Thursday, 21st September 2006 (2340 views)

Aurus has announced that it has acquired all the outstanding shares of a company whose assets include production plant with 2.8 million ounces of gold reserves.

Krong is a privately owned company situated approximately 125 miles away from Moscow. It has developed a unique method of extracting metals from tailings and can manufacture building materials from the by-products of this process.

A reported 80,000 tonnes of material can be found at the surface and engineering reports state an average of 0.68 grams per tonne can be returned from it.

Aurus currently holds several precious metal properties with over five million ounces of gold reserves.

Aurus president Gerald Parking commented: "We are very enthusiastic with the possibilities presented with the acquisition of Krong. Our proven reserves combined with theirs will add up to over seven million ounces and therefore will make Aurus one of the new leaders in the industry.

"Its production plant and the technology employed for the extraction of gold tailings is exceptional and will assure us an edge which will enable us to increase production dramatically."

 

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