Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Argosy Mining -- Ignore unavailable to you. Want to Upgrade?

To: Jonathan C. who wrote (161)	10/22/1998 10:51:00 AM
From: Patrick Laflamm	Read Replies (1) \| Respond to of 165

Company Press Release Argosy Mining: Exploration Update -- Kremnica, Slovak Republic VANCOUVER, British Columbia--(BUSINESS WIRE)--July 28, 1998--Argosy Mining (VSE:AGO. - news) Argosy is pleased to provide the following progress update regarding the Kremnica Gold Project in Slovakia. Property Ownership On June 18, 1998 Argosy completed the acquisition of a 100 percent interest in the Kremnica project by pre-paying, at a significant discount, the final installment of C$250,000 that was due December 31, 1998. Ownership of the project is now held 100 percent by Argosy's wholly owned Slovak subsidiary, Kremnica GOLD a.s. Site Procurement Issues Argosy and its consultants have identified potential sites for plant, waste and tailings facilities for the project. Most of these lands are state or town owned (forest or low quality agricultural lands). The cost and relevant issues associated with site procurement are being identified for input into a pre- feasibility study. Fiscal Parameters Argosy's news release No.98-02 of February 26th reported on the Kremnica in-situ geological resource estimate by Western Engineering Services Inc. and the results of a conceptual review by Beacon Hill Consultants (1988) Ltd. That news release provided an indicative cash operating cost range of US$173-190/ounce for the project. To advance the project to the pre-feasibility stage given a gold price below US$300/ounce, Argosy must minimize operating costs and maximize debt payback. The Slovak government has recently announced foreign investment incentives including a tax holiday that could contribute significantly to achieving these objectives. Following encouraging preliminary discussions with the Slovak government in May, preparation of a formal proposal is in progress. Joint Venture Participation To offset the Company's financial exposure to a single gold project, Argosy has invited project participation from a number of well-financed resource companies. Progress has been slow, given the depressed gold price and Argosy's objective to achieve favorable terms that will meaningfully advance the project. Expenditure Controls Given the delays in securing a partner and our desire to give priority to securing an incentive package with the Slovak government, our expenditure rate in Slovakia has been significantly reduced. This will preserve our strong cash position, pending a successful outcome to our current development initiatives. New Exploration Licence Argosy has been granted a new exploration licence at Kremnica. The new licence area surrounds Argosy's other mining and exploration licences to the west, east and south and increases the area now under Argosy's control to 195.3 km2. It is underlain by andesites of the same age as those at Kremnica and overlain by extensive rhyolitic, epiclastic flows and sediments and rhyolitic to rhyodacitic domes. The rhyolitic volcanics are considered, in part, to be time equivalent to the dykes associated with mineralization at Kremnica. There is also a significant component of the rhyolites that is younger than the Kremnica mineralization, which may mask mineralized areas. Propylitic alteration is widely distributed with localized zones of argillic and weak silicic alteration. Data from a previous regional soil sampling program on a 200 by 200 metre spacing (590 samples) over approximately 24 km2 has revealed anomalies that define three areas of interest south of Kremnica and along strike from the mineralized structures. The anomalies are defined by clusters of 5 to 15 samples with gold values that range from 10 to 310 ppb in an overall population with a mean of 4.6 ppb Au. Arsenic values range from 100 to 682 ppm (overall mean of 44.3 ppm As). Antimony values range from 26 to 269 ppm (overall mean of 8.4 ppm Sb). These values would be considered anomalous in the Kremnica mine area and justify follow-up exploration. To further focus our activity toward the Kremnica Project, Argosy has relinquished its interest in the Banska Stiavnica property in the Slovak Republic. CAUTIONARY STATEMENT The Vancouver Stock Exchange has neither approved nor disapproved the contents of this News Release. This News Release includes certain ''forward-looking statements'' within the meaning of Section 21E of the U.S. Securities and Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Argosy, 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. Important factors that could cause actual results to differ materially from Argosy's expectations are disclosed under the heading ''Risk Factors'' and elsewhere in Argosy's documents filed from time to time with The Vancouver Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities. All subsequent written and oral forward-looking statements attributable to Argosy or persons acting on its behalf are expressly qualified in their entirety by this notice. ------------------------------------------------------------------------ Contact: Argosy Mining Corp. Yale R. Simpson, 604/689-5529 or 800/851-7423 604/689-5079 (FAX) Website: www.argosy-mining.com ------------------------------------------------------------------------ More Quotes and News:Argosy Mining Corp (Vancouver:AGO.V - news; Vancouver:AGO.V - news Hey! Maybe we'll see the share price hit $2 by the end of the day... ;-) Pahww Shareholder...