Goldrich mining announces 2016 gold production results – nasdaq. com
SPOKANE, Wash., Jan. Stock market meanings 18, 2017 (GLOBE NEWSWIRE) — Goldrich Mining Company (OTCBB: GRMC) (“Goldrich” or the “Company”) is pleased to announce production results for the 2016 mining season at its Chandalar placer mine (“Chandalar”) in Alaska.
Goldrich NyacAU Placer, LLC (“GNP”), a joint venture formed between Goldrich and NyacAU, LLC (“NyacAU”), produced 10,209 ounces of alluvial gold (equivalent to approximately 8,200 ounces of fine gold) during the 2016 mining season. Kurs usd ke rupiah Total revenue was over US$10 million. Exchange rate us to canadian dollar Total 2016 production represents an increase of 117% over the 2015 mining season.
Of the total pit material extracted this season, approximately 39% originated from lines 11 to 13. Samsung washing machine codes The original area of mineralized material previously delineated by Goldrich was from lines 1 to 11. Convert indonesian rupiah to usd This further supports the Company’s belief that gold mineralization extends further along strike and up the valley creek, potentially increasing in grade. Binary tools During 2016, GNP surveyed the area beyond Line 11 and received a permit to mine lines 11 to 18.
Processing of pay gravel continued into late-September and preparations for the 2017 mining season were completed in mid-October. Futures market cnn Production costs through the end of September totaled approximately US$7.9 million, including equipment payments of $2.8 million. Msn news usa A breakdown of total 2016 production costs per ounce of fine gold produced is as follows:
At the end of the production season in September, there were also general and administrative expenses of $797,000 and other expenses of $1,036,000. Nzd usd live chart Final numbers concerning the total amount funded by NyacAU, cost of goods sold, and other expenses may change as Goldrich and NyacAU are currently in discussions concerning certain accounting items.
Per the terms of the joint venture operating agreement, GNP currently owes Goldrich approximately $1.3 million (1100 ounces X $1,150 per ounce) for the 2016 Minimum Production Requirement and approximately $1.4 million (1200 ounces X $1,150 per ounce) for the upcoming 2017 Minimum Production Requirement. Dollar exchange rate in india The Minimum Requirement for 2018 will be determined based on the spot price of gold on December 1, 2017. Usatoday com news Minimum Production Requirement payments for 2016, 2017 and 2018 are due by October 31, 2018.
NyacAu is to fund all initial capital expenditures and recoup these costs from production under terms of the joint venture operating agreement. Trading places stock market scene To date, approximately US$30.8 million has been invested in the joint venture for capital expenditures and working capital and approximately $7.0 million ($4.3 million in 2016, $2.5 million in 2015, and $0.2 million in 2013) has been paid back from revenue from operations.
According to the GNP operating agreement, on at least an annual basis, GNP shall allocate and distribute all revenue (whether in cash or as gold) generated from GNP’s placer operation in the following order:• Current year operating expenses,
• Members’ distribution of 20% (10% to Goldrich and 10% to NyacAU) provided that, for so long as the loan (LOC2) to GNP from NyacAU for the purchase of a royalty is not paid in full, GNP shall retain 100% of Goldrich’s distribution to apply against the loan,
• After payment of operating expenses and the member’s distribution of 20%, GNP will apply any remaining revenue to reduce the remaining balance of the loan from NyacAU to GNP for the development of the mine (LOC1),
• Member distributions of any remaining gold production on a 50:50 basis to each of NyacAu and Goldrich provided that, for so long as LOC2 is not paid in full, GNP shall retain 100% of Goldrich’s distribution to apply against the loan.
The Chandalar placer mine is located on Little Squaw Creek approximately 190 miles northeast of Fairbanks, Alaska. Convert aud to usd Goldrich conducted 15,000 feet (4,572 meters) of reverse circulation drilling on the placer deposit in 2010. Inc connector This drill program delineated approximately 10.5 million cubic yards of mineralized material at an average grade of 0.025 ounces (0.78 grams) gold per cubic yard containing an estimated 250,000 ounces of gold (1).
In 2012 Goldrich signed an agreement with placer operator NyacAU LLC to form the GNP joint-venture and mine the various placer deposits that reside throughout the Chandalar gold district. Usd news Under terms of the agreement, NyacAU agreed to finance all initial capital expenditures to develop the mining operations and bring them into commercial production.
Goldrich Mining (OTCBB: GRMC) is a U.S. Binary dictionary based resource company focused on developing the Chandalar gold district in Alaska, USA. Us stock market futures contract The Company controls a land package spanning 23,000 acres of highly prospective gold targets and historic mines. Funny quotes about life lessons Goldrich is focused on building shareholder value by monetizing placer assets, generating non-dilutive funds, and working towards building a gold mine at Chandalar.
For additional information regarding Goldrich Mining Company or this news release, please contact President and CEO Mr. Exchange rate mxn usd William Schara via telephone at (509) 768-4468 or visit www.goldrichmining.com.
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Dollar yen exchange rate Such forward looking statements concern use of proceeds and potential exercise of the warrants. Market futures quotes These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might”, “should” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Binary to hex Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:
This list is not exhaustive of the factors that may affect our forward-looking statements. Fraction to whole number calculator Some of the important risks and uncertainties that could affect forward-looking statements are discussed in the Company’s latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents filed with the U.S. Kroner to usd Securities and Exchange Commission. Love quotes tagalog Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Euronews online russian We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Usd myr chart We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law.