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MAJOR STOCK ALERT!! A 3 MILLION GOLD RESOURCE CONFIRMED!!
GOLD RIDGE INVESTMENT CORP. ANNOUNCES:
GOLD MARKET RECOVERY GAINING STRENGTH -
INVESTORS SHIFTING ATTENTION TO UNDERVALUED
COMPANIES WITH WORLD-CLASS GOLD DEPOSITS
EMGOLD MINING'S 100%-OWNED IDAHO-MARYLAND
PROJECT HOSTS 2.97 MILLION OUNCE RESOURCE -
TO BE DEVELOPED @ 140,000 oz/yr @ US$215 / oz Au
EMGOLD MINING CORPORATION ("EMR" - VSE)
1610 - 777 Dunsmuir Street, P. O. Box 10435
Vancouver, BC V7Y 1K4 Canada
Phone: (604) 687 - 4622 Fax: (604) 687 - 4212
Toll-Free: (888) 267 - 1400
website: http://www.emgold.com
Introduction
EMGOLD MINING CORP. has made significant progress
in bringing the historic Idaho-Maryland gold mine
to a production decision. Recent engineering studies
indicate that less than half of the known gold has been
extracted from the deposit, and that a 3,000,000 ounce
resource remains to be mined.
History & Past Production
The Idaho-Maryland gold mine was discovered in 1851,
and was in nearly-continuous production from 1862
through 1956. Total recorded production from the mine
was 2,383,000 ounces of gold from 5,546,000 tons of ore
(0.43 oz/ton recovered grade). When the mine closed in
1956 due to escalating costs and the fixed price of gold
of US$35/oz, mining operations were underway on 25 different
faces on 6 different levels.
Large Mineralized System Defined - Extensive Infrastructure
In Place The Idaho-Maryland vein system is 9,000 feet long,
up to 3,000 feet wide, and has been partially-mined from
surface to the 2000 foot level. Access to the mine's 15
working levels is provided by the three-compartment,
3,460-foot deep New Brunswick Shaft. Over 70 miles of
underground tunnels and workings provide access to much
of the property.
A Three Million Ounce Gold Resource Has Been Defined�.
A 1992 study by James Askew and Associates Inc. estimated
that the remaining gold resources and potential
mineralization between the 2000 and 3280 levels of the
Idaho-Maryland mine are 9,117,500 ST @ 0.326 oz Au/ST
(containing 2,968,400 oz Au). This resource estimate
excludes the potential for large, bulk tonnage targets
identified by EMGOLD in 1997.
Upside Potential: 3,000,000+ oz Au
Located within the wedge-shaped confines of three
bounding faults, a 3-D geologic model developed for
the Idaho-Maryland mine demonstrates the potential
for continuity of the existing vein system to a
vertical depth of 5,000 feet (the Idaho-Maryland
mine is essentially unexplored below a depth of 3,280 feet).
What is not widely known is that the adjoining Empire
mine produced six million ounces of gold to a depth of
5,200 feet! This fact, combined with the knowledge that
all mineralized structures developed on the lowest levels
of the Idaho-Maryland mine remain open at depth, supports
EMGOLD's belief that considerably more ore may exist at depth.
Development Program (1998 - 1999)
EMGOLD's plans for reviving the Idaho-Maryland mine are to
first de-water the mine, and then go underground to do further
exploration to prove up the total resource potential.
EMGOLD has applied for and been granted all permits necessary
for re-opening the New Brunswick shaft, de-watering the mine
and completing a bankable feasibility.
Potential Gold Production of at Least 140,000 oz /
yr @ US$215 / oz Au EMGOLD plans to resume operations at
the Idaho-Maryland mine at an initial mining rate of
1,500 ST ore / day, which would produce approximately
140,000 ounces of gold per year. With the addition of
a second shaft, it may be possible to increase production
to 5,000 ST/day - at this production level, the Idaho-Maryland
mine would produce over 200,000 ounces of gold per year
(on par with other major mines).
Recent studies indicate that the Idaho-Maryland mine could
be profitably developed and operated at a long-term gold
price of US$300/oz based on an estimated operating cost
(excluding capital and royalties) of US$215 per ounce.
Current Market Conditions
The current gold rally is gaining strength with each
passing day!
In the past month, bullion prices have risen nearly 10%.
Yesterday, the Philadelphia XAU gold and silver index
closed at 74.69, up 53% from its record low of 48.67
set in late August.
