Info on Twin Gold's Atlanta Mine, SDMCF own's 20%.
It's not dead yet, they got the big bucks now. Diamonds.
twingold.com
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Sure would be nice to see some glitter at ice property.
Skeena stock is no TWG, sorry folks,
Tuesday, November 30, 1999
Toronto Stock Exchange "TWG"
Berlin OTC Exchange "878 341, EDV-KĀrzel ATG"
Third Quarter 1999 Report to Shareholders
TWIN GOLD CORP ("TWG-T") - Third Quarter 1999 Report to Shareholders
Twin Gold Corporation is pleased to announce the third quarter results and progress.
The Company completed a successful non-brokered private placement of $450,000 in August. In September
$125,000 was added to the treasury from exercised options. On November 15, the Company announced the
engagement of Dundee Securities Corporation to act as agent for a private placement of special warrants of Twin
Gold to raise proceeds of between $3,000,000 and $5,000,000 to fund the ongoing exploration and development of
the TORNGAT diamond project in Quebec and for general working capital.
The financial position of the Company improved considerably with the successful completion of the private
placement. Cost reduction efforts continued with Administrative and General Costs dropping by a further 41% as
compared to the third quarter of 1998. Capital expenditures of $307,820 for 9 months of 1999 were double those of
the comparable period in 1998, caused mainly by development costs for the TORNGAT diamond project. Cash
on hand at the end of the quarter was $571,887 more than double the amount by the end of the second quarter.
The initiative undertaken by the Company to increase shareholder value by moving into diamonds, is paying off.
Results from kimberlite samples from the discovery claim staked on June 30, 1999 were beyond expectations and
resulted in the Company acquiring progressively a land position of 444 sq. km. There are four Mine-Exploration
Permits (P.E.M.'s No. 1459, 1462, 1464 and 1474) covering this position. We have extracted already 161 diamonds,
all of high quality. We are now flying a High Resolution Magnetic, Gradiometric and VLF Survey to investigate
the newly discovered 20-km corridor of diamondiferous kimberlite dykes and lineaments.
The Atlanta Gold Mine has been prepared for a large diameter-drilling program (4,000 feet) to obtain a bulk
sample for metallurgical testing and to advance the project towards a bankable feasibility study. Permits to do
the drilling are in place. |
