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April 05, 1999 12:10
MG Announces Recovery of 1.73 Ounces of Gold from One Ton
Sample
PHOENIX--(BUSINESS WIRE)--April 5, 1999--MG Natural Resources Corp. (MG) (OTC BB:MGAU) has
completed the test run with one ton of ore from its Sinagua Cinder Cone Property.
Utilizing the recently acquired Johnson-Lett technology, MG has recovered 1.73 ounces of gold from this
bulk sample.
MG Natural Resources Corp. now holds fee simple ownership of the Pilot Plant. The structures, 3 acres of
land and all of the equipment required to begin plant production were purchased with cash.
Start-up for the Pilot Plant has been slightly delayed by unseasonable northern Arizona snowstorms.
Weather permitting, we will begin processing a minimum of five tons of ore per week on Monday, April 5,
1999. Processing time from the start until the concentrates are shipped to the refinery is anticipated to be
10 days.
The MG board of directors is pleased to announce the nomination of Austin S. Lett and James C. Lanshe
to serve as additional directors for the board.
James C. Lanshe has been admitted to practice law in Arizona, Kentucky, New York, Pennsylvania, the
District of Columbia and before the Supreme Court of the United States of America. Lanshe has degrees
from Georgetown (B.A.), Harvard (M.P.A.) and is a graduate of Cornell University School of Law.
He has taught securities law as an adjunct faculty at the Law School at the University of Louisville.
Lanshe has been involved in various investment banking activities, served on boards of various public
companies and currently serves as a consultant to a private Wall Street investment banking firm with
offices in New York, Bermuda and London.
Austin S. Lett holds a B.S. degree from the U.S. Naval Academy and a Masters Degree in Business
Administration from the University of Michigan. Lett is a partner in Bollinger, Wells, Lett and Co., a
mergers and acquisitions consulting business based in New York City. Lett is founder and managing
director of Summit-Manhattan Co., a New Jersey based private venture capital firm.
He has served as treasurer and chief financial officer of McGraw-Edison Co., a Fortune 500 New York
Stock Exchange listed manufacturer of electrical equipment. For the past 16 years, Lett has been a major
investor with several companies involved in the research and development of the technology required when
working with refractory ores.
Lett has served since 1997 as a director of Johnson-Lett & Co., L.L.C., a private gold technology
company.
MG Natural Resources Corp. is a diversified, environmentally responsible natural resource company. Its
mission is to continue building a natural-resource company by acquiring, developing and operating
resource assets, converting them to significant cash-flow generators and thus enhancing shareholder
value.
Forward looking statements in this release are made pursuant to the "Safe Harbor" provisions of the
Private Securities Litigation Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and uncertainties, including
without limitation, commodity prices of precious metals, increased levels of competition for the company,
perfection of extraction technology, the company's dependency upon third-party suppliers, intellectual
property rights and other risks detailed from time to time in the company's periodic reports.
The company assumes no obligation to update the information in this release.
All inquiries can be made through the offices of MG Natural Resources Corp. at 1334 E. Chandler Blvd.,
No. 5, B-72, Phoenix, AZ 85048 or by calling Mike Amundson, president and chief executive officer, at
602/460-7842 or Fax at 602/460-6324. MG Natural Resources information can also be obtained through
its web site, mg-resources.com
CONTACT: MG Natural Resources Corp., Phoenix
Mike Amundson, 602/460-7842
Fax: 602/460-6324 |
