GL Energy & Explorations, Inc: New Model for Potential Annual Revenues
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 2, 2003--GL
Energy & Exploration Inc.(GEEX) is pleased to provide an update
projection on the potential annual revenues.
The projection is based on current prices for Gold and other
metals rather than our original conservative pricing used in our
business model.
Example - originally Gold was priced at $300.00 per/oz, the new
model is at $375.00
The model shown is for 100% equity for the properties, GL Energy &
Exploration, Inc owns 60% of the total equity.
The company has shown three examples, the La Barca property with a
pilot plant, and both the La Barca and Duna Choapa properties with
full production plants.
-0-
*T
La Barca La Barca Duna Choapa
Pilot Full Plant Full Plant
Tonnes/Day 1,200 7,200 7,200
Gold Grade - grams/ton 0.25 0.25 0.27
Recovery % 60% 60% 60%
Produced Oz./Day 5.796 34.776 37.55808
Rutile Grade % 2.05% 2.05% 1.63%
Recovery % 75% 75% 75%
Produced Tonnes/Day 18.45 110.70 87.75
Zircon Grade % 1.32% 1.32% 0.11%
Recovery % 75% 75% 75%
Produced Tonnes/Day 11.88 71.28 5.89
Magnetite Grade % 9.71% 9.71% 10.70%
Recovery % 75% 75% 75%
Produced Tonnes/Day 87.39 524.34 577.80
Limenite Grade % 0.29% 0.29% 0.00%
Recovery % 75% 75% - - - -
Produced Tonnes/Day 2.61 15.66 - - - -
Gold Price/Oz $ 375.00
Rutile Price/Ton $ 2000.00
Zircon Price/Ton $ 545.00
Magnetite Price/Ton $ 35.00
Limenite Price/Ton $ 83.00
Annual Revenues
Gold $ 793,328.00 $ 4,759,965.00 $ 5,140,762.00
Rutile $13,468,500.00 $80,811,000.00 $64,057,500.00
Zircon $ 2,363,229.00 $14,179,374.00 $ 1,170,873.00
Magnetite $ 1,116,407.00 $ 6,698,444.00 $ 7,381,395.00
*T
Certain of these statements contained in the press release may be
deemed forward-looking statements, and factors that could actual
results to differ materially from these statements and matter are
risks that other factor detailed from time to time, in the Company's
reports with Securities and Exchanges Commissions, including, but not
limited to, the Company's Annual Report on Form 10-K and its Quarterly
Form 10-Q.
--30--LC/na*
CONTACT: GL Energy & Exploration Inc.
Bob Munro, 250-377-3918
KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: MINING/METALS
SOURCE: GL Energy & Exploration Inc.
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