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Exploration Auriginor and Procoloro Resources Inc. Enter Into an Agreement to Acquire 100 Percent of a Panamanian Gold Producer Exploration Auriginor and Procoloro Resources Inc. Enter Into an Agreement to Acquire 100 Percent of a Panamanian Gold Producer July 7, 1997 1:58 PM EDT
MONTREAL--(BUSINESS WIRE)--July 7, 1997-- AURIGINOR(ME AUI. ) PROCOLORO(ME PCH. ) EXPLORATION AURIGINOR INC. and PROCOLORO RESOURCES INC (ME-PCH) are pleased to announce that they have entered into an agreement to acquire a 100 percent interest in a gold producing property with a large exploration potential. To earn their respective interest of 50 percent, Auriginor and Procoloro will each invest up to $2,500,000US and issue an amount of shares, not to surpass $1,600,000US in value, as per specified conditions. This gold producing property located in Panama of 2,400 hectares is presently in production at a rate of 250 tpd averaging 5 g/t for a total of 12,000 oz with their own mill.
The reserves of the property calculated by Dr. Pierre St-Julien, independent geologist, as per previous reports, are as follows:
Underground reserve (main vein)
tonnage g/t Au
_______ ______ _________
Proven 368,000 5.97 66,240 oz
Probable 205,000 6.06 38,950 oz
Possible 500,000 6.00 93,750 oz
Potential 1,072,000
Surface reserve (main zone)
tonnage avg g/t Au
_________ ______ __________
Proven 1,743,962 1.98 93,837 oz
Possible 23,890,000 1.98 1,525,000 oz
The main zone has a length of 3,000 meters, width 30 meters and
depth 100 meters.
These tables are not including numerous veins that are on the property which can add significant reserves. Some trenching on the north side of this stockwerk returned values of 1.97 g/t Au on 22 meters and the south side returned a value of 4.97 g/t Au. A minimum of work will easily increase the reserves. The first phase of evaluation was conducted by independent mining experts, Daniel P. Goffaux, P. Eng., M.Sc. Eng., engineer and Ronald Peloquin, metallurgist as well as Procoloro staff. The due diligence was completed by Ernst & Young. A second study is to commence to determine reserves and upgrade the equipment to increase production as well as profitability which will take a maximum of 90 days.
With Procoloro's experienced mining experts and the modernization of the production facilities, additional tonnage combined with a higher recovery rate will increase production to 40,000 oz within the next 3 years, which will greatly improve the profitability of the Company.
This transaction is subject to regulatory approval.
c Business Wire. All rights reserved.
Additional sources of information
Tell Me More - From Infoseek
Company Profile - From E*TRADE: PROCOLORO,
Stock Charts - From Quote.Com: PROCOLORO,
SEC Filings - From EDGAR Online: PROCOLORO,
Company Capsule - From Hoover's Online: PROCOLORO,
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