Happy holidays to you too, Angler.
I track NLE among other stocks that I own, but it looks pretty dead right now. It was looking like an exciting year back in early spring. Hopefully, it will come back to life before we grow old and gray holding onto to the stock.
Here's the last news report. It looks like they could average between $2-$3M/year off that one vein at $100/ton. That's great, but I guess that's not enough to move the stock? Why, I don't know.
December 18, 1997
Underground Development Ore Being Processed
NU-LITE INDUSTRIES LTD ("NLE-V;NULTF-L")
- Underground Development Ore Being Processed
Kenneth W. Trociuk, President & CEO of Nu-Lite Industries Ltd. ("Nu-Lite") is pleased to announce that the first batch of
development rock has been transported from the Yangzhaiyu Gold Property to the QinLing millsite in Lingbao City for
processing.
All underground development has been conducted by Prima's joint venture partner, the China HeNam Province Sanmenxia
Shi Gold Industry Corp ("joint venture partner") . Over 8000 tonnes have been mined from the 1749m Adit of which 1200
tonnes have been transported by truck to the QinLing mill in Lingbao city, which is under contract to the Prima-Jin Tuo
joint venture to process the ore from the Yangzhaiyu Gold Property. Production is currently capable of 50 tonnes per day
and will be increased to 100 tonnes per day by year end. Total production costs for this initial batch is reported to be
$81 US per tonne all inclusive.
Prima's joint venture partners have acquired an additional property in the Yangzhaiyu area adjacent to the existing Prima
Property. The Xing Tuo Gold Mine covers an additional 6.5 km of the #60 Vein and two additional gold bearing quartz
veins. The required registered capital of 300,000 RMB for the Xing Tuo Gold Mine has been contributed and all business
licenses and certificates have been issued and approved.
The Executive Committee of the Board of Directors of Prima, made up of representatives of Nu-Lite and Broadwater
Developments Inc., has established that cash flow from this pilot production will be credited to the Prima joint venture
as registered capital. Outstanding registered capital payments currently overdue will be cleared as market conditions
for financing improve.
To date, the executive committee of the board of directors of Prima has acknowledged that $1.8M US has been credited
toward registered capital obligations leaving $6.2M US due. Production profits will be credited towards outstanding
funding obligations. Should Prima not meet the full funding obligations by December 26th 1997, Prima's joint venture
partner may request that a new party invest in the joint venture. If the new party satisfies the remaining registered
capital commitment, then Prima's interest would be equal to the percentage of registered capital that is credited to the
joint venture.
There is also an agreement whereby China Hua Yuan (Canada) Inc., which has a 20% carried interest in Prima, may request
the partners (ie: Nu-Lite and Broadwater) who have not met the above funding commitments, to sell to Prima that
percentage of the effective interest in Prima owned by the partners, equivalent to the percentage of the shortfall in the
registered capital contribution required by the partners. Nu-Lite does not expect to receive such a request.
TEL: (604) 682-2998 Kenneth W. Trociuk, President & CEO FAX: (604) 688-3346 |
