(BSNS WIRE) Sun River Mining Completes Estimate of Mineralization In Pla
Sun River Mining Completes Estimate of Mineralization In Place at Clavo Rico;
Defers Exercising Option; Renews Negotiations and Advances Funding Effort
Business Editors
DENVER--(BUSINESS WIRE)--Sept. 15, 1999--SUN RIVER MINING,
INC. (OTC BB: SUNR) has completed their evaluation of the Clavo Rico,
Honduras, drilling program and prepared a preliminary estimate of
mineralization in place.
The Company deferred exercising the purchase option and has
initiated discussions with management of Compania Minera Cerros del
Sur, S. de R.L. de C.V. regarding a new option, or extension of the
previous option. Minera Cerros del Sur responded with a proposal to
extend the option period by 90 days. Possible terms of the extension
are presently being negotiated.
The reverse circulation rotary drilling program, conducted by
R & R Perforaciones of Tegucigalpa, Honduras, was completed on
August 13, 1999, consisting of a total of 1,286 feet in twelve drill
holes and two target areas. Drilling on the main shear zone, or
"Williams Tunnel Area," confirmed the presence and continuity of oxide
gold mineralization in the shear zone and peripheral to the present
operations. Approximately 1,000 feet to the north, an initial drill
test of the previously unknown "North Extension" also encountered
extensive oxide gold mineralization of potential economic grade.
The planned funding effort was delayed pending determination of
the mineral resource at Clavo Rico, and was further impacted by the
continuing decline in gold prices, thereby precluding a timely
exercising of the option on September 7, 1999. This delay, however;
allowed for a complete review of the presently identified
mineralization and planned processing facility to assure continued
viability. Discussions with an Arizona funding group are in progress
regarding the best method available for securing the needed funds, and
the documents necessary to advance the funding effort are in the final
stages of preparation.
Management remains optimistic in regard to acquiring and
developing the Clavo Rico gold property, and looks forward to a
positive analysis and go-ahead decision in the very near future.
For additional information regarding Sun River, see the
Company's web site at www.sunrivermining.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Steven R. Davis
President & CEO
Sun River Mining, Inc.
350 Indiana St., Suite 800
Golden, CO 80401
Tele: 303/384-3415
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CONTACT: Sun River Mining, Inc., Golden
Steven R. Davis, 303/674-3071
E-mail: geosrdavis@att.net
KEYWORD: COLORADO
INDUSTRY KEYWORD: MINING/METALS
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