Got some GOLD RD DD on DEFUNCT ADU neighbor I remembered: wouldnt it be funny if all the DEFUNCT companies I rember come back to life with NEWTECH working all the OLD trailings...that left gold behind....and the NEW VIENS in this PASTE & Cut are also economic more so with 600 $ an ounce gold...so what was gold in 1999 when the went DEFUNCT as ADU? I bet it was $300 ish::
BE aware ADU in OZ -austrialia is lkisted at link in STOCKHOUSE so be aware it is miss placed not that OLD ADU.
stockhouse.com
Acquires and Begins Drilling at Historic United Eastern Mine
ADDWEST MINERALS INTERNATIONAL LTD. ("ADU-V;ADWMF-L")
- Acquires and Begins Drilling at Historic United Eastern Mine
Charles S. Williams, President of Addwest Minerals is pleased to
announce that the Company has acquired, through an option agreement, the
rights to explore and mine the United Eastern Mine located in the state of
Arizona. This mine has historically produced over 600,000 ounces of gold at
an average grade in excess of one ounce of gold per ton. The property is
adjacent to the United Western Mine acquired by Addwest Minerals dining
1998 and is only two miles from Addwest's Gold Road Mine and Mill Complex.
The Gold Road Mine and Mill is a 500 ton per day fully permitted and
operational facility and was closed in June of 1998 due to prevailing gold
prices. Ore mined from the United Western-United Eastern mines would be
processed at the Gold Road Mill. The higher historical grade at United
Eastern would be economic at today's gold prices.
A drilling program has been initiated to determine the continuity of
the vein between the United Eastern and the United Western Mines. Results
are expected by late October.
The United Eastern acquisition is a continuation of Addwest's goal to
control all significant mineralization within the Oatman District in
Arizona. The Oatman District has produced over two million ounces of gold
of which over 1.3 million ounces were produced from land now controlled by
Addwest.
The option payment for the United Western Mine was renegotiated from
US$10,000 and $10,000 in Addwest stock to US$2,000 and $18,000 in stock,
being 153,846 shares.
Actual results may vary from any forward-looking statement that
Addwest Minerals International, Ltd. make
stockhouse.com
ADDWEST MINERALS INTERNATIONAL LTD ("ADU-V")
- Financial Results as at September 30, 1998
Charles S. Williams, President of Addwest Minerals International Ltd.
reports:
Significant Events and Transactions
The third quarter was a significant one for Addwest. Addwest
continues to consolidate its position in the Oatman District adjacent to
the Gold Road Mine, through the acquisition of the United Eastern Mine. In
September, an eight hole drill program was designed to determine the
continuity of the United Eastern - Tom Reed vein system between the United
Eastern and United Western Mines now controlled by Addwest. Work to date
indicates that the vein and vein structure is indeed continuous between the
two mines a distance of approximately 4000 feet. The vein is the most
productive vein in the Oatman district with historical production of 1.49
million ounces of gold at an average grade of 0.75 oz per ton. All eight
holes encountered the vein structure and significantly added to the
understanding of the vein system. It appears that the top of the vein is
between 300 to 400 feet below the present surface. The United Eastern
encountered the top of the vein at 300 feet below surface and was mined to
1200 feet below surface. Significant drill results were announced in the
October 29, 1998 press release and included significant thickness of
mineable grades including an intercept of 18 feet true width of .23 oz.
gold per ton which included 1.1 feet of 1.3 ounce gold per ton. Addwest is
very encouraged by these results and will pursue additional exploration as
funds allow.
The Moss Property was returned to its owners so that Addwest could
concentrate its efforts on more promising projects.
Addwest also continues to develop its interests in U.S. Zeolite, Inc.
specifically investigating the suitability of the use of zeolite in cat
litter. Marketing and engineering studies continue.
Continuance of Operations
These consolidated financial statements have been presented on a
going-concern basis which assumes that the Company will realize its assets
and discharge its liabilities in the normal course of business. The
Company has a working capital deficiency in excess of $1.4 million, is
currently operating at a loss and lacks adequate funding to continue
operations throughout 1998. The decline in the market price of gold has
significantly reduced the Company's revenue as compared to the prior year,
and there remains continued uncertainty related to the gold price for 1998.
