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Morgan Highpoint Project John Bowen No. 2 well reaches 6,200 ft.
Morgan Highpoint Project John Bowen No. 2 well reaches 6,200 ft..
About this update from Pantera Silver Corp.
[{"type":"text","content":"\n\n\n\nTSX Venture: AUL\n\n\nVANCOUVER, Oct. 5 /CNW/ - Austin Developments Corp. (the "Company" or\n"Austin" TSX-V: AUL) is pleased to announce that it has been informed by the\noperator that the first well in the Morgan Highpoint project, the John Bowen\nNo. 2 Well (the "Test Well") in Morgan County Tennessee is currently drilled\nto a depth of 6,200 feet.\n\n\nThe cost to drill, test and case the Test Well was originally anticipated\nto be USD $3 million. To date a total of USD $4.0 million has been spent\ndrilling the well. A Supplementary Authorization For Expenditure ("AFE") of\nUSD $1.7 million has been issued to the partners based on their earned\ninterests in the Test Well with Austin funding 40%, Montello funding 55%, and\nGreat Northern funding 5% of the supplemental AFE. All partners have paid\ntheir proportionate share of the cash call associated with the Supplementary\nAFE. The Test Well is targeted to be drilled to the basement which is\nanticipated to occur at between 7,000 to 9,500 feet.\n\n\nOn behalf of the Board of Directors\n\nAustin Developments Corp.\n\nPer:\n\n"Patrick Power"\n\n---------------\nPatrick Power\nPresident and Director\n\n\nStatements Regarding Forward-Looking Information: Some statements\ncontained in this news release are forward-looking statements. Investors are\ncautioned that forward-looking statements are inherently uncertain and involve\nrisks and uncertainties that could cause actual results to differ materially.\nThere can be no assurances that future developments affecting Austin will be\nthose anticipated by management.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this release.\n\n\n","length":1855,"tagName":"div"}]