Ward MAN and MR had been on my watch a couple months ago but I gave up on gold. Time for another look. Check out MR. Here is significant release regarding what they have and where they are going. The chart is very dynamic.
Metallica Resources Inc -
Cerro San Pedro JV
Metallica Resources Inc MRShares issued 224000001997-11-20 close $1.62Friday Nov 21 1997See Cambior Inc (CBJ) News Release Mr Louis Gignac reports Cambior and Metallica have entered into an agreement for the joint development of the Cerro San Pedro project in San Luis Potosi, Mexico. The project is currently 100% owned by Metallica's Mexican subsidiary, Minera San Xavier SA de CV. Cambior will become the project manager and have the right to acquire a 50% interest in MSX by investing $20 million in project development expenditures. In addition, Cambior will provide project loan facilities for the development of the project for up to $60 million to MSX and a gold and/or silver hedging facility up to a maximum of 150,000 ounces of gold. Cambior will also subscribe to 2.0 million common shares of Metallica; 1.0 million shares at of $2.60 and 1.0 million shares by exchanging common shares of Cambior at the market price of the two companies during the 10 trading days between November 4 and 17 1997. Closing of all formal documentation is expected to be completed on or around December 8 1997, or in any case prior to December 29 1997. The board of directors of each company has approved the transaction. As described in the feasibility study completed in March 1997 by Kilborn International for Metallica, the Cerro San Pedro project contains proven and probable reserves of 77 million tonnes grading 0.60 g Au/t and 24.8 g Ag/t, representing 1.5 million ounces of gold and 62 million ounces of silver for a total of 2.4 million ounces gold equivalent. The Kilborn design for the provided for an open pit, heap leach mine, targeted to operate at 30,000 tonnes of ore per day for an average annual production rate of 190,000 ounces gold equivalent. Total cash costs over the eight year mine life have been estimated at approximately $220 per ounce of gold equivalent. Capital expenditures, to bring the project into production, were estimated to be approximately $70 million. Cambior plans to update this feasibility study in the context of lower gold markets with the objective of reducing capital expenditures and optimizing operating costs. WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
