GEXCO STARTS A DRAINING OPERATION IN THE TAIVALJÄRVI SILVER MINE AND INVESTS IN THE INFRASTRUCTURE OF THE MINE DECLINE
GEXCO AB’s wholly owned subsidiary Silver Resources Oy has signed an agreement with Jasimo Oy regarding to the draining operation of the mine decline and preparation of the infrastructure of Taivaljärvi Silver Mine decline in the municipality of Sotkamo. Jasimo begins mobilization immediately. The draining operation and preparation works are expected to be completed during 2010.
Simultaneously with the draining operation Silver Resources will also invest in the infrastructure, the power supply and the maintenance of the existing mine decline at Taivaljärvi Silver Mine. A purpose of this is to conduct a test mining operation and a core drilling program from an underground location to the deep parts of the deposit. The construction of the power line to the mine area is now completed and taken to use in connection to the draining operation.
”I am pleased and proud that we have been able to start development works for real in Taivaljärvi. I hope that we can use our resources wisely so that the market appreciates the work we do. We should remember that we do the research and development work with natural resources and its capriciousness are a well-known factor. However, there is no lucky but only through hard and industrious efforts acquired better skills and know-how. This will be our guiding principle in the coming years” Comments: Timo Lindborg, CEO of Gexco AB..
Stockholm, 16th June 2010
Timo Lindborg, CEO
Gexco AB (publ)
About Gexco AB
Gexco AB (Gexco)'s business concept is to exploit mineral deposits in the Nordic countries with regard to human society and environment. Gexco owns through its wholly-owned subsidiaries a silver deposit in Taivaljärvi in Finland and a gold deposit in Hopeavuori in Tampere region in Finland. Gexco also have mineral deposits containing gold in Bindal and in the Narvik area, copper, lead, zinc, gold plus silver in Mo i Rana in Norway.
Gexco applies SveMin's & FinnMin's respective rules for reporting (public mining & exploration companies). Gexco has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101-code. Gexco applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The shares of Gexco AB are quoted NGM Equity in Stockholm under ticker symbol GXCO,
ISIN-code for Gexco-shares is SE0001057910.
ISIN-code for Gexco-warrants is SE0003299718.
Read more about Gexco on www.gexco.se
For further information: Timo Lindborg, CEO, Gexco AB, tel. +358 40 508 3 507