Mining stocks have regained favor with major Wall
Street firms: Merrill Lynch has initiated coverage of
Placer Dome, Barrick, TVX and Kinross, while Bear Stearns
has upgraded the recommendations of Asarco, Cyprus Amax
and Phelps Dodge.
To a large extent, the market rebound has largely
benefited the major mining companies, whose share
prices are now fully-valued (or even
over-valued) at current gold prices. However, we
believe that, as the current rally continues, investors
will increasingly seek out undervalued junior exploration
and development companies with multi-million ounce gold deposits.
Opportunity for Investors
Trading at a tremendous discount to its fair market value,
EMGOLD offers investors a low-risk investment opportunity
in the current market environment, and a chance to accumulate
a significant position in a stock that can be expected to
rally strongly as gold prices move above US$300 / oz.
With just 11.5 million shares outstanding (14 million
fully-diluted)
and a current share price of Cdn$0.28, the equity markets are
valuing the Idaho-Maryland gold mine at just Cdn$1.06 per
ounce of gold (Cdn$1.35 / oz Au on a fully-diluted basis).
EMGOLD's Idaho-Maryland mine offers one of the best advanced
exploration / developmental prospects available in North America.
With inferred resources of almost three million ounces,
nearly one hundred years of operating history, an existing
3,400-foot, three-compartment shaft and 70+ miles of
underground workings, EMGOLD has 100% control of a world-class
gold project with the vast majority of the expensive
infrastructure in place and ready to go.
For more information, please contact Andrew Hunter
toll-free at 1 - 888 - 267 - 1400
Disclaimer: The information contained herein has been
compiled or derived from sources believed reliable and
contains information and opinions which are accurate
and complete. However, Gold Ridge makes no representation
or warranty, express or implied, in respect thereof,
takes no responsibility for any errors and omissions
which may be contained herein and accepts no liability
whatsoever for any loss arising from any use or reliance
upon this report or its contents. The information provided
is for information purposes only and should not be construed
as, and shall not form part of an offer or solicitation to
but or sell any securities. Emgold Mining has
paid Gold Ridge a fee of US$20,000.00 for preparing and
disseminating this information.
--------------------
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<DIV>
<DIV>GOLD RIDGE INVESTMENT CORP. ANNOUNCES:
GOLD MARKET RECOVERY
GAINING STRENGTH - INVESTORS SHIFTING ATTENTION TO
UNDERVALUED COMPANIES WITH
WORLD-CLASS GOLD DEPOSITS
EMGOLD MINING'S 100%-OWNED IDAHO-MARYLAND
PROJECT HOSTS 2.97 MILLION OUNCE RESOURCE - TO BE DEVELOPED @
140,000 oz/yr @
US$215 / oz Au
EMGOLD MINING CORPORATION ("EMR" -
VSE)
1610 - 777 Dunsmuir Street, P. O. Box 10435
Vancouver, BC V7Y
1K4 Canada
Phone: (604) 687 - 4622 Fax: (604) 687 -
4212
Toll-Free: (888) 267 - 1400
website: http://www.emgold.com
Introduction</DIV>
<DIV>
EMGOLD MINING CORP. has made significant progress in bringing the
historic Idaho-Maryland gold mine to a production decision.
Recent
engineering studies indicate that less than half of the known
gold has been
extracted from the deposit, and that a 3,000,000 ounce resource
remains to be
mined.
History & Past Production</DIV>
<DIV>
The Idaho-Maryland gold mine was discovered in 1851, and was
in
nearly-continuous production from 1862 through 1956. Total
recorded
production from the mine was 2,383,000 ounces of gold from
5,546,000 tons of ore
(0.43 oz/ton recovered grade). When the mine closed in 1956
due to
escalating costs and the fixed price of gold of US$35/oz, mining
operations were
underway on 25 different faces on 6 different levels.
Large
Mineralized System Defined - Extensive Infrastructure In Place
The
Idaho-Maryland vein system is 9,000 feet long, up to 3,000 feet
wide, and has
been partially-mined from surface to the 2000 foot level.
Access to the
mine's 15 working levels is provided by the three-compartment,
3,460-foot deep
New Brunswick Shaft. Over 70 miles of underground tunnels
and workings
provide access to much of the property.
A Three Million Ounce Gold
Resource Has Been Defined….
A 1992 study by James Askew and Associates
Inc. estimated that the
remaining gold resources and potential mineralization
between the 2000 and 3280 levels of the Idaho-Maryland mine are
9,117,500 ST @
0.326 oz Au/ST (containing 2,968,400 oz Au). This resource
estimate
excludes the potential for large, bulk tonnage targets identified
by EMGOLD in
1997.
