Company Press Release- Thursday October 9 9:29 AM EDT
NP Energy Makes Announcement
LAKE ELSINORE, Calif.--(BUSINESS WIRE)--Oct. 9, 1997--NP Energy Corporation wishes to announce the completion of an agreement acquiring a 51% interest in the Urbano gold project in Pocone Mato Grosso, Brazil.
The Urbano Project is the first project in Brazil to utilize high technology gold producing and processing methods applied to Garimpetro reject ore. The Urbano Project contains in excess of two million tons of gold bearing curima material. The project is located 10 kilometers from the town of Pocone at Antena. An abundance of tailings materials from early mining processes are readily available, contained in tailings dams. These dams contain 1,000,000 cubic meters of material ranging from 0.5 to 2 grams of gold/ton and are expected to contain 1 ton of gold. The Urbano Project mill processes 1000 tons of ore per day producing a gold/cyanide concentrate. It utilizes an economical and fast recovery process that reduces the volume of head ore material by a factor of twenty. Initial capital expenditures are less than $500,000.00, including mill and equipment. At a processing rate of 1000 tons of gold ore per day with operating costs of $1000.00 per day, NP Energy Corporation will receive revenues of app. $45,000.00 per month. All necessary Governmental approvals are in place for this project. The mill is in the final stages of completion and production of 12 to 15 kilos of gold per month is expected to commence in October, 1997.
On behalf of the board of directors
Per: Larry Regis Jr., President
------------------------------------------------------------------------
Contact:
NP Energy Corporation
Dave DiRicco
415-261-9608 |
