Here's an embryo for the thread.
Mill City International (V.MC) Last at $ 0.35 Canadian
Here's why I'm bringing it here:
siliconinvestor.com
millcityinternational.com
Re: JV Mining Inner Mongolia
millcityinternational.com
They are also busy on the Carlin trend in Nevada
Mill City enters JV with Cons Grandview in Carlin trend
2004-03-03 10:46 ET - News Release
Mr. James Brown reports
MILL CITY AND CONSOLIDATED GRANDVIEW JOIN FORCES TO DEVELOP CARLIN TREND PROPERTY
Mill City International has formed a joint venture with Consolidated Grandview of Toronto, Ont., to explore and develop the Pony Creek/Elliott Dome property located in the Carlin trend, Nevada. CGI has agreed to pay Mill City $125,000 (U.S.) within 15 days, spend a total of $5-million (U.S.), complete a minimum of 150,000 feet of drilling and assume all underlying property obligations to earn a 60-per-cent interest in the 2,667-hectare (over-10-square-mile) property.
Upon completion of the above, CGI can elect to earn an additional 10-per-cent interest in the property by financing and delivering a bankable feasibility study. Mill City can elect at any time after CGI has earned its 60-per-cent interest to dilute to a 20-per-cent carried interest.
CGI has committed to satisfying Mill City within 60 days that it has $500,000 (U.S.) available to complete exploration expenditures for the first year.
The Pony Creek/Elliott Dome property consists of over 10 square miles within the prolific Carlin trend, which has produced over 50 million ounces of gold from a resource of more than 100 million ounces. The property extends along over six miles of the Pinon Graben and related structures. Extensive shallow gold mineralization has been demonstrated by drilling 175 holes along two miles of the structural zone. Values up to 0.45 ounce per ton Au over 25 feet occur in conglomerates and intrusives within the half-mile-wide structural trend. The carbonate rocks which host the majority of gold in the Carlin trend occur beneath this shallow resource and have not been tested.
The management of CGI has a long history in the Carlin trend, including involvement in and exploration of properties that led to the discovery of the over-five-million-ounce Leeville deposit scheduled for production by Newmont in the latter part of 2005. "With CGI's extensive financing capabilities in the capital markets, Mill City looks forward to successful exploration and development of the property," said James R. Brown, president of Mill City.
Cheers
C |
