A feasibility report has been received by Gulf Titanium for its Cruse Belmont property in Montana. The report recommends taking the high grade gold property into production next spring at 200 tons per day.
President D. M. Farrell confirms the project will be debt financed and that financing arrangements are nearing completion. A small portion of the cost will be funded by equity as “management wishes to keep share dilution to a minimum,” he states.
Underground exploration is expanding reserves and he says a contract has been awarded for 1,500 ft of development decline. Work was scheduled to begin on the decline by mid-September. The modular mill is being designed by International Modular Mills, an associated company of Wright Engineers, which will also act as a consultant during the development phase.
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