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| | |  OverviewLocated 8 miles from Silverton, Colorado, the Gold King property is in the heart of a longstanding gold-producing area. The property consists of approximately 170 acres and has known gold potential. In an independent geologist's report, MPH Consultants reported that surveys have identified several prospective targets with potential for hosting large tonnage, primary gold mineralization. An advanced evaluation report completed in 1990 by MPH Consultants also listed proven, probable and potential reserves of approximately 1.4 million short tons at 0.29 ozs/st Au and 2.64 ozs/st Ag. (S.E.C. compliant reserves in 1990 were 116,000 ounces of gold). The company will attempt to verify and expand these now historic reserve and resource figures. Approximately 20,000 short tons of ore were produced by a joint venture with Echo Bay Mines' adjoining Sunnyside Gold Mine in 1990, with the Gold King Mine in stasis since that date. Very little base metals exist in the deposit, and a large part of the projected values may be produced in an unrefined gold product from the mill. The historic production from the Gold King Mine in 1895-1920 was approximately 345,000 ounces of gold, 1.4 million ounces of silver, at approximate grades of 0.50 ozs/st gold and 3 ozs/st silver. Colorado Goldfields is currently reinterpreting the known geological data and models for the Gold King Mine and intends to conduct geophysics program, as well as surface drilling, to determine next steps towards production within the next two to three years. The Company anticipates it will also conduct underground exploration and development on Gold King to expand the reserve and resource base. Highlights
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