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Cornucopia Resources Ltd CNP TSE November 7, 1996 Construction Commences At Mineral Ridge Mine CORNUCOPIA RESOURCES LTD ("CNP-T;CNPGF-Q") - Construction Commences At Mineral Ridge Mine Andrew F. B. Milligan, President of Cornucopia Resources Ltd. - the Vanoouver-based mining group - announced that they had commenced construction on the company's wholly-owned Mineral Ridge Gold Mine, located near Silver Peak, Nevada. Cornucopia Vice-President of Mining James Currie said that the general contractor Roberts and Schaefer Company of Salt Lake City, Utah had mobilized crews and equipment to the site in order to construct the process and ancillary facilities under a U.S. $12.2 million fixed price contract. Once operational, the processing facilities will handle a minimum of 2,700 tons per day. At this rate, the property will have a 5 1/2 year life and gold production will average out to about 50,000 ounces per year. He said that D.H. Blattner & Sons Inc. of Avon, Minnesota were undertaking the mining contract and that preproduction mining of the upper benches of the Gold Wedge pits had already produced encouraging results, with both ore grade and tonnage exceeding expectations. "We have been delighted with the inherently sound environmental qualities of the Mineral Ridge property and the ease with which construction and preparation for production are proceeding," said Mr. Currie. He noted that recent exploration work at Mineral Ridge has identified a series of high-angle faults as the dominant secondary control for the strongest mineralization. Based on this premise, follow-up drilling of several new geologic targets is planned for early 1997 with a view to expanding the existing proven and probable gold reserve of 352,000 ounces. The Mineral Ridge Mine is expected to come on-stream in second quarter 1997. Construction of the mine is fully funded with the imminent closing of a U.S. $15 million senior debt financing with Dresdner Bank of New York City. To protect against weak bullion prices, the Company has hedged 80,0 00 ounces of future gold production at an average price of U.S. $423 per ounce. Cornucopia is listed on The Toronto Stock Exchange (CNP) and is quoted on the Nasdaq Small-Cap Issuers Market (CNPGF). TEL: (604) 687-0619 Andrew F. B. Milligan, President FAX: (604) 681-4170. (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call 1-800-667-1617 | ||||||||||||||
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