Patricia Mining Corp. Announces Project Updates At The Island Gold Project, North Western ON
TORONTO, ONTARIO--(CCNMatthews - Aug. 2, 2005) - Patricia Mining Corp. (TSX:PAT)(Patricia Mining) is pleased to update progress at the Company's Island Gold Project. During the second quarter of 2005, Richmont Mines Inc. (Richmont Mines) continued to fund a major exploration program, estimated at $8 million for 2005. The amount of $2,452,681 was spent by Richmont Mines in the second quarter of 2005 for a total of $4,247,626 in 2005.
In the mine a total of 559 metres of development were completed in the second quarter as follows:
- 15 metres of development along the mineralized zone were completed. The mineralized development on the 190 metre level was sampled and matched expectations from previous underground drilling completed in 2004. Mineralized development will be continued in the third quarter of 2005.
- The ramp was extended by an additional 238 metres and has now reached a vertical depth of 202 metres. The ultimate near term depth is planned at 300 metres, which will give access to most of the Island deposit.
- The ventilation drift was extended by 192 meters and the ventilation raise was advanced 44 metres. The ventilation raise is expected to be completed in August, 2005 and will also serve as an emergency exit.
- The190 metre crosscut was advanced by 114 meters. This crosscut gives access to the ore zones on the 190 metre level.
On surface work has progressed as follows:
- Electrical power to the 650 tonnes/day mill was restored. The mill equipment will be inspected and a plan for refurbishment will be developed in the third quarter of 2005.
- A new Compressor building was erected and commissioned.
- The Lochalsh ramp portal was enclosed to protect the access ramp from adverse weather.
Richmont Mines may acquire from Patricia Mining Corp. a 55% interest in the Island Gold project by advancing the project into production or by funding up to $10 million in advancing the Island Gold Project towards a producing mine. Assuming positive results are obtained from the advanced exploration program, the mill could be restarted by mid 2006.
Richmont Mines plans to continue its advance exploration program and it is expected that the $5 million worth of expenses will be funded by August, 2005. Richmont will have earned-in therefore 25% of Patricia Mining's interest in the Island Gold Project.
With the completion of the ventilation raise in August, Richmont Mines plans on starting a 10,000 metre exploration in fill drilling program in the Island zone in September to verify the extension of gold zones and increase resources.
Address: 8 King Street East, Suite 1300, Toronto, Ontario, Canada, M5C 1B5 |
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