Goldminco Consolidated Mining Corp. GMC (was GMO) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Goldminco Consolidated Mining Corp. GMC (was GMO)

GMO 0.0121

0.0%

Jan 21 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Rick McDougall who wrote (557)	7/14/1997 3:53:00 PM
From: John W Murphy	of 588

Latest Press Release. Goldminco Mining Corporation - News Release Alice River exploration results Goldminco Mining Corporation GMO Shares issued 13,138,736 Jul 11 close $0.16 Mon 14 Jul 97 News Release Mr Peter Tambanis reports The company has completed 15 (HQ) diamond holes and 11 reverse circulation holes at its Alice River project. Trenching and soil sampling (over 1,000 samples) also has been carried out at North Posie and North Posie extended. Results from trenching have confirmed earlier high grades found in pits over a length of 1,060 metres along the Alice fault. Preliminary analysis of a layer of quartz-pebble eluvium underlying surface sand suggests a grade of 5 to 7 g/t and a thickness of up to 1m. Most of the drill holes have not matched the surface results. However, indications are that gold mineralization extends in narrow veins over 2.4km. A deep drilling program would be required to fully test these targets. In view of the current state of the gold mining industry and the difficulties envisaged in raising further funds for exploration, the company has elected to carry out a feasibility study to mine the shallow and easily accessible deposits on the old leases and in the Posie-North Posie area. Preliminary studies indicate that a mining operation would generate positive cashflow and allow the company to finance further exploration work at Alice River and other areas currently under negotiations.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next