NEWS! NEWS! NEWS!
Atlanta Gold Corporation
AAG TSE
March 14, 1997
Amalgamation With Voisey Bay Resources Inc.
Atlanta Gold Corporation (TSE:AAG) announced today the completion of the Pre-Feasibility Study on the Atlanta gold deposit in Idaho, U.S.A. The study established a total reserve and resource of 1,083,100 ounces of gold and 3,216,600 ounces of silver, using a gold cut-off of 0.02 ounce per ton, in the deposits near surface.
The study was carried out by Behre Dolbear & Company, Lyntek Inc. and Knight Piesold LLC of Denver, Colorado. In addition to the near-surface mineralization, 240,120 ounces of gold have been outlined as an underground resource. Gold mineralization remains open along strike and at depth.
The Pre-Feasibility Study examined a number of production alternatives which included a combination of heap leaching and milling. Three of the production scenarios established cash operating costs from US$225 to US$234 per ounce of gold, using a gold price of US$375 and silver price of US$4.75. Further work to establish the most economic production scenario in the final feasibility study is ongoing.
Atlanta Gold Corporation and Voisey bay Resources Inc. announced October 24, 1996 that they planned to merge, as it was in the best interests of shareholders of both companies to amalgamate in pursuit of the planned exploration and development programs in Indonesia. Shareholders will vote on the merger and separate shareholder meetings, to be held March 25, 1997 in Vancouver.
For further information contact: Hermann Derbuch Chairman, President and CEO Atlanta Gold Corporation and Voisey Bay Resources Inc. Tel: (416) 777-0013 Fax: (416) 777-0014
The Toronto Stock Exchange and Vancouver Stock Exchange have neither approved nor disapproved of the contents of this press release.
This release processed by Canstock at 9:32:43 Pacific Time |
