South American Minerals, Inc. to Establish Land Based Alluvial Gold Sluicing Operation
15 September 2006 - 1:44AM
PR Newswire (US)
NEW YORK and GEORGETOWN, Guyana, S.A., Sept. 14
/PRNewswire-FirstCall/ -- SOUTH AMERICAN MINERALS, INC. (OTC PINK
SHEETS: SAMM) announced that its wholly owned subsidiary North
American Resources Inc. Ltd. (NARIL) is nearing completion of a
pilot, land based, alluvial gold sluicing plant on a mining
concession controlled by NARIL in the Republic of Guyana, South
America. The plant is designed to process up to 125 cubic yards per
hour of gold bearing gravels located in a 25 square mile area
adjacent to the Konawaruk River in Guyana. The area has previously
been the subject of favorable exploratory drilling programs
conducted by three non-affiliated international mining companies.
NARIL is presently conducting further tests to confirm those
results. The plant is expected to be ready to commence pilot
production by the end of October 2006. In the event the pilot
project is commercially successful, the company would consider the
establishment of several additional plants in the future. Funding
for the plant is being provided by the Company and several
partners. NARIL is currently engaged in a water based gold dredging
operation in and along the Konawaruk River with 3 hydraulic suction
dredges of which two are owed by a joint venture in which NARIL
owns a 65% interest. A fourth dredge is planned to be placed in
production after repairs are completed. Except for the historical
information herein, certain matters discussed in this release
include forward looking statements that may involve a number of
risks and uncertainties, which projections and statements are made
pursuant to the "Safe Harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Actual risks may vary significantly
based on a number of factors, including but not limited to: risks
in production relating to weather and the prices of fuel and gold
on the world market. DATASOURCE: South American Minerals, Inc.
CONTACT: Saul Horing, President, +1-212-668-0842, South American
Minerals, Inc. Web site: http://www.southamericanminerals.com/
Copyright