Business
Golden Arrow Resources: Chairman's Update on Corporate Plans
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 20, 2017) - Golden Arrow Resources Corporation (TSX VENTURE:GRG) (FRANKFURT:GAC) (WKN:A0B6XQ) (OTCQB:GARWF) ("G
About this update from Golden Arrow Resources Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 20, 2017) - Golden Arrow Resources Corporation (TSX VENTURE:GRG) (FRANKFURT:GAC) (WKN:A0B6XQ) (OTCQB:GARWF) (\"Golden Arrow\" or the \"Company\") - Subsequent to the formation of the joint venture with Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) (\"Silver Standard\"), which was announced on May 31, 2017, the joint venture, named Puna Operations Inc. (\"POI\"), has been formed to hold both the Chinchillas project and the Pirquitas project, which consists of the San Miguel open pit mine which ceased mining operations in January 2017 (the \"Pirquitas Pit\"), and the associated mineral processing facilities and tailings facility (the \"Pirquitas Operation\") in Argentina. POI is 75% owned and operated by Silver Standard, and owned 25% by Golden Arrow. For further details, please see the Company's press release dated May 31, 2017 (https://goldenarrowresources.com/news/2017/golden-arrow-completes-transaction-to-form-joint-venture-with-silver-standard-for-the-chinchillas-project). Now that the formation of the joint venture has been completed, I am pleased to update you on Golden Arrow's future business plans, as follows: POI has an experienced technical and administrative team drawn from Silver Standard's mining staff, who have a proven track record over the past eight years of mining operations at Pirquitas. The oversight of POI's management will be provided by a board of directors comprised of three qualified individuals, who have over six decades of combined mining production experience. Two directors have been nominated by Silver Standard, and one director has been nominated by Golden Arrow, Mr. Alf Hills, P. Eng., who will represent the interests of Golden Arrow. For further details regarding Mr. Hills' experience and qualifications, please refer to the Company's press release dated May 1, 2017 (https://goldenarrowresources.com/news/2017/golden-arrow-forming-team-for-joint-venture-05-01). The Pirquitas Operation continues to process stockpiled ore from the Pirquitas Pit, with 25% of the profits attributable to GRG. Chinchillas will be mined by conventional drill, blast, truck and loading open pit methods. A fleet of 35-tonne road haul trucks will transport ore approximately 42 kilometres to the Pirquitas Operation. Haul truck, loading equipment and drills at Pirquitas wil...