Fury options Taylor silver mine in Nevada (March 22, 2006)

Vancouver – Looking to enter the junior producer realm, Fury Explorations (FUR-V, FURXF-O) is acquiring the past producing Taylor silver mine near Ely, Nevada.

Fury’s agreement to acquire the mine and mill complex will have it purchase private-company Anglo Nevada Metals and takeover its option from a local branch of the First National Bank. The option requires US$2.5 million in payments over 21 months plus US$5,000 monthly in maintenance costs.

Fury is eyeing a restart to open pit silver mining and processing at Taylor, where operations ceased in 1991 due to weakened metal prices. Sporadic underground mining occurred from the late-1800s through to 1979, when Alta Gold launched an open pit operation targeting a several million tonne open pit resource averaging about 110 grams silver per tonne.

In 1999, Alta Gold calculated a measured resource of 5.4 million tonnes grading 93 grams silver (about 16 million oz. of silver), which predates National Instrument 43-101. The deposit averages about 15 metres in thickness and is near surface (average overburden of less than 10 metres). A similar-tonnage shell of lower-grade silver mineralization surrounds the deposit.

Mineralization is hosted in brecciated limestones that are capped by a shale unit with silver occurring in fractures and veins within the limestone.

The operation includes primary and secondary crushers, eight ball mills with 1,200 tonne-per-day capacity, and flotation and cyanide leach plants on about 360 hectares of mining claims. In 1989, Alta expanded the mill complex to include a copper, lead and zinc flotation circuit to process ore from the nearby Ward mine.

The company recently closed a $2.3 million non-brokered private placement.

Shares of Fury lifted on the March 22nd reporting of the acquisition, closing up 20% at 72 apiece on volume of over 660,000. The company posts an $11.4 million market capitalization based on its 15.8 million shares outstanding.