Ron,
Here is a release from Quest. If you call the company ask why they did not do a co-release. Maybe it will come later.
Dan
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Quest International Resources Corp - News Release
Results of Atlanta pre-feasibility study
Quest International Resources Corp QIXShares issued 404531001997-03-11 close $1.1Wednesday Mar 12 1997News ReleaseMr Lennard Glogauer reports Behre Dolbear & Company, in conjunction with Lyntek, Inc, and Knight Piesold LLC, has completed the Atlanta pre-feasibility study. A measured and indicated resource in the near surface deposits of 1,083,100 ounces of gold and 3,216,600 ounces of silver at a 0.02 Au oz/ton cut-off grade has been established. The drill hole database used by Behre Dolbear is comprised of 388 reverse circulation and diamond core holes with 13,444 assay intervals. The Monarch deposit contains 10,979,000 tons at an average grade of 0.067 oz/t gold, and the Idaho deposit contains 8,910,000 tons at an average grade of 0.039 oz/t gold. In addition to the near surface mineralization, the underground extension of the Atlanta Lode has an indicated resource of 240,170 ounces of gold contained in 784,100 tons at a diluted grade of 0.306 oz/t gold. The underground resource has been outlined by 38 reverse circulation and core holes drilled from surface and 24 close spaced core holes drilled from underground. Four production plans were studied; open pit-heap leach, open pit-heap leach plus mill, open pit/underground-heap leach plus mill, and open pit/underground-all milling. Capital and operating costs were developed for fourteen different combinations of processing and production rates, which were then used to determine the mineable ore reserves for each plan. The three best economic cases, using a gold price of $375.00 per ounce and a silver price of $4.75 per ounce, are presented in the following table:
Mineable
Ore Gold
Plan Production
Plan Description (MM's) Annual Total
---- ----------- -------- ------ -----
1B1 Open Pit 7.67 56,700 334,500
Heap Leach
1.3M TPY
1B2 Open Pit 10.29 49,400 390,800
Heap Leach
1.3M TPY
2F Open Pit 9.70 80,100 473,600
Heap Leach
1.3M TPY
Mill
350,000 TPY
Total
Capital Cash Cost (1) ROI
Plan (MM's) (per oz) (%)
---- ------- --------- ---
1B1 25.1 $226.97 24.2
1B2 26.0 $234.73 20.5
2F 39.4 $225.23 17.8
(1) Complies with the Gold Institute
Standards for reporting production
costs.
Sensitivity analyses show that plan 1B1 provides a ROI of 18.3% at a gold price of $350.00 per ounce. Quest will select its preferred production plan and expects to proceed with permitting and a final feasibility study during the second quarter. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
