I doubt very much that the silver market is as bleak as suggested here. I don't think that the rental of a digital camera will make a dent in the photography market in China, India, or even over here.
Demand for hard copies is substantial, and really irreplaceable when you consider where photographs show up, and where they're used for.
New release out today substantiates our belief.
Tuesday November 17, 1998 For Immediate Release
Release: Series 3 Release 106
Company Expands Silver Holdings
Mongolia Gold Resources Ltd (the "Company") announces that it has recently staked and filed for recording, additional mineral claims covering the rich past-producing Norex Mine in the Camsell River District, Northwest Territories, Canada. The Company now controls, with its partner, all of the significant producers in the district, including the Silver Bear, Smallwood, and Norex Mines. The table below outlines the production from these mines, which shut down between the late 1970's and early 1980's. The acquisition has been completed by the Company's 50% owned subsidiary.
Table 1. Production statistics from the Camsell River Silver Camp, compiled by the Northern Miner Handbook of Mines (1984-85)
Silver Mine Past Production (Tonnes Mined) Kilograms of Silver Produced Grade of Silver Ore (gpt) Ounces of Silver Produced Grade of Silver Ore (opt)
SILVER BEAR 502,727 460,052 832 14,791,000 29.42
NOREX 23,978 55,717 2112 1,791,341 74.71
SMALLWOOD 8,714 3,887 406 124,962 14.34
Total 535,419 519,656 882 16,707,303 31.20
There are a number of exploration and development targets currently identified on these properties. The high-grade nature of the Norex Mine's production history makes it an exciting exploration target. After closing, an intersection of 221 ounces of silver per ton over 6.0 feet was encountered in diamond drillhole NS 83-100, 600 feet below the old stopes. This and other diamond drillholes completed after shutdown of the Norex Mine in the late 1970's appear to extend the mineralization that had been mined.
Mineralization in the Camsell River District is similar to that encountered in Cobalt Ontario. Native silver occurs as plates, wires, and nuggets, associated with cobalt, nickel, bismuth, copper sulfosalts, in narrow, high-grade veins. This has been the source for all of the silver production in the district. In addition, extensive iron-oxide breccias, some containing copper-silver, +/- uranium mineralization occur in and around the mine area. This mineralization appears to be similar to that recently identified by Fortune Minerals Limited on its Nico Property to the south and may be an exciting new exploration target.
The Company is currently seeking joint venture participation to examine these and other zones on the property.
On behalf of the Company
Dr. D.R. Webb
President
For More Information:
Investor Relations (604) 681-2877
Website - stockgroup.com
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