Northern Star Announces Corporate Update
18 Juin 2010 - 3:53PM
Marketwired
Northern Star Mining Corp. (TSX VENTURE: NSM)(OTCQX: NSMSF)
(Northern Star Mining or the "Company") is pleased to announce the
following update on our activities and plans for the balance of the
2010 year and beyond. CEO George Pirie has, since commencing
employment in April 2010, reviewed all of the Company's operations,
budgets, assets and balance sheet information and is now in the
position to begin to set goals for the Company in 2010 and beyond.
Production Plan
Northern Star had previously set an objective to achieve
production from its Midway and Mackenzie Break deposits by late
2010. This is not a credible objective nor realisable goal this
year.
New geological interpretation of the Mackenzie Break deposit,
including the discovery of more gold bearing veins will require
that a detailed geological review be made of the deposit.
Additionally it is imperative to complete interpretation of all
historical and current drilling on the Mackenzie Break and Midway
properties to develop current geological models and resources.
Revised Resource Calculation
The first priority of the Company will be to deliver a revised
resource estimate, in 43-101 format, by no later than December
2010, for each of MacKenzie Break, the Callahan and the Midway
deposits. It is estimated this will cost $8,000,000 and will be
directed under the leadership of Eddy Canova PGeo. The scope of
work is as follows:
Midway: This project will require the update of more than 30,000
meters drilled on the Midway project alone. An additional 30,000
meters of drilling from both underground and surface is required to
reclassify the historical reserve on the project and follow up on
previously released results both historical and current.
Callahan: The exploration model being followed here is "Goldex"
style mineralisation. The drilling planned here is 14,500 meters to
reclassify historical drilling and follow up on targets in eleven
separate zones.
MacKenzie Break: There is 6,000 meters of diamond drilling
planned for this property to update the historical 200,000 ounce
resource. Reinterpretation of historical drilling and
interpretation of current drilling indicates that an open pit model
be investigated on the deposit.
The data will be compiled and models created in Gemcom.
Capital Restructuring and Raising
NSM has a current and long term debt balance of over $43
million, fully secured by the Companies assets and payable within
fourteen months. Management believes this is an unsustainable
obligation considering the stage the Company is at with respect to
its production plans. Accordingly, the Company will seek to
restructure and reduce its debt in the near future.
The Company announces that it has retained Cormark Securities
Inc. and Toll Cross Securities to assist it in restructuring its
outstanding debt and raising capital in support of the engineering
and drilling programs.
ON BEHALF OF THE BOARD
George Pirie, CEO
This press release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Security
Exchange Act of 1934, and involves a number of risks and
uncertainties. 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 TSX
Venture Exchange and the British Columbia Securities Commission.
All statements, other than 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.
Contacts: Northern Star Mining Corp. George Pirie CEO (416)
629-2418 www.nsmgold.com
Northern Star Mining (CE) (USOTC:NSMSF)
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