To All,
Twin Gold Corp - News Release
Preliminary feasibility study of Idaho property completed
Twin Gold Corp TWGShares issued 236983411990-05-09 close $0.25Tuesday Apr 8 1997News ReleaseAn anonymous director reports Idaho Twin Gold's Atlanta property in Idaho is an advanced stage gold property, with a long history of gold mining, beginning with small placer operations in 1864. Gold production peaked between 1932 and 1952 when over 400,000 ounces of gold was produced from the Atlanta property. The property's current proven and probable reserves have been outlined at over one million ounces of gold and 2.5 million ounces of silver, in two near surface deposits. In addition, an underground resource of 784,000 tons, grading 0.31 ounces has been identified and further potential exists along strike and at depth. Twin Gold has just completed a preliminary feasibility study of the project, and permitting is at an advanced stage. Quest International Resource Corp's earn-in rights to the property are under negotiation with Twin Gold. The company expects to receive government approval to proceed with development within 12 months, and expects to bring the deposit into production within three years. Indonesia Twin Gold is focusing its exploration and development efforts on Indonesia, where it has accumulated seven properties, covering approximately 200,000 hectares. The company has entered into a joint venture agreement with Indotan Resources, to explore and develop seven properties in Kalimantan, Indonesia. The properties are within the highly prospective Central Kalimantan Magmatic Arc. Under terms of the agreement, Twin Gold has the right to earn an 80% interest in each of the properties. In order to pursue and secure high potential properties in Indonesia, Twin Gold has forged strong business relationships with key Indonesian contacts, including Mr Gunawan Lim, executive director of PT Harita Jayarya and vice-president-director of PT Kelian Equatorial Mining, the operating company of Indonesia's Kelian gold mine. Outlook Since October 1996, Twin Gold has raised over $5 million through private placements to finance and sustain its aggressive acquisition and exploration program. Twin Gold's management is currently evaluating exceptional business opportunities in Indonesia and other countries in Southeast Asia to accomplish its objectives of producing cashflow from gold production for its shareholders in the medium and long term. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
RON: This is a good one to start a new thread for TWG!
Management has decided to distance itself from the travesty triggered by Bre-x and has emphasized its North American property potential. A bonus could be the holdings provided by VSY in Labrador & the Franelle District in Quebec. Real companies will rise to the surface in the wake of the Bre-x affair and I'm betting we've got one here.
Dan |
