WEX.V......will likely be producing before any of the other moly juniors. Production in 2005, possibly beginning 1st half of 2005. Small deposit, but extremely rich moly grade. They JVed the property to operator GPXM.
Hello Max,
What tonnage and grade ? At what depth? How close to milling? I see Wex has 40% and the operator the remainder.
I do like the number of shares. What will WEX do with profits? To the shareholder or.......Thanks
C
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Press Release - Feb. 11, 2004
Win-Eldrich Mines Limited Signs Letter of Intent for Ashdown Gold,
Molybdenum Mine Development Joint Venture with Golden Phoenix Minerals
Win-Eldrich Mines Limited (TSX-Ven-WEX), a mining exploration and development company with principal property interests in northern Nevada, announced that it has signed a joint venture letter of intent with Golden Phoenix Minerals, Inc., a publicly-traded company based in Reno, Nevada to develop Win-Eldrich's Ashdown gold and molybdenum property in Humboldt County, Nevada.
The letter of intent is a modification of an earlier-announced transaction that included PRS Enterprise, LLC. The terms of the revised proposed transaction will install Golden Phoenix as the manager and operator of the project, with a 60% interest, and Win-Eldrich with a 40% interest.
Golden Phoenix will earn an undivided vested 60% interest in the project in one of two ways - by placing the project into profitable production using a small pilot mill, or spending (US) $5 million toward development of the project. Golden Phoenix has four years to complete vesting into the project. Upon signing the letter of intent, Golden Phoenix paid Win-Eldrich (US)$50,000, and, beginning three months after the signing, will pay Win-Eldrich (US) $5,000 per month until a cash distribution through profitable production is achieved. Golden Phoenix will be obligated to spend (US) $5 million before Win-Eldrich is required to contribute its pro rata share to future expenditures.
Win-Eldrich has been advised that Golden Phoenix has begun a new economic evaluation and has started the permitting process for a pilot mill designed to run about 100 to 200 tons per day of high-grade molybdenum and gold ore. Golden Phoenix plans to use an existing stockpile at the mine site as starter feed for the combination gravity and flotation recovery pilot plant. The stockpile was mined about 20 years ago as part of a large metallurgical test. It is estimated that considerable metal values are recoverable from this stockpile, and the metal recovered could pay for this phase of the operation. Golden Phoenix has advised that it plans to expand into a larger operation once production is underway.
The Ashdown mine historically produced approximately 50,000 ounces of gold from underground ore that averaged about 0.35 ounce per ton. This production took place from about 1880 to 1942. More recently, four companies, including Win-Eldrich, beginning in 1979, spent approximately (US) $7 to 8 million drilling 270 core and rotary holes, performing numerous metallurgical tests, excavating an 1,880-foot tunnel for bulk molybdenum samples, and conducting feasibility studies for potential open pit and underground mining operations. This work was concentrated around the historic mine, and identified potentially economic open-pittable gold and high-grade underground molybdenum resources in that portion of the property. Both deposits are open for possible expansion of the reserves. Step-out exploration drilling and surface geological investigation and sampling have identified strong molybdenum and gold mineralization over a much broader area than has been systematically drilled to date, and also in deeper zones below the defined reserves. The property currently consists of 196 mining claims, covering about 6.1 square miles.
For further information: contact Fernao Ferreira, a director of Win-Eldrich, at (416)367-8275.
win-eldrich.com |
