Hi Terry
Nice pick. Check EEL out.
NEWS RELEASE
Trading Symbol VSE: EEL
Web site - http:www.canvest.com/eaglecrest
12g # 82-603
January 16, 1998
ú San Simon Gold Project Elevated to Official
Status
ú Joint Venture Agreement completed between
The Bolivian Government-
Eaglecrest Explorations Ltd. and the San Simon
Mining Society
ú Large Bulk Sampling Program Begins
Eaglecrest Explorations Ltd. announces that
recently, the Bolivian Ministry
of Mines and it's regional division have
officially acknowledged the
Company's San Simon gold project, located in
northeastern Bolivia, (along
with Battle Mountain, Comsur, Vista Gold
and Gencore) as one of five of the
most significant discoveries in this South
American country.
This status has facilitated the completion of a joint
venture agreement
with MEDMIN, (the operational arm of Swiss
agency COSUDE) a Bolivian
governmental agency whose mandate is to
promote regional development and
provide technical assistance to mining operations.
The focus of the venture
is to enhance gold recovery methods currently
being utilized and to reduce
indiscriminate useage of mercury amalgams by
the San Simon Mining Society
("Society").
As previously reported, MEDMIN processed 6
tons of coarse ore material from
the Trinidad Vein, and this test returned a value
of 19.33 g/t. of gold.
Recovery improved up to 90% by utilizing a finer
grind on the material.
This process is without the use of mercury in the
grinding stage or in
amalgamation plates. The Society is currently
extracting approximately 100
tons of ore per month.
Both the Federal and Provincial levels of the
Bolivian Government have
authorized this agreement, ensuring Eaglecrest of
access to the various
Governmental agencies on a timely basis, when
and if required.
The agreement and responsibilities between the
parties are as follows:
Eaglecrest Explorations Ltd.
1) Provide machinery and materials for the pilot
plant
2) Provide logistical support to MEDMIN.
MEDMIN
1) Pilot plant design
2) Provide logistic support to the San Simon
Mining Society
3) Implementation, start up, and operation of the
pilot plant
4) Training and education
5) Dissemination of results
6) Accounting
2) Permanent technical support staff.
The San Simon Mining Society
1) Deliver material (approximately 15+ tons per
day) to the pilot plant
2) Provide labor as needed for the operation of
the mill;
3) Pay 20% of revenues to MEDMIN;
4) Assist in facilitating comparison studies
between traditional methods
and the pilot plant;
5) Facilitate the dissemination and implementation
of the improvements
obtained in gold recovery, and pollution reduction
throughout the San Simon
Mining District.
This joint venture agreement ensures Eaglecrest
of all the necessary
information on recoveries of various ore types
from different test pits
that will be critical for any large-scale mining
activities that may be
considered for the project and accrues to
Eaglecrest virtually cost free.
This agreement will remain in effect at the
discretion of Eaglecrest and/or
until full-scale mining operations are commenced.
On Behalf of the Board of Directors
Victor Lahmer, President
The information presented herein is for
information purposes only. No
stock exchange has approved or disapproved of
the information contained
herein. This does not constitute an offer to buy or
sell securities or
solicitation of offers to purchase securities. Past
performance cannot be
relied upon as a guide to future performance
Mr Metals
PS. It's amazing how many company's are trading for pennies compared to their assets. Thanks BRE-X and a few others for making these great opportunities for us. |
