CMKM Diamonds, Inc. Announces the Success of Its Integrated Business Plan Goes Into Effect in Ecuador
Business Wire - October 19, 2004 09:30
PORTOVELO, Ecuador, Oct 19, 2004 (BUSINESS WIRE) -- CMKM Diamonds, Inc. (Pink Sheets:CMKX) headed by its CEO Urban Casavant and his advisory team accompanied by the company's SEC attorney Roger Glen successfully concluded the major ownership acquisition of the established American Mine here in Portovelo today. CMKM Diamonds and its operating partner Minera Nevada SA a subsidiary of Nevada Minerals, Inc. of Las Vegas, Nevada will manage a major corridor of gold production inside this region. The current yield coming through the American Mine is 40 tons of gold ore on a daily average. Alejandro Diaz, president of Minera Nevada SA exclaims, "Within the next 6 working weeks the production will raise to a steady 80 tons of gold ore per work day as we start our second shift of underground mining team." Diaz continues, "All will be done to ramp the mining production to complete our obligations to Yellow river and US Canadian Minerals, Inc. for their addition of two additional mills to Yellow River and the new production facility of the Buza coming on line over the next 90 days to build up to 300 tons of gold ore processing per day to satisfy the volume increase of the American Mine build up of production."
The advisory team had members from legal, accounting, operations and feasibility to assess all probabilities on expansion and further development of other opportunities from CMKX, UCAD, and Nevada Minerals. The team was introduced to the on ground executive team that will lead the way through the start up phase one process. US Canadian Minerals CEO Rendal Williams explains, "UCAD has considerable time and dollars invested here in South America, especially Ecuador. We believe there is a major shift of technologies that this region has been starving for and we as UCAD plan to lead the way and share this knowledge with those who wish to expand their current ore production."
The American Mine sits inside the Zaruma-Portovelo Mining District. This district has a recorded historic production of more than 4.5 million ounces of gold and 19 million ounces of silver, as well as significant tonnages of copper, zinc and lead concentrates.
The American Mine located in Portovelo, Ecuador consists of a 100 ton hoist system that will from up to the depth of one of its 13 levels, deliver gold ore to the surface to a 35 ton drop shoot that will be supported by a jaw crusher and a cone crusher to minimize processing time for expedited production flow at the Yellow River Processing Plant. Urban Casavant CEO of CMKX said, "Through the combined efforts of all the parties in this venture we have gathered a new frontier for the well being of our shareholders and company alike. The company will be moving rapidly into a revenue model here in the fourth quarter."
There is no guarantee that further exploration or drilling will produce any economic benefit to the company or the shareholders of the company.
This press release contains "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933 (the "Securities Act"), as amended, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended. All statements that are included in this press release other than statements of historical fact are "forward-looking" statements. Although management believes that the expectations reflecting in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors could cause actual results to differ materially from the expectations as disclosed herein, including without limitation, in conjunction with these forward-looking statements contained in this press release.
SOURCE: CMKM Diamonds, Inc.
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