Gramps,
From Sedar:
November 27, 1997 Symbol: AKA
GODDELL SHEAR HOSTS OVER 900,000 TONS OF 0.21 GOLD
QUARTERLY REPORT HIGHLIGHTS $0.16 PER SHARE IN TREASURY
An independent engineer has reported over 830,000 tons of 7.04 grams (0.21 ounce) per ton gold as the drill indicated resource at the Goddell Shear. Additional intercepts from other zones in the Goddell bring the total drill indicated resource to over 900,000 tons of 7.13 grams (0.21 ounce) per ton gold. Preliminary production plans describe the Goddell deposit initially accessed from the existing drill-ramp with a new second parallel haulage tunnel proposed below and to the south of the deposit. The independent engineer recommends upgrading the Goddell reserve with additional drilling from within the existing decline. Additional drilling will commence early in the New Year, and is expected to drastically increase existing tonnage.
Arkona Resource's Fiscal Quarter ended September 30, 1997 highlighted $0.154 per share in the treasury. The Company had $1,057,007 in working capital, which includes $1,036,341 in cash. The Company had no exploration expenditures in the quarter. The 1997 $4.7 million exploration and development program at the Goddell Shear was financed by Omni Resources, who have an option to earn an interest in the property. The Company had interest income of $8,673 and had $25,481 in expenses in the period.
Arkona Resources is looking forward to the continuation of the exploration and development program into and though out the next year.
On behalf of the Board,
Mark Aplas
_______________________
Mark Aplas, President |
