Consolidated Silver Tusk Mines receives approval for Sumatra project
Thursday, July 13 2000 - 03:30 AM WIB
The management of Consolidated Silver Tusk Mines Limited takes pleasure in announcing that it has received written approval from the Department of Mines and Energy, The Directorate General of Public Mining and The Directorate of Public Mining Engineering in Indonesia, for its proposed open pit mining plan designed for the Company's KBU gold, silver and manganese project in Sumatra.
A comprehensive 150-page feasibility study was prepared and submitted to the Mines and Energy Department earlier this year, outlining the KBU property geology, up to date exploration activities, ore deposits, the new open pit mine plan, environmental impact studies and on-going exploration.
With the approval of the feasibility study now in hand, the Company can proceed with open pit mining activities as planned, and will complete the newly designed production mill on site. This production mill will facilitate in excess of 500 tonnes of production per day and will form an integral part of the new open pit mine plan comprising of three designated open pit areas together with the old existing mine tailings which contain high quantities of gold, silver and manganese.
The production mill will allow for the simultaneous recovery of gold, silver and manganese sulfate and based on conservative estimates is expected to recover 89% of the gold, 85% of the manganese and 55% of the silver overall.
Improvement on the initial recovery ratios is expected during the first few months of operations.
Initial revenue generated is conservatively expected to be approximately US$450,000.00 + per month (Au =USD$275.00 per ounce) at a 500 tones daily production ratio on pit #1 over a six-year term, the first of three such pit areas included in the new mine plan.
For further information please contact investor relations at info@silvertusk.com or request a copy of the Company's Corporate Profile through the web site: www.silvertusk.com.
Except for historical information contained in this release, the matters discussed are forward looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate", "`believe", "estimate", "expect" "probable" and "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements.
Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management.
Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment.
The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments. (*)
On behalf of the Board of Directors,
Robert Needham.
President and CEO.
