The two-kilogram shipment of anode slimes mentioned in our last press release was shipped to Sabin Metal Corporation on April 29, 1999. This shipment is
discussed later in the report.
We continue to increase production by increasing the number of furnaces in operation and the number of shifts worked per calendar week.
Shipment to Sabin Metal Corporation
We shipped two kilograms of our anode slimes on April 29, 1999. By our analysis, the value of the precious metal content is the equivalent of $597,000 per ton of
anode slimes based on the current market value.
Current Situation
On April 19, 1999, we commenced a 15-shift production schedule. It is our intention to go to a 18-shift schedule commencing the week of May 10th and a 21-shift
schedule by the end of the month.
Repairs have been completed on two of the rectifiers. This will result in an increase in production and an increase in the quality of our anode slimes.
We have been using our anode slimes as inquartz, exclusively, for two weeks with excellent results.
Ongoing R & D Projects
R & D continues to work on a leach and precipitation method with the intent that the precipitate have such a gold and precious metal content that it would be shipped
directly to our refiner. Results to-date indicate metal recovery in the range of $1,200 to $1,700 per ton, this recovery is below our current level.
The decision has been made to have R & D continue to develop the process with the aim of increasing the rate of recovery.
Future Plans
1.Put all furnaces into production on a full-time basis (currently we rotate between furnaces)
2.Review the suitability of large capacity furnaces for use in our process
3.Ship samples of the Oro Grande ores to S.M.A.R.T. Technologies for evaluation
4.Continue the evaluation of the Oro Grande ores both by direct furnacing and by the leach/precipitation method
5.Continue to produce as much anode slimes as possible with a view to having a 1,000 lb. shipment available for Sabin Metal Corporation upon completion of
their refining evaluation. We will also continue to produce anode slimes for use by us as inquartz.
The Company brochure should be in production by May 16, 1999.
I am pleased to provide you with this progress report. We have now been in continuous production for a number of weeks. I look forward to advising you of the
results from Sabin Metal Corporation as they become available.
We will focus our future communication efforts toward the general investing public, with a view to increasing their awareness of our company's potential.
May 6, 1999
Mike McKay,
Facilities Manager
This communication to shareholders and the public contains forward-looking statements. Actual results may differ materially from those indicated by such statements.
All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future production, are forward-looking
statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
OTCBB: GPGI
May 6, 1999
Report to Shareholders
We continue to make significant progress since the last report of March 31, 1999.
This report will cover the following:
1.Summary
2.Shipment to Sabin Metal Corporation
3.Current Situation
4.Ongoing R & D Projects
5.Future Plans
Summary |
