• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Global Platinum + Gold, Inc. Announces Results of First Large Commercial Production Run

Posted on: Thursday, 30 August 2007, 09:19 CDT

The following is being issued by Global Platinum + Gold, Inc. (Pink Sheets:GPGI):

The results from Global's first commercial production run resulted in a net recovery of one ounce of new gold. While these results are somewhat disappointing and not consistent with previous R & D results, it does confirm and validate the process. In previous smaller production and R & D runs multiple ounces were recovered; nonetheless, Management remains optimistic for a variety of reasons. Although details of our process cannot be discussed, we can indicate this first run consisted of 30 tanks consisting of 600 gallons of leached material, which contained the gold inquart and Global's proprietary mix of chemicals, catalysts etc. The leached material is subsequently filtered, dried, put into a kiln to burn off all excess material and then smelted into gold bars. The gold bars were then hand delivered to the refiner along with one batch of gold concentrate. The refiner made an immediate determination that the gold values for the concentrate was higher than that of the gold bars. The second run to commence this week will take this into account and only the gold concentrate will be delivered to the refiner. Unfortunately, along each step of the process gold values have the potential to be lost, and Management is confident the learning curve leading into a stepped up production mode will not curb the recovery of increased values as we go forward.

It is important to put this whole matter in perspective; to the best knowledge of the Company, no other enterprise attempting to use a similar process has ever duplicated the results of this first run. Unlike large mining companies with hard rock mining, Global's process is environmentally clean and safe. Where conventional mining companies engage in leaching utilizing toxic chemicals or engage in crushing thousands of tons of hard rock ore, the Company fully expects to meet or exceed their recovery rates at far less cost. The potential for the success of the Company's gold operation is still enormous and we ask for your indulgence and patience as we work to resolve production challenges as they occur.

In other news, the build-out for the inside of the plant is virtually completed. The use of the new laboratory, drying and kiln room, together with some new equipment installed will certainly increase our efficiency and results. Our independent auditors are in the final stages of completing their report, which will be published upon receipt.

This communication to shareholders and the public contains certain forward-looking statements. Actual results may vary materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding estimated reserves, estimated future production, and the value thereof, are forward-looking statements that involve 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.

Source: Business Wire

More News in this Category