Corner Bay acquires mine crushing plant from Canyon
Corner Bay Silver Inc BAY
Shares issued 19,879,442 Jun 20 close $5.18
Thu 20 Jun 2002 News Release
Mr. Peter Mordaunt reports
CORNER BAY SILVER ACQUIRES CANYON RESOURCES' BRIGGS MINE CRUSH ...
Corner Bay Silver has entered into an agreement with Canyon Resources
Corporation to purchase the Briggs mine crushing plant.
AMEC Mining and Metals (AMEC), the engineering firm responsible for the
feasibility study of the Alamo Dorado silver/gold project, has undertaken
several tradeoff studies on behalf of Corner Bay. The purpose of these
studies is to determine the availability and suitability of quality
equipment that could be used at Alamo Dorado. The presence of abundant,
used equipment in the marketplace provides the company with alternatives to
purchasing new equipment at full price and sometimes with long construction
and delivery schedules.
AMEC subsidiary, Terra Nova Technologies, Inc. (TNT), has been responsible
for the design, engineering and costing of the crushing, conveying and
stacking systems for the Alamo Dorado feasibility study. TNT
representatives have visited, reviewed and evaluated the Briggs plant and
have consulted with the company on the purchase price.
Under the terms of the agreement, Corner Bay has paid to Canyon $250,000
(U.S.) and 850,000 common shares of the company.
Corner Bay intends on moving the plant to the Alamo Dorado site in Mexico
after maintenance is performed to bring the crushing system to good, sound
operating condition. The purchase of this plant and sundry items included
in the transaction will reduce the capital requirements for the project.
This alternative to new equipment tradeoff is one of several areas that the
company has reviewed with its consultants to optimize the Alamo Dorado
project.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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