EDLT looks to be picking up steam. They dropped news on the 25th about the Re-opening of the Huaqiao Gold Mine. Great stock to pick up a few in IMO...
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volume- 31.0k
East Delta Announces Re-opening of the Huaqiao Gold Mine
Mar 25, 2008 9:20:00 AM
2008 PrimeNewswire, Inc.
View Additional ProfilesMONTREAL, March 25, 2008 (PRIME NEWSWIRE) -- East Delta Resources Corp. (OTCBB:EDLT) (Frankfurt:EJK) is pleased to announce that it has re-started mining activities at the Huaqiao Gold Mine in Guizhou Province, China. This gold production is expected to provide EDLT with its first quarterly revenue by the end of the second quarter, 2008. EDLT has an agreement to acquire up to 77.5% of this operating mine.
The Huaqiao mine is located within the Hunan-Guizhou gold belt in Southwest China and covers an area of approximately 0.7km2. The property presently has seven known gold-bearing quartz vein zones, which occur in different strata and have different types and characteristics of mineralization. East Delta had previously commissioned an independent qualified geologist to produce an NI 43-101 report showing an indicated and inferred resource of approximately 29,200 and 300,000 ounces of gold, respectively. More information on the mine is available on the company's web-site, www.eastdelta.ca.
Mining operations had been shut down to allow for refurbishing of the mine's 100 Tonne/day capacity flotation type mill. East Delta provided the funding and spent over $500,000 for expert support personnel, manpower, replacement equipment and costs of licensing. Extreme record-breaking winter weather in China had delayed the planned re-opening.
The Company has now been able to reinstate mining activity at the upper levels of the underground mine. Starting with one team having a capacity to mine about 20 tonnes per day with recovery of coarse free gold by shaker table methods. Several additional operating teams are to be hired to increase ore extraction and as ore quantities are increased towards the ultimate total capacity of 125 tonnes, milling will commence at the facility.
Since yields in the older levels of the mine are relatively low but profitable, EDLT continues work on expanding recoverable portions of the site. The mine has lower undeveloped levels containing additional gold mineralization of undetermined extent. Samples taken from lower veins have been collected, and with duplicate samples, tested in both Chinese laboratories and North American labs, showing grades ranging from 1.2 to over 4 g/t. Additional results to be made public as soon as available.
The Company
East Delta Resources Corp. is a publicly traded Delaware corporation, headquartered in Montreal, Quebec whose business objective is to profit from the recent strong worldwide revival of interest in precious metals. EDLT's primary activity is in mine development and production of gold. EDLT also participates in other mineral exploration and mining, specifically, silver, nickel, zinc and lead. The geographic focus of the Company currently is mostly China.
With, a majority interest in several highly-prospective properties, experienced personnel, and an extensive network of contacts in China, the Company believes it has made a solid start on implementing its business plans and objectives.
