Silverado Gold Mines Ltd. - Nolan Gold Mine progress report
FAIRBANKS, AK and VANCOUVER, BC, July 18 /PRNewswire-FirstCall/ - Gold recovery operations at the Nolan Gold Mine located North of Fairbanks Alaska are proceeding well and preliminary results are showing an abundance of large gold with extremely fine character.
The gold is high quality jewelry grade and is the finest that the ground has yielded to date. In prior test production years, some ten million ($US 10,000,000) in gold was sold. The average sales price of the gold nuggets was 67% over the price of gold due to their jewelry quality. At today's gold prices including the 67% premium, we would receive over $US 1,000 per ounce. The larger gold nuggets sell for substantially higher premiums. Based on prior sales experience, this season's large collector size pieces such as those shown here: http://www.silverado.com/july182006 will sell for over $US 2,000 per ounce. The gold is ranging in size from sand to 9.03 troy ounces (so far). The majority of the nuggets range from 0.5 to 1.5 inch (+1 ounce), which is ideal jewelry size.
The sluice plant is running 24 hours per day and is operating efficiently in its closed circuit, zero discharge to the environment - ecologically sound design.
Total gold recoveries and related financial numbers will be released as available during the balance of the year. Last winter and spring saw the completion of 1200 feet of underground development on the Swede Channel and the construction of the finished sluice plant. Underground work will commence after freeze up (October 2006) and will include the removal of the remaining 60% of the Swede Channel gold bearing gravels which were developed this year. Underground work will also be conducted on gold bearing gravels which were discovered in prior years drilling. These areas are either adjoining or near our underground workings and will continue to be expanded under the current drilling program which will continue into the upcoming winter. Exploration drilling is also being conducted on other parts of our 11 square mile property where gold has been encountered in prior drilling and test mining.
This press release was prepared by Edward J. Armstrong, Certified Professional Geologist; who is a qualified person as defined under the standards of Canadian National Instrument policy 43-101.
To learn more about Silverado Gold Mines Ltd., visit us online at http://www.silverado.com or contact Bob Dynes, Investor relations, toll free at 1-800-665-4646.
This Press Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.
CONTACT: SILVERADO GOLD MINES LTD., Mailing Address - 505 - 1111 W. Georgia Street, Vancouver, B.C., V6E 4M3, Canada, (800) 665-4646 or (604) 689-1535, F: (604) 682-3519, pr@silverado.com, http://www.silverado.com; Field Address - P.O. Box 83730, Fairbanks, Alaska, 99708, USA |
Thread abonnieren
