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 : El Misti Gold Limited (EMG V) -- Ignore unavailable to you. Want to Upgrade?

To: charred who wrote (70)	2/17/1998 7:25:00 PM
From: robert b	Respond to of 513

thanks for input ... this is today's conference call report. in stead of summarizing, readers can call 1-800-832-2550 for a recorded version . in consists of today's report which was released after stock market close ... El Misti Gold Ltd EMGShares issued 12076321 1998-02-17 close $0.47Tuesday Feb 17 1998Mr John Huguet reports The company has announced the revision by its wholly owned subsidiary El Misti Gold SA, in Peru on February 16 1998 of the purchase agreement for 100% of the shares of Sociedad Anonima Minera Paracay SA (holders of Santa Rosa). El Misti Gold Ltd SA has now taken control of Minera Paracay. This is a significant amendment favourably reducing the purchase price by US$3 million including an nsr of $6,00 per ounce on the gold sold. After 175,000 ounces of gold have been produced or sold and after December 5 2000, if El Misti Gold Ltd continues to produce gold, then a royalty of approximately 2% of the gold price then in effect (not less than $6.00/oz) will be accrued and become payable to the original selling shareholders of Minera Paracay SA. This amendment favourably impacts the economic viability on the Santa Rosa mine development for cash flow and internal rate of return. The VSE previously approved the original transaction. The feasibility study for the Santa Rosa 3,000 tpd production facility is scheduled to complete in March 1998. The heap leach option has a design criteria of 70% gold recovery. A process plant option is also being considered with recoveries in excess of 80%. Final metallurgical test results will be available shortly. Finalization of the process route and the economic model require the final metallurgy information. The company is pursuing a debt financing to place Santa Rosa into targeted production of 5,000 ounces per month. Start of production is depeiident on finalizing financing arrangement but is planned for fourth quarter 1998. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)