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Gold/Mining/Energy : Global Platinum & Gold (GPGI) -- Ignore unavailable to you. Want to Upgrade?

To: Thor Carlsen who wrote (13051)	4/26/2000 9:53:00 AM
From: SnakeInATuxedo	Respond to of 14226

More bufu and bafflegab, Thor.. Global Platinum + Gold, Inc. Announces Commercially Viable Process for the Extra /FROM PR NEWSWIRE LOS ANGELES 213-626-5500/ TO BUSINESS EDITOR: Global Platinum + Gold, Inc. Announces Commercially Viable Process for the Extraction of Platinum Group Metals SALT LAKE CITY, April 26 /PRNewswire/ -- The following is being issued by Global Platinum + Gold, Inc. (OTC: GPGI): Since our last report of November 30, 1999, the Company has been working diligently to upscale and improve our methodology for the extracting of platinum group metals from our Hassayampa ore reserves. This effort has involved a considerable amount of testing, both in our labs and at our mill site. Global is pleased to confirm once more that our process works. We have concentrated primarily upon the recovery of platinum because the process does require the extensive use of inquarts (commercially refined pure metal). Platinum is easily saleable and the cost of platinum commercial inquart is far less expensive than for example, commercial rhodium inquart. Results to date indicate recovery rates over and above the inquart used of 21/2 to 31/2 ounces of platinum per ton of screened ore. The commercial inquart is good for two runs and then is no longer effective as inquart. We continue to work on this problem, but no assurance can be given that it can or will be resolved in the near term. Clearly, if the Company can resolve this issue by making its own inquarts, the potential profitability of this operation is substantially enhanced. The Company is presently working on financing alternatives that would allow for the purchase of commercial inquarts sufficient to allow the Company to operate for a period of time until payments for our shipments are received on a regular basis. Any such plan adopted would not be dilutive to shareholder interest. The Company is making a relatively small shipment this week, consisting of approximately 15 ounces of platinum, with lesser amounts of rhodium, palladium and gold, split between an eastern refiner and a customer on the West Coast. The proceeds from this sale will be used to buy more inquarts. Over the past several months, our testing at the mill site has by necessity been limited in that during this same period of time we have been responding to the comments and otherwise attempting to be in compliance with the statutory requirements of the State of Arizona and the Department of Environmental Quality as regards to the granting of our Aquifer Protection Permit. Admittedly, we underestimated the time and expense involved with this process. All submissions have been made by the Company and we are awaiting the decision of the ADEQ. Any discussion therefore with respect to a production schedule must be deferred until the Permit has been granted. The Company has no reason to believe that it will not be granted on a timely basis. The development of this process has been both time consuming and expensive and there is much work left to do. Results obtained in our labs have not always been immediately duplicable at the mill site. Our progress has been slow, but steady. There are improvements and enhancements to the process yet to be undertaken. However, we are confident that we can begin processing for platinum as soon as permitting and financing are complete. We remain committed and we thank those many shareholders that continue to support and encourage our efforts. This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. SOURCE Global Platinum + Gold, Inc. /CONTACT: Robert J. Nielson of Global Platinum + Gold, Inc.,801-277-0744/ Apr-26-2000 08:45 GMT Symbols: US;GPGI Source PRN PR NewsWire Categories: NWR/UT NWI/MNG NWS/PDT