naneco Minerals is the first foreign investment joint venture company to receive a transferable mining licence under the new Chinese mining legislation (February, 1998). The Ministry of Land and Resources of the People's Republic of China assigned Naneco Minerals Ltd. through its 75-per-cent owned Hulunbeir Jiawula Mine Co. Ltd. ownership of the Jiawula mining rights for a period of 20 years. Exploration of the Jiawula district will continue in conjunction with the development of the Zone No. 2 ore body into production with a goal of increasing production rates and reserves. Immediate plans call for additional metallurgical studies and mining and processing design to culminate in mine production in late 1999 and early 2000. The Jiawula project is a joint venture between Naneco and Hulunbeir Nonferrous Metals Company, a Chinese mining corporation. Naneco holds a 75-per-cent interest prior to payout and a 70-per-cent interest after payout from its investment in the project. This investment will facilitate upgrading of current mill capabilities from 200 tons per day to 1,000 tons per day, additional mine development and infrastructure improvements as well as an intensive exploration program. Initial metallurgical tests at Jiawula are impressive, indicating zinc and lead recoveries of 91.9 per cent and 93.3 per cent and 84.5-per-cent total recovery of silver. The Company has entered into an agreement dated April 6, 1999, with Yvonne Sheldrake of Calgary, Alta., whereby the company retains the services of Ms. Sheldrake to provide investor relations services for the company.

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