Hi James
This is the drilling I was referring to , likely the same one you are
referring to.
GOLDEN CHIEF RESOURCES INC. MAJOR DRILLING PROGRAM ABOUT TO START
TRADING SYMBOL V-GCF
VANCOUVER, Oct. 15 /CNW/ - GOLDEN CHIEF RESOURCES INC. (the ''Company'')
is pleased to announce the signing of a final, definitive ''Exploration and
Operating Agreement'' between the Company's wholly owned U.S. subsidiary,
Golden Chief Minerals, Inc. and Kinross Gold U.S.A. Inc.
To acquire a 51% Participating Interest in the Company's Atlanta Gold
Mine property along Nevada's Carlin Trend, the agreement calls upon Kinross to
complete up to 72,000 feet of a combination of reverse circulation and core
drilling at a projected cost of U.S. $4,000,000.
Kinross may increase its Participating Interest to 60% by spending an
additional U.S. $5,000,000 toward the following:
- completing a feasibility study to demonstrate that a mine on the
Atlanta property can be constructed and operated at a profit
- preparing the engineering and design for a Mine Complex based upon the
feasibility study
- completing metallurgical studies necessary to support costs and
recoveries utilized in the feasibility study
- obtaining governmental permits and approvals for the construction and
operation of a Mine Complex.
Development drilling is scheduled to get underway before month's end.
GOLDEN CHIEF RESOURCES INC.
William Chymyck
President
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
-30-
For further information: William Chymyck, President, (604) 899-4223
GOLDEN CHIEF RESOURCES INC. has 2 releases in this database. |
