Watch this one on open Monday.
Presently ask is at .057. Stock already is showing .022/share net profit for the first six months.
NPEC NP ENERGY CORPORATION
148 South Main Street
Lake Elsinore, CA
Tel: (909) 245-9498
Trading - OTC Bulletin Board
Symbol - NPEC
Cusip # 629-362-20-03
December 1, 1997
NEWS RELEASE
NP ENERGY CORP. AHEAD OF SCHEDULE ON PRODUCTION AT
URBANO BRAZIL
On October 10, 1997, NP Energy Corporation (NPEC) announced an Agreement to acquire 51% and controlling interest in the Urbano Gold Mill and Property in Pocone,Mato Grosso, Brazil.
On October 15, 1997, NPEC announced the Mill was operational and
projected to produce 62 ounces of gold per day based on the acquisition of additional stockpiled tonnage. Net income to NPEC was projected at US $132,000 per month based upon implementation of additional flotation plants to be completed by January
1998.
NPEC IS PLEASED TO ANNOUNCE THAT IT WILL BEGIN COMMERCIAL
PRODUCTION ON DECEMBER 1, 1997.......AHEAD OF SCHEDULE.
Under terms of the original agreement, NPEC was to pay US $350,000 to the property/mill owners over the next 15 months and 5% royalty when production commenced. NPEC has completed its contractual obligation in full and will begin royalty payments ahead of schedule. All start up costs have also been paid. Funding was provided by shareholder loans.
Ownership of the Pocone property and the Urbano Gold Mill is now filed
and registered to Oro Fino Gold Corporation LLC, a wholly owned
subsidiary of NPEC. The remaining percent ownership by several private
investors have agreed to a management contract with Oro Fino Gold
Corporation LLC.
For further information please contact Dave DiRicco, Investor Relations at (415)261-9608
On behalf of the Board of Directors
Per: Larry Regis, President |
