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Author Topic: EEGC HUGE NEWS $A1.1 Billion Resource !!!!
rider3160
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2005-09-30 11:23:01
Zeehan Zinc Reports $A1.1 Billion Resource

--------------------------------------------------------------------------------


Business Editors

LENEXA, Kan.--(BUSINESS WIRE)--Sept. 30, 2005--
Empire Energy Corporation International (Empire)
(OTCBB:EEGC) announced that an independent report commissioned by
Zeehan Zinc Ltd (ZZ) has identified a measured, indicated and inferred
resource of 6,781,510 metric tons of ore at the old Comstock and
Oceana mine sites near Zeehan, Tasmania (Australia).
The ore, which averages 5.1 percent lead, 4.8 percent zinc and 52
grams per metric ton of silver, has a gross, in ground potential value
at today's metal prices and U.S. currency exchange rate of more than
$A1.1 billion (Australian dollars).
Zeehan Zinc CEO Mr. David Tanner said, "This is an exciting and
potentially very valuable deposit for Tasmanian jobs, the economy and
the company."
The annual rate of mining and milling is currently approved at
200,000 metric tons, and the gravity separation plant already
established on site can handle twice that tonnage. Production of lead
and zinc concentrates will require construction of a flotation plant
which is currently being designed, together with a tailings disposal
facility scheduled for construction this summer, subject to planning
and other approvals.
The resource that was estimated in the independent report complied
with the Australasian Code for Reporting of Mineral Resources and Ore
Reserves 1999 and was completed by a competent person as defined under
that code.
Empire (EEGC) recently acquired 37.5 percent of ZZ through a
subsidiary and has entered into an agreement that may increase,
subject to certain conditions, Empire's shareholding to 100 percent.
Malcolm Bendall, CEO of Empire and Chairman of ZZ, said: "This
acquisition and valuation is a huge strategic leap ahead for Empire.
It is a significant asset that we believe may be capable of being
leveraged to meet the objectives and future financial commitments of
ZZ, GSLM and Empire."

This press release contained forward-looking statements based on
our current expectations about our company and our industry. You can
identify these forward-looking statements when you see us using the
words such as "expect," "anticipate," "estimate," " believes," "plans"
and other similar expressions. These forward-looking statements
involve risks and uncertainties. Our actual results could differ
materially from those anticipated in these forward-looking statements
as a result of our ability to complete required financings and other
preconditions to the completion of the transactions described herein
and Empire's ability to successfully acquire reserves and produce its
resources among other issues. We undertake no obligation to publicly
update any forward-looking statements for any reason, even if new
information becomes available or other events occur in the future. We
caution you not to place undue reliance on those statements.

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rider3160
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had a pullback and ready to run into close
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rider3160
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Gapping should run hard today
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Slippery Wing
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Anyone still hanging in this one? Waiting for news!

-Slip

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Catch22
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http://stockcharts.com/def/servlet/SC.web?c=EEGC,uu[m,a]daclyyay[db][pb50!b200][vc60][iUb14!La12,26,9]&pref=G

can anybody please analyze this graph? Looks like a nice positive divergence to me..

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Slippery Wing
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Yes, input on this one would be helpful. A good PR would be even MORE helpful.

-Slip

Posts: 451 | From: Kansas City, KS | Registered: Sep 2005  |  IP: Logged | Report this post to a Moderator
   

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