Crowne Ventures, Inc. Initiates Smelting Operations
August 31 2011 - 11:00AM
Marketwired
Crowne Ventures, Inc. (PINKSHEETS: CRWV) is pleased to announce the
plans for its smelting operations for the Gallo de Oro and Oro de
Rojos properties.
Crowne Ventures has initiated contract discussions with the
engineering staff at the Penoles smelter facility in Torreon,
Mexico, which is approximately an 18-hour drive from our mining
operations. The Penoles laboratory has been running smelting test
procedures for the past several weeks. Once the flux formula for
the best recovery is established, the facility's production costs
will be established.
We plan for the excavated ore to be crushed to 1/8 minus at our
mining site. The preliminary test production of 100 tons will be
shipped by truck to the smelting facility. The Penoles facility has
the capacity to direct smelt up to 3,000 tons of per month. The
Penoles smelter processes ore from across Mexico and we are
anticipating that we will have access to the majority of the
monthly production.
To accommodate the increased production, we will be negotiating
with the local rail system for ore cars to be dropped at rail head
near the Gallo de Oro property. As a result, shipping costs will be
dramatically reduced and NSRs (net smelter returns) dramatically
increased.
In the best interests of the Company, we intend to contact
additional production facilities across Mexico and test samples of
ore will be shipped for amenability testing.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words or phrases "would be," "would allow," "intends to," "will
likely result," "are expected to," "will continue," "anticipate,"
"expect," "estimate," "project," "indicate," "could,"
"potentially," "should," "believe," "considers," or similar
expressions are intended to identify "forward-looking statements."
Actual results could differ materially from those projected in the
forward-looking statements as a result of a number of risks and
uncertainties. These include the company's historic lack of
profitability, end user customer acceptance and actual demand,
which may differ significantly from expectations, the need for the
company to manage its growth, the need to raise funds for
operations and other risks within the regulation of the industry.
Statements made herein are as of the date of this press release and
should not be relied upon as of any subsequent date. The Company's
past performance is not necessarily indicative of its future
performance. The Company does not undertake, and the Company
specifically disclaims any obligation, to update any
forward-looking statements to reflect occurrences, developments,
events or circumstances after the date of such statement.
For Further Information Contact: Investor Relations Crowne
Ventures 310.461.3703 website: www.crownemining.com email: Email
Contact