Crown Gold Signs Memorandum of Understanding to Process Nevada Ores With American Mining Corporation
18 Novembro 2010 - 7:51PM
Marketwired
Crown Gold Corporation (Crown) (TSX VENTURE: CWM) is pleased to
announce it has entered into a Memorandum of Understanding (MOU)
with American Mining Corporation (AMC), a private Nevada
corporation, along with Versatech Capital for Mining, (VCM), a
private Nevada corporation, to provide processing at AMC's facility
in the vicinity of Crown's flagship Monte Cristo property, near
Tonopah, NV. The MOU also applies to Crown's other Nevada
properties, including Sugarloaf Peak.
The McLean Lode deposit at Monte Cristo, located approximately
45 km north of Silver Peak in Esmeralda County, is a high grade
gold and silver epithermal vein system, the top of which was mined
by open pit in the 1980's. Crown's drilling beneath the old pit has
extended the mineralization to a vertical depth of approximately
300 m with every indication that it is open along strike and
further down dip. Crown's exploration work has so far delineated a
NI 43-101 compliant inferred resource estimate of 1,025,700 tonnes
grading 7.2 g/t gold at a 2 g/t gold cut off. Silver grades, as
high as 1500 g/t, were intersected in core holes but a silver
resource cannot be quantified because samples from extensive
shallow drilling prior to Crown's work were never assayed for
silver.
The McLean Lode has many geological similarities to individual
orebodies of the Comstock Lode and the Monte Cristo claim block
covers a major through going fault zone in an andesite volcanic
sequence that, as a whole, displays remarkable similarities. The
Comstock orebodies produced approximately 8 million ounces of gold
and 200 million ounces of silver from many separate ore shoots. The
McLean system covers approximately twice the strike length of the
Comstock host structure.
AMC & VCM's processing facility at the 16 to 1 mine site
near Silver Peak, offer companies with high grade precious metals
deposits an opportunity to extract ore that might normally be years
from cash flow. By utilizing the Silver Peak facilities, Monte
Cristo's high grade ores can be successfully processed by shipping
it to AMC's, "minimal disturbance mining, hub and spoke" Silver
Peak ore processing operation.
There are many advantages for such a facility and for the
success of this MOU. Crown can now concentrate on Monte Cristo's
immediate underground development and further delineation of their
resource without the necessity of onsite ore processing with its
attendant capital and permitting requirements. With minor
transportation costs and modest fees for processing, Monte Cristo
can benefit from the positive effects of extraction accompanied by
immediate processing at optimum recoveries.
Crown Gold, formed by the recent amalgamation of Crown Minerals
and Gold Summit, is exploring for high grade gold and silver
deposits in Nevada and high grade gold deposits in both Nevada and
Ontario. In Nevada, Crown has NI 43-101 compliant inferred
resources totalling approximately 337,000 ounces of gold at its
Monte Cristo and Sugarloaf. These are the most advanced of five,
high-grade, epithermal vein systems controlled by the company. The
existing resources at Monte Cristo and Sugarloaf remain open along
strike and at depth. Planning for further exploration and
underground or open-pit development is underway. The three other
Nevada properties, Blue Sphinx, Gold Springs and Black Warrior, all
contain well-defined, essentially undrilled, targets.
Yesterday Crown reported encouraging assay results yesterday
from drilling on its McKenzie Island property at Red Lake. Crown is
planning additional drilling on the McKenzie Island project in the
first quarter of 2011. Other northwest Ontario properties are
Tabour Lake near Kenora and Surprise Lake in the Uchi Belt, east of
Red Lake. At Tabour Lake, sampling and previous drilling at the old
Sakoose Mine confirm that extension of previously mined grades of
14 g/t gold are present down plunge and open at depth. In
northeastern Ontario, the company holds strategic land positions
adjacent to Trelawney's Chester discovery, at the old Stairs Mine
and in the Timmins camp.
About American Mining Corporation; A best of class problem
solver for junior mining companies seeking to reach rapid
cash-flow. AMC's business model is to allow private and public
junior mining companies with and without Ni 43-101 complaint
deposits to have a meaningful mining service provider that can
share in the development and processing of gold and silver deposits
which otherwise would not achieve production in this metals cycle.
AMC's goal of developing relationships that release in-situ value
through JIT processing and shared resources offers a unique model
not being pursued by main stream producers. With adequate
metallurgic undertakings, processing lines are modified to achieve
desired optimization of recoveries while still providing speed to
market for the clients ore to reach a saleable dore. AMC benefits
by providing the processing services at modest fees and taking a
metals equity as an incentive to maximize the deposit returns.
Scheduled to be operational in the first half of 2011, AMC will
offer Gravity, Flotation and CIL recoveries for its targeted
clientele.
About Versatech Capital for Mining; VCM is a boutique financing
firm specializing in "Bringing Your Precious Metal Deposit to
Production". This process allows it to offer services and options
for financing outside of the traditional equity raises. VCM focuses
on maximizing wealth creation from proven deposits that due to time
absorption created by the state and federal regulatory &
environmental processes would have to wait for dilutive equity
raises, lengthy permitting and other challenges. Through a
collaboration of "best of class" of problem solving associates, VCM
is able to fast tract deposits to production, while offering cost
effective mining operations and resulting cash-flows during this
key precious metals upturn.
Forward-looking Information: This news release may contain or
refer to forward-looking information. All information other than
statements of historical fact that address activities, events or
developments that Crown believes, expects or anticipates will or
may occur in the future are forward-looking statements. These
forward-looking statements are subject to a variety of risks and
uncertainties beyond Crown's ability to control or predict that may
cause actual events or results to differ materially from those
discussed in such forward-looking statements. Any forward-looking
statement, speaks only as of the date on which it is made and,
except as may be required by applicable securities laws, Crown
disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Although Crown believes that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and, accordingly, undue reliance should not be placed on these
forward-looking statements due to the inherent uncertainty
therein.
Historical information, such as the reported assay results for
the McKenzie Island property from the 1930s, pre-dates NI 43-101
and, accordingly, is not compliant with the requirements of NI
43-101; such historical information should not be relied upon.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
contents of this news release.
Contacts: Crown Gold Corporation Mr. Stephen Dunn President and
CEO (416) 822-3343 Crown Gold Corporation Dr Anthony Taylor
Executive Chairman (775) 284-7200 www.crowngoldcorp.com American
Mining Corporation Mr. Gary MacDonald President, CEO (604) 687-4800
gmacdonald@americanminingcorp.com www.americanminingcorp.com
Versatech Capital for Mining Cherise Petker Business Development
(775)-685-6651 vppd2000@earthlink.net
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