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

To: Zeev Hed who wrote (6314)	6/24/1998 1:58:00 PM
From: Ed Fishbaine	Read Replies (3) \| Respond to of 14226

To all: The following is an expanded version of a news release which will appear on either the PR newswire or the Business wire today. It wil also be sent to McIntyre to put on the Web site. GLOBAL PLATINUM + GOLD INC 8421 Top of the World Drive Salt Lake City, UT 84121 Tel: 801-943-6884 6/23/98 PILOT PRODUCTION RUN PRODUCES $1,000 OF PRECIOUS METALS PER TON 9 tons of screened ore from the Hassayampa head ore stockpile was pulverized in the ball mill, leached, filtered and the pregnant liquor pumped into the precipitation tanks where the precious metals were precipitated. This precipitate was then smelted using the Company1s standard process which involves the use of a catalyst and inquarts. The resultant granulated copper containing the precious metals was then dissolved and processed through two resin columns. After being precipitated and smelted 1 ton of head ore reduces to approximately 18 pounds which, in solution, is introduced into the resin column. The impregnated resin is treated by either an ashing or elutriating process which separates the resin from the precious metals. The net product is an amalgam of precious metals which then requires a professional refiner to separate. The determination of the breakdown of the metals reported below is accomplished by assay. The material recovered below will be sent to Sabin for separating, with a consequent refiner charge. The cost of chemicals and materials was $232 per ton of screened ore. This will be less when full production is achieved. This cost does not include weekly operational charges incurred in the mill operation (approximatley $15,000 per week). The procedure was monitored at all times and samples were taken at certain intervals. A portion of the impregnated resin was taken and the precious metals were extracted partially by elutriation and partially by ashing. In addition to this work at the Global mill a sample of impregnated resin was sent to the Sabin Metal Corporation for processing. (Our current communication with Sabin includes the determination of specific turn-around time.) The GPGI mill is not at the level of proficiency of a professional refiner. Therefore it is possible (not certain) that Sabin will achieve a better result than the numbers reported below. Global has the option of improving its elutriating and ashing procedures or it may be more efficient to send the impregnated resin directly to a refiner such as Sabin. Sabin has an elaborate ashing setup where losses in processing (which GPGI presently suffers) are eliminated. At this moment the ball mill is not in operation. Repairs are underway. With the ball mill working, 10 tons of head ore can be processed per day and a continuous flow through the resin columns can be instituted. However, ramping up to a high level of production is not possible at this time because of the shortage of financing. With adequate funding, and with our confidence in our procedure, additional infrastructure would be put in place. As you know , our reserves are very extensive and therefore there is ample room for production expansion. Nonetheless, July 15th is the target date to begin a continuous operation at the level at which we are presently capable. Calculating the results from the procedure above and extrapolating back to head ore after subtracting the added inquarts, the following figures are considered to be fairly accurate. 1 ton of screened ore produced: Platinum 28.79 grams @ $355 = $340.58 Gold 6 grams @ $295 = 58.98 Rhodium 24.79 grams @ $640 = 528.77 Palladium 8.26 grams @ $297 = 81.77 ________ Total metal prices $1,010.10 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 limitation, 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.