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Bullion River Gold Corp. Announces Closing of Private Placement of $2.71 Million, Takes Steps to Improve Production Through Equipment Acquisition & Discovers Additional Vein System
Wednesday March 21, 3:01 am ET
New crushing equipment to be up and running in April
RENO, NEVADA--(MARKET WIRE)--Mar 21, 2007 -- Bullion River Gold Corp. (OTC BB:BLRV.OB - News) today announced closing of a private placement and released an update on production activities at its French Gulch Mine.
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The company closed a private placement consisting of two parts. A private equity placement consisting of 2,280,336 units raised $1,710,250. Each unit consists of one share of common stock at $0.75 and one warrant to acquire one share of common stock. The warrants expire in two years from the date of issue and are at a strike price of $1.00. A new secured convertible debenture agreement with Elton Participation Group that closed March 12, 2007 raised $1,000,000. Elton received a six month convertible debenture bearing simple interest at 10% per annum. The debenture is convertible into the company's common stock at a price equal to $0.75 and is secured with the shares of French Gulch (Nevada) Mining Corp., the company's subsidiary carrying out the mining activity in French Gulch. Elton also received two-year warrants to purchase a total of 1,333,334 common shares of the company at a purchase price of $1.00 per share. Details of these transactions were filed with the SEC in an 8K filing dated today.
These funds are being used for working capital and to improve the company's production equipment at the mine. The company purchased two new state-of-the-art crushers for its mill. Installation of these new crushers is planned for early April and is expected to take approximately two weeks. Once installed, the new crushers will improve the continuous mill feed. The new crushers will increase the calculated mill capacity to 250 tons per day. The crushers have an ultimate capacity of 1,000 tons per day. This capacity will be used to crush waste rock and improve mill capacity after other equipment in the mill is upgraded. In addition, new haulage equipment and other mining equipment have been installed. Further upgrades to the mine's equipment fleet, mill and infrastructure are planned during the coming months to increase tonnage and efficiency and lower production cost.
The company reported that it has successfully expanded into new production areas in the French Gulch Mine using the newly developed main decline; this expansion, which was originally slated for fourth quarter 2006, began in mid January 2007. Development continues to open up more stopes in the Lucky 7 vein system and to create access to the Washington vein system, which is located north of the Lucky 7. In addition, underground and surface exploration has led to the discovery of an additional vein system in the south of the Lucky 7. Additional exploration as explained in the company's Canadian Standards 43-101 documents will be conducted to develop more ore resources in both known and new vein systems as well as the 257,800 ounces identified (see press release date January 16, 2007).
Peter M. Kuhn, president of Bullion River Gold Corp., said the company would continue to make equipment and production improvements to speed development in the mines. "We are taking a systematic approach to bringing on new equipment, analyzing our ore zones and handling our high-grade ore," he said. "Although recovery remains near 90%, we are not yet satisfied with our production results. We believe these new steps announced today along with our continued daily focus on improving our operations will position us to yield the results we are seeking," he said.
About Bullion River Gold Corp.
Bullion River Gold Corp. is an American-based mineral exploration company focusing on regions containing gold-silver deposits predominantly located in the Western United States. The company has seven properties, five of which are located in Nevada. Two of the Nevada properties are considered advanced projects and three are considered grassroots projects. The three remaining properties are in California. All three of these properties are past producers.
For more information, contact Chris Marcus, Investor Relations at Bullion River Gold Corp. at (800) 540-BLRV (2578) or at chris@fyremarketing.com the Company's website at www.bullionriver.com or the U.S. Securities & Exchange Commission's website at www.sec.gov/ to review Bullion River's latest filings.
This release contains certain statements that are "forward-looking" statements (as the term is defined in the Private Securities Litigation Reform Act of 1995) including statements regarding SEC approval and the sufficiency of the funds raised. Any such forward-looking statements are inherently speculative and are based on currently available information, operating plans and projections about future expectations and trends. As such, they are subject to numerous risks and uncertainties, such as general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, and other factors over which Bullion River Gold Corp. may have little or no control. Actual results and performance may be significantly different from expectations or trends expressed or implied by such forward-looking statements. Bullion River Gold Corp. expressly disclaims any obligation to update the statements contained in this release.
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