Tonnage figures expected on Gordex heap leach mine

With assay results in for 35 holes and an additional 45 holes still to be drilled and/or assayed on its Cape Spencer gold mine northeast of Saint John, N.B., Gordex Minerals, Canada’s first heap leaching operation, expects tonnage figures on the property to be available shortly.

Consulting geologists and engineers from Derry, Michener, Booth and Wahl are assisting Gordex and its consultants with the ore reserve calculations based on the recent drill data. Ore reserves currently stand at 500,000 tonnes grading 0.07 oz gold per ton.

Gordex has signed a commitment with First Exploration Fund 1987 to provide $1 million to Gordex to incur CEE pursuant to which Gordex will issue u p to 166,667 flow-through shares on a basis of $2.10 per share. The balance of $650,000 to be issued in shares equivalent to 20% above the weighted average trading price of shares of that class for a 30-day period prior to the execution of a subscription agreement.

A letter of commitment has also been signed for an additonal $1 million with First Exploration Fund 1988 and Co., Limited Partnership. The issue price of the flow- through shares will be 20% above the weighted average trading price of the shares for the 30-day period prior to the date of execution of a subscription agreement.