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Gold/Mining/Energy : Hecla Mining(HL)
HL 12.32-3.3%12:29 PM EST
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To: Roebear who wrote (484)5/18/1999 3:34:00 PM
From: rdww  Read Replies (1) of 629
 
Hecla hard at work on Cimmaron project - started drilling already.

Cimarron's Sunset gold property reassessed by Hecla

Cimarron Minerals Ltd CIU
Shares issued 6,041,108 May 17 close $0.14
Tue 18 May 99 News Release
Ms. Dianne Szigety reports
Hecla Mining Co., has begun its second reverse circulation drilling program
on Cimarron Minerals' Sunset gold property in Mineral County, Nev. Hecla
has reassessed the property and selected new targets; testing will include
holes in an easterly to southeasterly direction across surface gold
mineralized structures in the Maryann basin and gold mineralization near
the old Sunset mine 4,000 feet south of the Maryann basin. Drilling in the
Maryann basin will retest the area of drilling by Hecla Mining Co., (see
news in Stockwatch March 3, 1999), in which Hecla intersected 1.5 metres of
22.3 grams per tonne gold and 46.3 grams per tonne silver within 10.7
metres averaging 4.1 grams per tonne gold between 278.2 andd 289.7 metres.
A program of at least 2,500 feet has been planned.
Hecla is required to complete $3.5-million (U.S.) of exploration and
development within four years and to make annual payments to the company
totalling $90,000 (U.S.) to earn a 65 per cent interest in the project.
Hecla may then earn an additional 15 per cent by financing Cimarron through
to production. Cimarron's interest could convert to a 4 per cent net
smelter royalty if its interest drops to 20 per cent.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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