All of Queenstake Resources’ gold mining properties are “meeting their 1987 production and operating cost projections,” says Gordon C. Gutrath, president. Approximately 780 oz of June gold production has been shipped to refiners and a 70,000- cu-yd ore reserve block has been mined and stockpiled at the Pine Creek placer gold property in B.C.
He confirms that the bulk sampling program at the Moyie River property in southern B.C. is proceeding satisfactorily and stripping is ahead of schedule and under budget. Sampling of the drill- indicated reserves to determine recoverable gold grade should be under way by the end of July, he says.
Queenstake has agreed to make a private placement of one million units to several United Kingdom financial institutions at a price of $1.60 per unit. Each unit consists of one share and one-half share purchase warrant. Each whole warrant is exercisable at $1.85 per share until June 30, 1988. Proceeds from the offering will be applied to the acquisition of the Pine Creek placer gold property near Atlin, B.C., and mining equipment, he says.
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