TORONTO, Nov. 20 /CNW/ - Win-Eldrich Mines Limited (WEX, TSX Venture
Exchange), minority owner of Ashdown Project LLC, which owns a Nevada-based
molybdenum mine, announces significant progress continues at Ashdown. Golden
Phoenix Minerals Inc., the mine's manager and majority owner, has advised that
following the return to service of the Ashdown mill in September, by October,
Ashdown was generating consistent production of quality concentrates, with
recoveries increasing since restart to better than 90 percent. Four shipments
of molybdenum have been sold during this period bringing the cumulative total
since start-up in December 2006 to 14 shipments containing over 615,000 pounds
of concentrate. The mill is presently completing Shipment No.15. The market
price of molybdenum oxide, which determines the adjusted price received for
Ashdown concentrates, has averaged $31.99 per pound since September.
In this same period, the mine continued ore extraction within No.2 Raise
in the Sylvia Stope and along the Sylvia drift. In accordance with MSHA
directives, reinforcement of the main drift was completed involving cribbing,
bolting, shotcreting and fireproofing. The development of the secondary
escapeway also continued, with approval from the Bureau of Land Management to
establish an access road and portal pad for the secondary escapeway decline.
The mine also took delivery of a two-yard mucker and 10-ton haul truck to
Golden Phoenix advises that Kent Aveson assumed the role of General
Manager on October 15 and immediately initiated a review of all systems and
procedures aimed at streamlining operations and enhancing safety, performance
and efficiency. Staffing levels at Ashdown have reached 65, with GM Aveson
implementing the following organizational changes:
Ron Johnson has joined the Ashdown team as Mill Superintendent. Mr.
Johnson holds a degree in Metallurgical Engineering and was previously with
Barrick's Turquoise Ridge mine in Golconda, Nevada. With 30 years experience
in production, research and development, including 16 years in molybdenum and
copper flotation, Mr. Johnson will focus on enhancing production and
With the arrival of a Mill Superintendent, David Tretbar will transfer
from Manager Metallurgical Services, responsible for improved product quality
and higher recoveries in the mill, to Engineering Manager. In his new role,
Mr. Tretbar will direct a wide range of technical support functions including
ore control, mine planning and scheduling, reserve development and future
Darrin Quimby has been promoted from Safety Coordinator to Mine
Superintendent. Since joining the Ashdown team, Mr. Quimby has demonstrated
his knowledge of mining and his skills at organizing and leading mine crews.
Terry Perkins, the Qualified Person responsible for the metallurgical
portion of the reserve study currently in process, was on site to review
operations in advance of finalizing his section of the report. The reserve
study, which will be both NI 43-101 and Guide 7 compliant, is designed to
provide technical information that defines the Ashdown ore body in a
standardized manner accepted in both the US and Canada.
This news release includes certain forward-looking statements within the
meaning of applicable securities laws concerning the future performance of our
business, its operations and its financial performance and condition, as well
as management's objectives, strategies, beliefs and intentions.
Forward-looking statements are frequently identified by such words as "may",
"will", "plan", "expect", "anticipate", "estimate", "intend" and similar words
referring to future events and results. Forward-looking statements are based
on the current opinions and expectations of management. All forward-looking
information is inherently uncertain and subject to a variety of assumptions,
risks and uncertainties, including the speculative nature of mineral
exploration and development, including the uncertainty of resource and reserve
estimates, operational and technical difficulties, fluctuating commodity
prices, competitive risks, the availability of financing and compliance with
applicable laws, including obtaining requisite permits, as described in more
detail in our recent securities filings available at www.sedar.com. Actual
events or results may differ materially from those projected in the forward
looking-statements and we caution against placing undue reliance thereon. We
assume no obligation to revise or update these forward-looking statements.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Perry Muller, President and a Director of
Win-Eldrich, at (402) 753-9134