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 : JAB International (JABI) -- Ignore unavailable to you. Want to Upgrade?

To: Ron who wrote (3781)	6/8/1998 10:37:00 AM
From: Rockhill	Read Replies (1) \| Respond to of 4571

NASDAQ:BCMD)(the Company) today announced that it has signed an exclusive option agreement with Iron Mountain Mines, Inc. on the Iron Mountain Mine located near Redding, Calif. The agreement allows Brush Creek four months of due diligence prior to committing to take the deposit through final feasibility as a 50/50 joint-venture partner. The deposit contains a reported proven reserve of 241,000 tons of copper, 323,000 tons of zinc, 542,000 ounces of gold and 18,000,000 ounces of silver. The contained proven metal value is over one billion dollars at current prices. The property was mined successfully for sixty years and is now regulated by the U.S. Environmental Protection Agency (EPA) under a Superfund designation due to Acid Mine Drainage (AMD). Brush Creek's technical staff has studied the Iron Mountain Mine situation for over a year and a half and believes that the appropriate permitting authorities may embrace the Company's proposed mining activity as a method to drastically reduce AMD. James S. Chapin, CEO and Chairman of the Board of Brush Creek, stated, "Our next step will be to contact the appropriate officials at the EPA to seek their input. In the past, the EPA has been known to aid and promote mining projects in this area as a solution to existing or potential problems. We envision a remedial underground operation where the source of the AMD would be removed during the course of mining. Upon successful completion of our due diligence, we intend to engage an internationally respected engineering firm which has already done a great deal of work at the site to complete the bankable feasibility study which we whould use to put the mine back into operation." "In the meantime, we are continuing our mining operations at the Lower Brush Creek Mine and Ruby Mine in the Alleghany-Downieville district of Northern California. We expect to be in Black Channel gravels at the Ruby very soon. Our next target in the Ruby will likely be the "Big Bend" area." The Big Bend was the source of a spectacular collection of placer nuggets, the largest of which was 52 ounces. The collection is currently on display at the Museum of Natural History in Los Angeles. Certain statements contained herein constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, achievements expressed or implied by such forward looking statements. Such factors include, among others, the factual results of current exploration activities, future prices of gold as well as adequate funding to perform the work. Brush Creek controls nine historic mines in the Alleghany-Downieville gold district of Northern California, which produced more than 12 million ounces of placer and 2 million ounces of hard rock gold. It also controls more than 4,000 acres of potentially diamondiferous ground near La Porte, Calif.