Vision Energy Group Buys Gold Mine
Thursday March 29, 9:00 am ET
LOS ANGELES--(BUSINESS WIRE)--Vision Energy Group, Inc. (Pink Sheets:VGYI - News) has today signed a Letter of Intent with AMT Industries Nevada Inc. to purchase 100% of the interest in the Tillicum Mountain Gold Mine in British Columbia. The purchase will be effected by an exchange of shares between the 2 Companies and encompasses approximately 16,000 acres of land, plant and equipment on site and previous work carried out in recent years.
The gold Ore Reserve Calculations carried out in 1996 by Mr. George Addie of BC show 500,000 ozs of drill indicated proven reserves and a further 250,000 ozs indicated reserves in other categories. These calculations were based on a cut off grade of .35 ozs per ton. With the current buoyant precious metal prices this cut off grade may be able to be decreased with a resultant increase in the available tonnage reserve.
The Mining Plan shows an initial 300 tons per day production after site works completion, for 35,000 to 40,000 ozs per year produced. As the underground development progresses the daily production will increase to 400 tons and produce approximately 50,000 ozs per year.
Discussions are being held to raise the $10 million required to put the mine into operation.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause results to differ materially from those expressed in the forward-looking statements, including but not limited to, certain delays and risks detailed from time to time in the company's filings with the Securities and Exchange Commission.
Contact:
Vision Energy Group, Inc.
Russell Smith, 310-821-2244
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Source: Vision Energy Group, Inc.
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