Mandorin outlines reason for halt
Mandorin Goldfields Inc MGD
Shares issued 28,991,228 Feb 23 close $0.73
Tue 7 Nov 2000 News Release
Mr. Malcolm Stevens reports
Reason for company continuing to be halted
The delay being experienced in finalizing the eBillings, Inc. transaction
documentation is directly attributable to a temporary change in market
conditions. As a result of the sentiment change, an amending agreement was
negotiated and signed on Sept. 18, 2000. The directors of Mandorin continue
to ensure that the definitive share purchase agreement, the final agreement
to be signed, is finalized as quickly as possible, so that the company can
apply for resumption of trading of its shares.
Zimbabwe, Mandorin/Independence Gold Mining (Zimbabwe) Pvt. Ltd.
(Indepgold) joint venture
The joint venture document (replacing the original heads of agreement) has
been finalized and agreed to by both parties, under the same terms.
The general situation in Zimbabwe has not altered substantially over the
past few months with all activity being affected by the shortage of fuel.
Consequently, although regional exploration activity is currently being
maintained at a minimal level throughout the properties, the company has
concentrated upon its evaluation of one of the gold-bearing reefs within
the Ilex group of claims on Tafuna Hills.
A resource has not been established at this stage in relation to this reef
as it was not previously envisaged that the exploration program would need
to be curtailed during a period of difficult economic and operational
conditions in the country. Nevertheless the current trial mining, near
surface, will define the lateral extent of the reef together with actual
widths and grades. As information becomes available, a drilling program may
be warranted to define the resource.
The company trial processed 186.62 tonnes of ore during September, at an
average grade of 6.98 grams per tonne gold, through the Shamva mine plant
(owned and operated by Indepgold).
Laboratory metallurgical results and the plant trial indicate that the ore
is readily amenable to cyanidation with in excess of 90-per-cent recovery
after 24 hours residence and 75 per cent after 12 hours. Approximately 40
per cent to 50 per cent of the gold from the oxidized zone of the reef may
be recovered by gravity. Tests are currently in progress to determine if
the ore is suitable for heap leaching.
Both EPO 1080 and 1072, and all of the company's 59 mineral claims
predominantly located in Tafuna Hill, are in good standing. The EPOs have a
current tenure extending to mid-2002.
Over the past 12 months, since the heads of agreement was signed, Indepgold
has fulfilled all of its financial obligations in relation to the earn-in.
Indepgold has spent in excess of $200,000 (U.S.) on exploration and mineral
claim acquisitions. A further $75,000 (U.S.) has been paid by Indepgold as
a contribution to the purchase of the Tafuna Hills claims from Picard
Holdings Limited.
EPO 1073
Recently acquired geochemical soil sampling data confirm the presence of a
well-defined copper and zinc anomaly over the Greenstone belt within the
eastern portion of the property coincident in part with a number of strong
EM anomalies and felsic volcanic horizons which potentially host a VMS-type
deposit.
The property is currently being offered for joint venture.
eBillings, Inc.
The eBillings, Inc. on-line payment processing system is being developed
with the goal of being the most comprehensive e-commerce payment package
available. Development work continues at eBillings, Inc. to ensure that the
product offering, when released, will be at the forefront of e-commerce
settlement and customer relationship management software.
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