A 30-day bulk sample test of gold placer gravels at Indian River, 35 miles south of Dawson City, Yukon, has yielded 1,000 oz of gold dore ingots, Gold City Resources reports.
Gold City is conducting the Yukon operation in a joint venture with The Hughes-Lang Group, (22.5%) and Pacific Trans-Ocean Resources, (22.5%). As operator, Gold City holds the 55% controlling interest.
The company says testing and recovery will be maintained through October, and in November a major stripping and preparation program will be conducted, resuming in February of next year.
Paul White, president of Gold City, says the venture has recovered enough gold to match 1987 operating costs. Corporate earnings are projected at 10 cents a share this year.
Plans are to double gold recovery in 1988, Mr. White says.
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