Plan of Operations Approved. Is there anyone out there?
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: CROWN RESOURCES CORPORATION
TSE SYMBOL: CRO
NASDAQ SYMBOL: CRRS
JUNE 3, 1999
Crown Jewel Project's Plan of Operations Approved
DENVER, COLORADO--Crown Resources Corporation today announced that
Departments of Interior and Agriculture have approved the Crown
Jewel project's Plan of Operations.
The approval followed the reinstatement of the project's Record of
Decision last week. These actions were in accordance with recent
Congressional legislation that affirmed long-held Mining Law
interpretation concerning land-use regulations. This project has
received approvals from county, state and federal regulatory
agencies, favorable rulings by state and federal courts and
Congress.
Christopher E. Herald, President of Crown, stated: "With the
approval of the Plan of Operations, as mandated by Congress, the
project continues to obtain the final approvals needed to begin
construction. To date, the project has received over 50 permit
approvals and has prevailed in every adverse action and challenge.
The Company looks forward to beginning construction of the mine
and production."
The project will generate $5 million in new annual payroll, over
$1 million in annual state and local taxes and tens of millions of
dollars in new capital investment to the local economy. The Crown
Jewel gold deposit contains approximately 1.6 million ounces of
gold at an average grade of 0.188 ounces of gold per ton. Battle
Mountain Gold Company is earning a 54 percent interest in the
project by providing 100 percent of the funding, without any
repayment from Crown, to place the property into production at a
minimum rate of 3,000 tons per day. Average life of mine cash
costs are estimated at $160 per ounce. Average annual production
rates are forecast at approximately 185,000 ounces of gold, with
Crown retaining a 46 percent interest in this production.
Crown is a U.S. domiciled gold exploration company with properties
in the U.S. and Mexico and a 57 percent-equity interest in
Solitario Resources Corporation (SLR -- Toronto Stock Exchange).
Crown is traded on the NASDAQ National Market System under the
trading symbol CRRS and the Toronto Stock Exchange under the
symbol CRO.
The information set forth above includes "forward-looking"
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 and
is subject to the safe harbor created by those sections. Factors
that could cause results to differ materially from those projected
in the forward-looking statements include, but are not limited to,
the timing of receipt of necessary governmental permits, the
results of judicial proceedings, the market price of gold, results
of current exploration activities and other risk. |
