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OTCQX provides a gateway to U.S. securities markets for international companies that are listed on a qualified non-U.S. exchange. More importantly, OTCQX distinguishes reputable international issuers from the other 9,000 over-the-counter (OTC) securities traded in the U.S. Only leading companies that have substantial operating businesses and provide ongoing, credible disclosure to the public are eligible for inclusion on the premium-tier OTCQX, which commenced trading on
About Fire River Gold Corp.
Fire River Gold Corp. ("FAU"completed its IPO at the end of
Through the sale of MCR (Nixon Fork Mine) to FAU, Pacific North West Capital became the largest shareholder of FAU. (See chart).
About International Metals Group
The International Metals Group (IMG) is an organization of professionals with a wealth of experience in all aspects of the mining industry.
Our group consists of a brain bank of project acquisition, exploration and development professionals, including dedicated CEOs, geologists, engineers, corporate finance, investor relations experts, corporate management, public company administrators, and regulatory and government affairs specialists. The companies within the group are able to share resources, costs and expertise, which provides a significant advantage in comparison to individual public companies.
For further information on the International Metals Group Companies, please visit: www.internationalmetalsgroup.com
------------------------------------------------------------------------- Highlights of Nixon Fork Mine - Near Term Gold-Copper-Silver Producer - Fully Constructed 200+ tpd Mill - Mine Fully Permitted and Bonded - Previous production average over 42 grams per ton (1.4 ounce per ton) - Turn-key Mining-Milling Operation - Significant Exploration Upside -------------------------------------------------------------------------
Facilities at the Nixon Fork Gold Mine include a 200 tpd flotation plant with a gravity gold separation circuit. In 2008, a CIL gold leaching circuit was designed and purchased and approximately 60% installed to date. The mine also includes a fleet of mining vehicles, a self-contained power plant, maintenance facilities, drilling equipment, an 85 person camp, office facilities and a 1.2km long landing strip. Mining and processing operations at Nixon Fork are fully permitted and bonded.
2010 Re-evaluation Program in Progress
Re-Evaluation of Tailings Pond
The first operator of the Nixon Fork Mine produced an average head grade of approximately 42 grams per ton (1.4 OPT) but only averaged 83% recovery. Based on previous engineering and metallurgical studies done on the tailings pond, approximately 150,000 tonnes of mill tailings are in place (a previous study showed grades between 7 and 9 grams per ton) and are currently being re-evaluated.
The objective is to look at the feasibility of re-processing the tailings through the new CIL plant that was purchased and is approximately 60% installed in the mill. A two stage drill program has been completed and a metallurgical study is in progress. A completed evaluation of the tailings production is slated for first half of 2010. If the Company elects to defer this option, gold recovery from the tails will be a component of an overall mine plan, to be completed by the Spring of 2011.
Surface Exploration 2010
As the last two operators of the project focused most of their financial efforts on underground development, the mine infrastructure, equipment, permitting and bonding, only a limited amount of their budget was spent on exploration. An 8000 m surface drill program is planned on a number of identified exploration targets.
Underground Exploration 2010
From 2004 through 2009 the previous operator spent approximately
During 2007-2008, 9,381 meters of reserve-resource definition drilling was conducted and not released. The results are currently being evaluated and will be reported over the next the next 3-5 months.
A final underground production plan is slated for completion to start in the Spring of 2011.
For further information, please refer to FAU's news releases dated and
Golden Zone Project: - NI 43-101 compliant mineral resource - 14 targets are identified - 2009 program in progress - Excellent infrastructure, road access to property, 12 miles from major highway and railroad, power nearby
In an effort to continue to add to the Company's overall gold ounce potential and development schedule, on
The Golden Zone Project is located 240 km north of
The project is an advanced stage gold-copper-silver system with approximately 20,100 meters of drilling, extensive trenching, soil sampling grids, multiple geophysical surveys, and metallurgical samples collected from core and the underground workings in the main Breccia zone.
The project hosts several mineralization styles including an igneous rock hosted breccia pipe, several replacement zones of mineralization in calcareous rocks, and mineralization hosted in volcanoclastic rocks. The Breccia target is the most advanced and hosts the mineral resource and the 2009 exploration program will evaluate the possible extension on this mineralization. The Breccia is being evaluated as a possible open pit target. At least fourteen targets are identified within the 8000 hectare property and all have limited exploration work completed to date.
A technical report prepared by
FAU has completed an initial Phase I work program consisting of surface exploration program, detailed rock sampling, mapping, rock chip sampling and metallic sieve analysis on selected samples and is continuing to move forward with the Phase I exploration on its 100% owned Draken Project. FAU is waiting for a report and analytical results. Please refer to www.firerivergold.com for further information on the Draken Property.
Kansas Creek Property
Management is currently re-evaluating the data on the Kansas Creek Property with the objective of outlining a Phase I exploration program. Management expects to have recommendations and the commencement of Phase I exploration program for the spring of 2010. For further information on the Kansas Creek Property, please refer to FAU's news release dated
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On behalf of the Board of Directors, I look forward to keeping you updated with our corporate developments.
(signed) Harry Barr President & C.E.O.
Disclaimer: This news release may contain certain "forward-looking statements". All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and available at www.sedar.com or filed with the Canadian National Stock Exchange. Any forward-looking statements are not guarantees of the Company's future performance and are subject to risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by any forward-looking statements. Except as required by law, the Company undertakes no obligation to update any forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Fire River Gold Corp.