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Gold/Mining/Energy : Consolidated Magna Ventures (CMV.V)
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To: jerry janko who wrote ()6/16/1998 3:02:00 PM
From: jerry janko   of 380
 
From: newsout@canada-stockwatch.com
Date: Tue, 16 Jun 1998 10:07:37 -0700
Subject: Stockwatch: Consolidated Magna Ventures Ltd - News Release
To: ajanko@erinet.com

Purchase agreements signed at El Rosario

Consolidated Magna Ventures Ltd CMV
Shares issued 20,187,176 Jun 15 close $0.26
Tue 16 Jun 98 News Release
Mr. Robert Archer reports
Formal purchase agreements have been signed for the mine property and mill
facility at the El Rosario copper-magnetite project in northern Sinaloa
State, Mexico. In so doing, the company has taken possession of the plant
and is conducting some basic equipment maintenance.
A total of $200,000 (U.S.) has been paid towards the mill facility and the
final $1,000,000 (U.S.) will be paid within 30 days of receipt of bank
financing. Similarly, $50,840 (U.S.) has been paid towards the mine
property and the balance of $124,160 (U.S.) will be paid upon financing.
Although the mill also includes the 14 hectare mill property and a 10
hectare mineral concession from which the mill owner previously mined
high-grade lead-zinc ores.
A positive feasibility study recently completed on the El Rosario project
projects a minimum ten year mine life at a production rate of 154 tonnes
per day and an annual pre-tax cash flow of $1.2-million (U.S.). Magna is
negotiating a $4-million (U.S.) debt financing required to put the project
into full production.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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