News caught my eye. No shares traded at all today. Anyone still in this company.
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 8, 1997-- Power Spectra Inc announced
today it has received a $1.2 million contract from LandRay Technology Inc., as the first
phase of a program to develop a Ground Penetrating Radar (GPR) production
prototype system to detect precious metals and minerals in subterranean locations.
Gordon Smith, Power Spectra chairman and CEO, said, "This project, which we expect
to complete before year end, may foreshadow the first broad scale use of GPR in the
precious metals mining industry."
Last January, Power Spectra announced that it had successfully tested a GPR system
in a Sierra Nevada gold mine near Jamestown, Calif. Subsequently, the research
program was moved to an operating gold mine, the Original Sixteen-to-One Mine Inc., in
Alleghany, Calif.
Contract terms call for the company to develop and deliver an operational GPR sensor
assembly, designated the "Seeker," as the first phase of a complete portable system
that will identify and target gold deposits behind mine walls. "The goal is to detect gold
at distances of more than 10 feet beyond the mine tunnel wall surface. Recent
propagation tests in the Original Sixteen-to-One Mine indicate that this objective should
be readily achievable," Smith stated.
LandRay Technology Inc., headquartered in the San Francisco Bay Area, is a
separately capitalized joint venture of Power Spectra and a group of private investors.
LandRay plans to market subterranean exploration services to the underground mining,
mineral extraction and petroleum industries.
Power Spectra, headquartered in Sunnyvale, designs and manufactures high-speed
gallium arsenide (GaAs) switching devices and high-output impulse generators for
military and industrial applications, as well as GPR systems. |
