DENVER, Oct. 22, 2020 /PRNewswire/ -- Buscar Company (CGLD) announced today that the Company has sent in approximately 219 grams (or approximately 7 troy ounces) of Dore Bars to be refined. The 219 grams represents approximately 750 pounds of rock ore that was crushed on site as the mining team awaits the arrival and setup of their heavy mining and milling equipment.
President Thomas Heathman stated, "Once the refinery has analyzed the fine metal content of the Dore Bars, we will receive a wire payment valued at the daily market price based on the fine metal(s) contained in the refined material. Additionally, we will be sending two pounds of gold concentrate to be chemically processed and refined by a second refinery. Once both refineries have completed their processes and sent us their settlement reports, we will determine which method makes the most economic sense for the company."
Mr. Heathman continued with, "The main difference between the two is that the first refinery requires us to send Dore Bars (or buttons) to be refined whereas the second refinery allows us to send the concentrate in to be chemically processed and refined, thereby saving the company the step of smelting. We have approximately 200 pounds of concentrate. The 200 pounds will be processed once the determination is made on which refinery to use for our specific needs."
Mr. Heathman finished up with, "The reason we are testing the different refineries instead of just completing fire assays is because a fire assay is a totally destructive assay method and used for exploration and does not generate revenue. We have begun the transition from exploration to production and will be determining which refining method makes the most economic sense as we scale up production over the coming months."
Buscar Company is a mining operation that holds the rights to the Treasure Canyon Mining claims located in Plumas County, California. More information on the 200 acre property, maps, drawings, assays and an appraisal of the mineral reserves can all be found at the company website, https://BuscarCompany.com.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. https://www.buscarcompany.com/forward-looking-statements
Please refer to our Forum at https://www.buscarcompany.com/forum and the Company's Twitter page https://twitter.com/BuscarCompany for additional information and updates.