Ladies and Gentlemen,
The following is the latest news from Millstream. It is also attached as a
word doc.
Have a great day.
Canadian Dealing Network Millstream Mines Ltd.
Symbol MLSM 4 King St. W., Suite 1320
Toronto, Ontario, M5H 1B6
Tel: (416) 368-9595
29,608,043 SHARES ISSUED Fax: (416) 368-0584
FOR IMMEDIATE RELEASE Date: June 22, 2000
Magnesium Recovery possible with New Technology
Potter Mine Tailings in situ value escalates to $112,000,000
Millstream Mines Ltd. announces Magnesium (Mg) contained in its Potter
Property tailings could be recovered in addition to other selected metals.
As previously reported (P.R. Feb. 7, 2000), the very favourable laboratory
test results on the tailings utilizing a proprietary electrochemical
leaching process confirmed that sulphide minerals can be selectively
oxidized for segregated recovery. Further review of these laboratory
results indicate the contained magnesium can also be treated for recovery,
which could result in a multiple of approximately five (5) times the
previously stated in situ value of the tailings based on current metal prices.
Laboratory test results show contained magnesium in the tailings at 3.5%.
Multi-Mineral (30 elements) assays previously done by Swastika Laboratory
on drill core samples from within the massive sulphide zones substantiate
magnesium values in this order of magnitude or greater in both the hanging
wall and footwall of the massive sulphide (Cu-Zn-Co) zones. Previous
drilling, sampling and assaying of the tailings confirmed a calculated
average grade at 0.2% copper, 1.5% zinc, and 0.05% cobalt contained within
480,000 tons of tailings (P.R. Feb. 7, 2000). Based on current market
prices for copper @ U.S. $0.83/lb, zinc @U.S. $0.50/lb and cobalt @U.S.
$14.25/lb the in situ metal value calculates at CDN $22,600,000. With the
addition of 3.5% magnesium at U.S. $1.80/lb the in situ metal value
escalates to CDN $122,000,000 (using 1.45 CDN conversion factor).
Ernest Harrison, president of Millstream states, "the inclusion of
magnesium recovery from the Potter Mine Property would greatly alter, on a
positive basis, the configuration and values of the ore zones." The
planned Site Pilot Test program thus becomes a very important ingredient of
the on-going Potter Property investigation and the determination of its
true potential.
Millstream is sourcing $600,000 to fund the proprietary Electrochemical
Quik Leach and Membrane System Pilot Test. As an inducement and
consideration of supplying the funding, Millstream will grant to the
investor(s) a 50% rebate of funds supplied and a total 10% Net Profit
Interest ("NPI") royalty in all metals or minerals recovered from the
tailings. The 50% rebated will only be paid upon Millstream receiving
research grants and scientific research and experimental development tax
incentives. Interested parties should contact any of the below listed
personnel.
This press release contains certain "forward-looking statements", as
defined in the United States Private Securities Litigation Reform Act of
1995, that involve a number of 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.
The principal objective of Millstream Mines Ltd. is to enhance and develop
known mineral properties to production potential.
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For further information contact:
Mr. Ernest Harrison, EM Phone: 705-474-7282
Mr. Marty Martinello, B.A. Fax: 705-474-5491
or
Mr. Peter H. Brodie Brown Phone: 416-368-9595
Mr. Robert Chase, B.A. Fax: 416-368-0584
Email: mlsm@passport.ca
Website: www.millstreammines.com
No regulatory authority or similar body approved nor disapproved the
information contained herein.
June22,2000-Mg.doc
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June22,2000-Mg.doc
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Winword File (application/msword)
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