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Gold/Mining/Energy : Cusac Gold Mines (CUSIF) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Cleveland who wrote (199)	6/21/1999 9:36:00 AM
From: Ed Pakstas	Respond to of 379

Cusac Gold Mines Ltd - Cusac's Taurus project mineral inventory Cusac Gold Mines Ltd CQC Shares issued 22,256,531 1999-06-18 close $0.11 Friday Jun 18 1999 Mr. William Bird reports Computer-generated models of the Taurus project's presently known gold deposit have confirmed a mineral inventory of over 50 million grams of gold (1.6 million ounces). Calculations based on 130 drill holes (18,638 metres of drilling) have outlined potentially economic gold mineralization at the surface in six contiguous zones totalling 62,397,477 metric tonnes grading 0.8 grams of gold per tonne (50,187,402 grams or 1,613,743 ounces). Cusac is developing a prefeasibility study for the Taurus project based on the drilled mineralization and the preliminary start-up open-pit mine plan and metallurgical work produced for the project by Cyprus Canada Inc. Established commercial assay laboratories using standard fire-assay methods performed the gold assays. The focus of a proposed start-up operation is the central part of the gold deposit, known as the 88 Hill zone. When grade perimeters are applied, cutting high assays and using a minimum cutoff grade, 88 Hill contains a drilled indicated resource of 11,361,095 tonnes grading 1.08 grams per tonne gold (12,326,072 grams or 396,337 ounces). Using a higher minimum cutoff grade, 88 Hill contains a drilled indicated resource of 8,553,087 tonnes grading 1.28 grams per tonne gold (10,868,323 grams or 349,464 ounces). The preliminary plan for the 88 Hill start-up mine details an open-pit operation that is essentially the removal of the hilltop. The design indicates that the pit will have only one high wall and 65 per cent of the potential ore is above the entry level of the pit. With this type of operation, mining costs will be relatively low. Additional drilling is needed to upgrade the entire gold deposit resource to the status of reserve. Advancing the definition drilling will be the main activity required to complete a prefeasibility study. However, parts of three zones, including 88 Hill, already have enough data to calculate a drilled indicated resource of 23,439,899 tonnes grading 1.07 grams per tonne gold (25,002,213 grams or 803,930 ounces). These initial numbers represent a significant resource as designated by the term indicated resource, which is recommended by the Canadian Institute of Mining and the Toronto Stock Exchange to define resources where grade, tonnage and geology are sufficiently established so that the numbers can serve as basis for decisions concerning major expenditures. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com