Golden Phoenix Minerals Wins Purchase Bid for Mineral Ridge Gold Mine
RENO, Nev., Oct. 24 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - news) announced today that its bid to buy the Mineral Ridge gold
mine in Esmeralda County, Nevada was granted recently by the Federal bankruptcy court in Reno. Formal closing and takeover of the mining property is scheduled for
November 2, 2000.
``This purchase fulfills one of our primary goals of converting Golden Phoenix into an operating mining company. Our careful review of the property's past performance, and
its potential to produce a good cash flow for our Company was the motivation for us to purchase the property,'' said Michael Fitzsimonds, President of Golden Phoenix.
``We are currently getting ready for the ownership transfer, and following the closing, we will report the details of our operating plans.''
The Mineral Ridge mine is located near Silver Peak, Nevada. The property consists of 54 patented and 119 unpatented mining claims totaling nearly 4.2 square miles. Gold
was discovered at Mineral Ridge in 1864 and intermittent mining operations have occurred from that date to the present. Early production was from underground high-grade
gold ores that averaged from 0.243 to 1.45 ounces per ton. In 1989 open pit gold mining was initiated in the district with ores ranging from 0.074 to 0.12 ounces per ton.
The total past gold production of the district is estimated to be about 600,000 ounces of gold.
Golden Phoenix controls two other advanced stage properties in Nevada. The first is the Borealis gold-silver property where the Company has identified a measured and
indicated resource of 33,396,100 tons, which average 0.044 ounces gold per ton containing 1,454,700 ounces of gold, and 0.228 ounces of silver per ton containing
7,612,000 ounces of silver. Numerous areas of open gold mineralization exist on the property, and the overall resource will increase once step-out drilling is performed.
Golden Phoenix also controls the Contact copper property, which hosts a minimum geologic resource of about 61,513,000 tons averaging 0.77 percent copper at a 0.2
percent cutoff grade for 953,271,000 pounds of copper. The drilling program in January expanded the Banner deposit, which continues to remain open in all directions, and
has identified two new mineralized zones.
Golden Phoenix Minerals Inc. is a mineral-property development company headquartered in Reno, Nevada. It specializes in acquiring and consolidating large,
advanced-stage properties with potential for near-term production and good resource development potential. Acquisition and development emphasis is on deposits containing
gold, silver, copper, lead, zinc and other strategic minerals that are located in Nevada.
Visit the Golden Phoenix Web site at golden-phoenix.com
Contact Mike Fitzsimonds, President, at 775-853-4919.
(The statements in this news release that are not historical facts or statements of current status are forward-looking statements [as defined in the Private Securities Litigation
Reform Act of 1995] that involve risk and uncertainties. Actual results may differ widely.)
SOURCE: Golden Phoenix Minerals Inc. |