Upside Potential: 3,000,000+ oz Au</DIV>
<DIV>
Located within the wedge-shaped confines of three bounding
faults, a
3-D geologic model developed for the Idaho-Maryland mine
demonstrates the
potential for continuity of the existing vein system to a
vertical depth of
5,000 feet (the Idaho-Maryland mine is essentially unexplored
below a depth of
3,280 feet).
What is not widely known is that the adjoining Empire mine
produced six million ounces of gold to a depth of 5,200
feet! This fact,
combined with the knowledge that all mineralized structures
developed on the
lowest levels of the Idaho-Maryland mine remain open at depth,
supports EMGOLD's
belief that considerably more ore may exist at depth.
Development
Program (1998 - 1999)</DIV>
<DIV>
EMGOLD's plans for reviving the Idaho-Maryland mine are to first
de-water the mine, and then go underground to do further
exploration to prove up
the total resource potential. EMGOLD has applied for
and been
granted all permits necessary for re-opening the New Brunswick
shaft,
de-watering the mine and completing a bankable feasibility.
Potential
Gold Production of at Least 140,000 oz / yr @ US$215 / oz Au
EMGOLD plans to
resume operations at the Idaho-Maryland mine at an initial mining
rate of 1,500
ST ore / day, which would produce approximately 140,000 ounces of
gold per
year. With the addition of a second shaft, it may be
possible to increase
production to 5,000 ST/day - at this production level, the
Idaho-Maryland mine
would produce over 200,000 ounces of gold per year (on par with
other major
mines).
Recent studies indicate that the Idaho-Maryland mine could be
profitably developed and operated at a long-term gold price of
US$300/oz based
on an estimated operating cost (excluding capital and royalties)
of US$215 per
ounce.
Current Market Conditions</DIV>
<DIV>
The current gold rally is gaining strength with each passing
day!
In the past month, bullion prices have risen nearly 10%.
Yesterday, the Philadelphia XAU gold and silver index closed at
74.69, up 53%
from its record low of 48.67 set in late August.
Mining stocks have
regained favor with major Wall Street firms: Merrill Lynch
has initiated
coverage of Placer Dome, Barrick, TVX and Kinross, while Bear
Stearns has
upgraded the recommendations of Asarco, Cyprus Amax and Phelps
Dodge.
To
a large extent, the market rebound has largely benefited the
major
mining
companies, whose share prices are now fully-valued (or even
over-valued) at
current gold prices. However, we believe that, as the
current rally
continues, investors will increasingly seek out undervalued
junior exploration
and development companies with multi-million ounce gold
deposits.
Opportunity for Investors</DIV>
<DIV>
Trading at a tremendous discount to its fair market value, EMGOLD
offers investors a low-risk investment opportunity in the current
market
environment, and a chance to accumulate a significant position in
a
stock that can be expected to rally strongly as gold prices move
above US$300 /
oz.
With just 11.5 million shares outstanding (14 million
fully-diluted)
and a
current share price of Cdn$0.28, the equity markets are valuing
the
Idaho-Maryland gold mine at just Cdn$1.06 per ounce of gold
(Cdn$1.35 /
oz Au on a fully-diluted basis).
EMGOLD's Idaho-Maryland
mine offers one of the best advanced exploration / developmental
prospects
available in North America. With inferred resources of
almost three
million ounces, nearly one hundred years of operating history, an
existing
3,400-foot, three-compartment shaft and 70+ miles of
underground workings,
EMGOLD has 100% control of a world-class gold project with the
vast majority of
the expensive infrastructure in place and ready to go.
For more
information, please contact Andrew Hunter
toll-free at 1 - 888 - 267 - 1400
Disclaimer: The information contained herein has been
compiled or derived from sources believed reliable and contains
information and
opinions which are accurate and complete. However, Gold
Ridge makes no
representation or warranty, express or implied, in respect
thereof, takes no
responsibility for any errors and omissions which may be
contained herein and
accepts no liability whatsoever for any loss arising from any use
or reliance
upon this report or its contents. The information provided
is for
information purposes only and should not be construed as, and
shall not form
part of an
offer or solicitation to but or sell any securities. Emgold
Mining has
paid Gold Ridge a fee of US$20,000.00 for preparing and
disseminating this information.
</DIV></DIV>
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