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Gold/Mining/Energy : Int'l Freegold Mineral Development Inc./ITF/VSE
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To: CLK who wrote (160)7/24/1997 3:23:00 PM
From: tanoose   of 298
 
*****NEWS RELEASE********

Hello CLK;

I think everyone will find this newsrelease to their liking!!!!

Almaden final feasibility report received

International Freegold Mineral Dev Inc ITF
Shares issued 15,921,092 Jul 22 close $0.39
Thu 24 Jul 97 News Release
Mr Harry Barr reports
The company has received a final feasibility report on the Almaden gold
deposit approximately 75 miles north west of Boise, Idaho. The report was
prepared by Watts, Griffis & McOuat.
On May 6 1996 Freegold entered into an agreement with Ican Minerals Ltd,
Ican Minerals Inc, and Canu Resources whereby Freegold was given an option
to earn a 60% interest in the Almaden project by completing a final
bankable feasibility study.
Based on this study the deposit will provide a DCFROR (discounted cash flow
rate of return) of 18.9% at a gold price of US$364 per ounce (increasing to
25% at US$400 per ounce). Even at the currently depressed gold price of
less than US$330 per ounce, the project is projected to provide a DCFROR
exceeding 10%.
The base case involves contract mining 39.5 million tons of ore grading
0.021 ounces per ton gold over a five year mine life. Metallurgical studies
indicate that 63% of the contained gold in the ore is recoverable by heap
leaching to produce approximately 527,000 ounces gold. Annual gold
production will range from a minimum 76,000 ounces in year one and a
maximum of 115,000 ounces in year three of the five year mining operation.
The proposed mining operation involves a waste to ore stripping ratio of
0.6 to 1.0 over the life of the operation. The ore will be crushed to minus
six inch size before being placed on heaps. Gold will be recovered from the
pregnant solutions using a Merrill-Crowe zinc precipitation unit. The study
estimates an average operating cost of US$2.73 per ton and an average
operating cost of US$206.44 per recovered ounce gold. Total capital costs
based upon a contracted mining operation are estimated at US$37.9 million.
Since entering into the agreement Freegold has concentrated on
demonstrating that an acceptable gold recovery may be achieved from heap
leaching the Almaden ores. This has now been confirmed by the comprehensive
metallurgical studies required as part of the recently completed
feasibility study
Freegold will now, after consultation with Ican Minerals, proceed with the
mine permitting process. The feasibility study has not indicated any
factors which would prevent the timely conclusion of this permitting
process. Freegold will also commence a comprehensive exploration program in
areas north and south of the known reserves in order to expand them and
extend the mine life.
The positive economic parameters reported in the feasibility study indicate
that this deposit can be placed into commercial production.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

Looks like everything is progressing well for ITF.

With regards,Frank
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