Tuesday September 11, 8:31 am Eastern Time
Press Release
SOURCE: Global Platinum + Gold, Inc.
Global Platinum + Gold, Inc. Announces Joint Venture With U.S. Power Systems, Inc.
SALT LAKE CITY, Sept. 11 /PRNewswire/ -- The following is being issued by Global Platinum + Gold, Inc. (OTC: GPGI - news):
Global is pleased to announce that it has entered into a Joint Venture with U.S. Power Systems, Inc. (OTC: USPS - news) of Peoria, AZ, for the development of the Hassayampa property, located near Buckeye, AZ, utilizing a proprietary process owned by Global for the recovery of platinum group metals. The Agreement provides for a 50/50 split of all profits and losses and appoints USPS as the Operator of the property. It is the intention of the parties to bring the property into full production as soon as an Aquifer Protection Permit can be obtained from the Arizona Department of Environmental Quality. A majority of the items required for the Application have been completed, and the Joint Venture intends to request a No-Discharge exemption to operate on a limited scale (approx. 10 tons per week) while the Application is being considered.
Pro forma data regarding production potential of ``platinum only'' for the Joint Venture follows below, which does not account for any revenue associated with the recovery of the gold, palladium or rhodium content of the Hassayampa ore. Once those values are quantified, the following presentation may be enhanced in a material fashion.
PRO FORMA
USPS/GPGI J V
Production Projections
50 Ton per 100 Ton per
INCOME from PRODUCTION START UP Day Day
5 Day week 7 Day week 7 Day week
Production in Oz. 4,368 Oz. 152,800 Oz. 395,760 Oz.
Yearly Sales Platinum @ $450 Oz. $1,965,600 $68,796,000 $137,592,000
Less: Refining $(61,152) $(2,140,200) $(4,281,640)
Shipping $(13,000) $(47,750) $(95,550)
NET SALES $1,891,448 $66,608,050 $133,214,810
PROCESSING COSTS:
Mortgage Payment $36,000 $63,000 $180,000
Labor $40,580 $184,200 $559,104
Management & Administration $275,000 $300,000 $1,500,000
Payroll Taxes $62,818 $90,366 $176,593
Chemicals $150,280 $5,259,800 $10,519,600
Diesel Fuel $8,000 $36,500 $36,500
Propane $3,000 $6,000 $12,000
Water services $2,600 $2,600 $5,200
Repair & Maintenance $10,000 $10,000 $25,000
Equipment Rental $2,000 $3,000 $3,000
Truck/Auto Expense $12,000 $16,000 $35,000
Chemical Transport $10,400 $10,000 $10,000
Phone $2,500 $3,000 $5,000
Accounting $6,000 $7,500 $25,000
Office Supplies $1,000 $4,000 $7,500
Lab Supplies $15,000 $12,000 $15,000
ADEQ Permitting $25,000 $2,500 $2,500
Contingency (3%) $17,697 $17,999 $393,270
Total Projected Expenses: $679,875 $6,028,465 $13,510,267
NET INCOME (Pre-Tax) $1,211,573 $60,579,555 $119,704,543
200 Ton per 300 Ton per 500 Ton per
INCOME from PRODUCTION Day Day Day
7 Day week 7 Day week 7 Day week
Production in Oz. 611,520 Oz. 917,280 Oz. 1,528,800 Oz.
Yearly Sales Platinum @
$450 Oz. $275,184,000 $412,776,000 $687,960,000
Less: Refining $(856,280) $(12,842,920) $(21,404,200)
Shipping $(191,100) $(286,650) $(477,750)
NET SALES $274,136,620 $399,646,430 $666,078,050
PROCESSING COSTS:
Mortgage Payment $180,000 $180,000 $180,000
Labor $559,104 $628,992 $663,936
Management & Administration $1,500,000 $1,600,000 $2,000,000
Payroll Taxes $176,593 $192,594 $208,594
Chemicals $21,039,200 $31,558,800 $52,598,000
Diesel Fuel $36,500 $36,500 $36,500
Propane $12,000 $12,000 $12,000
Water services $5,200 $5,200 $5,200
Repair & Maintenance $25,000 $25,000 $30,000
Equipment Rental $3,000 $3,000 $3,000
Truck/Auto Expense $35,000 $35,000 $35,000
Chemical Transport $10,000 $10,000 $10,000
Phone $5,000 $5,000 $5,000
Accounting $25,000 $25,000 $25,000
Office Supplies $7,500 $7,500 $10,000
Lab Supplies $20,000 $20,000 $20,000
ADEQ Permitting $2,500 $2,500 $2,500
Contingency (3%) $708,978 $1,030,262 $1,675,266
Total Projected Expenses: $24,350,575 $35,377,348 $57,519,996
NET INCOME (Pre-Tax) $249,786,045 $364,269,082 $608,558,054
note: Start up assumes operating with 0 discharge permit 10 Ton per week
*8.4 Oz. per ton based on Fischer test
note: Start up assumes operating with 0 discharge permit 10 Ton per week
This communication to shareholders and the public contains certain 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 estimated reserves, estimated future production, and the value thereof, 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.
For information contact: Robert J. Nielson 801-277-0744 www.globalplatinum.com
SOURCE: Global Platinum + Gold, Inc. |
