News Release - Oct 16, 1997*****
NP Energy Begins Milling Gold at their Pocone, Mato Grosso, Brazil
Property
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 16, 1997-- NP Energy Corp. (NPEC) announced the
acquisition of a 51 percent interest in the Urbano gold property and mill in Pocone, Mato Grosso, Brazil. The original
projections were based upon 2,000,000 tons of stockpile ore. NPEC's net return was calculated at $4,000,000 at the rate of
$45,000 per month based upon producing 500 ounces of gold per month.
Additional verifications have now indicated that the tonnage is 2.5 million tons. An additional four stockpiles under acquisition
will add another 600,000 tons of ore bringing the total stockpiled ore to 3.1 million tons.
The mill, which began its initial test runs today, Oct. 16, is projected to produce 62 ounces of gold per day, or 1800 ounces
per month, netting NPEC an estimated $132,000 per month or $12,000,000 from the present project. Additional stockpiles
under negotiations could bring the tonnage to 20,000,000 tons.
For further information, please call Investor Relations, Dave DiRicco, 415/261-9608.
On behalf of the Board of Directors
Per: Larry Regis, President |
