Royal Standard Minerals Inc. (OTCBB: RYSMF)
Royal Standard Minerals (RYSMF) Announces High Priority Project Updates
- Press Release
- Source: Royal Standard Minerals, Inc.
During this year Royal Standard Minerals’ exercised its option to purchase both patented and unpatented mining claim groups in Churchill County and the Manhattan District claims in Nye County, Nevada. These assets offer strategic support for future growth of the Company’s gold-silver program in Nevada and specifically, to expand prospective property control for the permitted Goldwedge underground gold-silver project and facilities.
In the Manhattan District, the Company is continuing with an evaluation of the geologic data for all of its current holdings as these properties are expected to become high priority projects for permitting and development as a future source of gold mineralized material for the Goldwedge plant. Located in close proximity to the Company’s Goldwedge plant facilities, the Manhattan claim properties are within 1 to 2 miles of the Goldwedge operations.
Since permitting the Goldwedge gold mining property, the Company has completed considerable underground development work to evaluate the upper portion of the drill indicated gold system.
During this period, a processing plant was constructed on the property to further test the gold recoveries of the mined material. As our most developed asset, Goldwedge is expected to move toward production in 2010.
Further, as a result of this completed work, evaluation and plant construction, the Company is implementing major equipment upgrades and technical enhancements to increase throughput and productivity to approximately 500 tons per day. These upgrades will move the plant facilities from a test mining mode to a more sustained higher level of production. These operations and plant modifications should also reduce operating costs and significantly increase daily gold concentrate production.
The Company is continuing with plans to install a more efficient dewatering system to help insure that the underground development program will proceed without delay related to water controls. As the Company continues with the development of the currently identified main zone shortly, this area of the deposit will constitute the initial primary source of gold mineralized material for the onsite gravity plant.
Elsewhere in the State of Nevada, at the Fondaway Canyon property in Churchill County, the Company is in the process of renewing the water use, drilling and underground bulk sampling permits for the property. Also in Churchill County at the Dixie-Comstock gold property, an epithermal gold system that has been extensively drill tested by major gold companies is considered to be a promising near surface gold/silver mineralized system.
At the recently announced, Elko County, Nevada projects, the Company has completed its study of its 100% controlled Pinon and Darkstar properties the Company has identified a number of new drill targets that have strong potential to be additive to the current near surface gold-silver resources at both properties and for deep, underground, “new” gold resources. The Company anticipates commencing the next phase of planning for the Pinon and Darkstar properties that should advance the properties toward future development.
In summary, Royal Standard Minerals is aggressively exploring and developing gold and silver properties in key mining districts in Nevada, five of which, the Goldwedge, Pi�on, Darkstar, Fondaway Canyon and the Dixie-Comstock properties respectively, are advanced stage projects with established gold/silver resources.
Royal Standard Minerals, Inc. owns and controls several precious metal properties in the State of Nevada. Nevada is the 4th largest producer of gold in the world and the largest US domestic producer. The gold mining industry of Nevada produces almost 7.5% of the world’s gold supply and almost 80% of all gold produced in the USA, http://www.nevadamining.org/documents/Economic_Overview_08.pdf.
RYSMF (C.U.S.I.P. # 780919106) is a natural resource exploration and development company, www.royalstandardminerals.com.
For further information about this release contact Mr. Roland Larsen, (775) 487-2454 and/or Mr. Rich Kaiser, Investor Relations, 800-631-8127.
Royal Standard Minerals cautions that the statements made in this press release constitute forward-looking statements, and no guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
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