These conditions raise substantial doubt about the Company's ability to
continue operations as a going concern. The ability of the Company to
continue as a going concern is dependent upon its ability to obtain
adequate financing, the continued support of its creditors and achieving
profitable operations along with a recovery in the gold price. It is not
possible to predict with assurance the outcome of these matters.
Financial Statements available from the Company.
TEL: (303) 424-5134
Charles S. Williams
FAX: (303) 425-7497
President
Property Asset Agreement
ADDWEST MINERALS INTERNATIONAL, LTD. ("ADU")
- Property-Asset Agreement
The Vancouver Stock Exchange has accepted for filing a Mining
Lease/Option Agreement dated September 1, 1997 amended September 2,
1998 between Addwest Minerals International Ltd. (the 'Company')
and La Cuesta International Inc.('La Cuesta' - principal: Bud
Hillemeyer) pursuant to which the Company will have been granted an
option to acquire a 100% interest in the two unpatented lode mining
claims located in the San Francisco Mining District, Mohave County,
Arizona.
Consideration for the option for the mining claims consists of:
1. Cash payment of US$2,000 upon initial acceptance; and
2. The issuance of 153,846 common shares (at a deemed value of
$0.20/share) in three (3) tranches. The first tranche of 50,000
shares is issuable upon Exchange acceptance and the balance of two
(2) subsequent tranches of 50,000 shares and 53,846 shares are
subject to the filing of a geological report that summarizes work
completed on the claims and recommends further work.
Following the cash payment and share issuance(s), the Company will
receive the option to purchase the claims for US $400,000, subject
to a 2% net smelter return production royalty.
stockhouse.com
Completes Phase I Drilling At United Eastern
High Grade Zone Confirmed
ADDWEST MINERALS INTERNATIONAL LTD ("ADU-V;ADWMF-L")
- Completes Phase I Drilling At United Eastern
- High Grade Zone Confirmed
Charles S. Williams, President of Addwest Minerals International Ltd.,
reports that the Company recently completed its first phase of exploration
drilling on the United Eastern Vein system in the historic Oatman Mining
District in Arizona. Nine reverse circulation holes were drilled for a
total of 5,265 feet. The drill program was designed to confirm and expand
upon a wide vein zone initially discovered in 1979. The target represents
previously unexploited mineralized shoot(s) on the northwest extension of
the United Eastern vein. Historically, the United Eastern was one of the
largest mines in the Oatman District, with production of 600,000 tons of
ore at an average grade of 1.05 oz/ton gold. The current drilling was
successful in proving the existence of a wide vein structure containing
gold grades up to 1.3 oz/ton.
Assays have been received for the first five holes. Intertek Testing
Services (Bondar Clegg) of Vancouver, B.C. has performed all assaying. The
following table summarizes mineralized intercepts in these holes:
Hole No. Interval Depth Intercept Length True Width Gold Grade (oz/ton)98-1 562.5-570 7.5 feet 4.7 ft 0.160 627.5-632.5 5.0 3.1 0.20798.2 550-557.5 7.5 6.4 0.13498-3 650-665 15.0 11.0 0.116 (including) 650-652.5 2.5 1.8 0.33498-4 412.5-417.5 5.0 3.2 0.123 462.5-467.5 5.0 3.2 0.1998-5 665-707.5 42.5 18.6 0.233 (including) 690-700 10 4.4 0.768 (including) 697.5-700 2.5 1.1 1.32998-6 ASSAYS PENDING98-6a ASSAYS PENDING98-6 ASSAYS PENDING98-7 ASSAYS PENDING
Mineralization occurs within a steeply dipping fault-hosted
quartz/calcite vein and vein breccia. Country rock is Tertiary latite and
andesite flows and flow breccia.
Addwest management is encouraged by these results. Future drilling
will be directed at fully defining the lateral and vertical extent of the
mineralization. Historic production from the United Eastern ore shoot was
as deep as 1200 ft. below surface (1700' elev.). The current drilling
tested only as deep as the 2100' elevation, or 600 - 700 feet below the
surface.
This mineralized body may be accessed by rehabilitating an existing
850 ft. deep shaft and driving a 150 ft. crosscut to the vein. Ore would be
processed at Addwest's Gold Road processing facility, located two miles
away via paved highway. The Gold Road Mine and mill was closed in June 1998
due to low gold prices, but is fully functional and permitted, and capable
of processing 500 tons per day of ore.
TEL: (303) 424-5134
Charles S. Williams, President
stockhouse.com |
