BAKERSFIELD, Calif., Nov. 16 /PRNewswire/ -- Tri-Western Resources, LLC, a 50-50 joint venture managed by Select Resources Corporation, a wholly owned subsidiary of Tri-Valley Corporation (AMEX:TIV), announced commencement of operations to mine the Monarch calcium carbonate deposit in eastern Kern County, California, after receiving approval of its mining plans by the U.S. Bureau of Land Management today.
With a beginning resource of 15 million tons of high chemical grade, high white calcium and calcite marble mineralization as calculated by an independent registered geologist, Tri-Western aims to begin mining at an annual production rate of 150,000 to 200,000 tons.
Initial work will include road improvement and development, site preparation and layout, final equipment selection and additional operational personnel hiring. The Company plans to initiate definitional drilling of the current resource as well as step out drilling, as the deposit is open to the south, west and east of the present location and at depth.
"These comprise the initial operations as we do not plan to drill the nearby much larger Emperor and Empress deposits until sometime in 2006. Our primary goal is to get the Monarch Mine into production before expanding the definition of additional deposits," said Dr. Henry J. Sandri, executive vice president of Select and Executive Director of the Tri-Western joint venture.
"We are very pleased to have received this approval from the BLM with whom we've worked very closely in the review process. This is our second mine approval within the first year of the joint venture and is a credit to our permitting and compliance staff," Sandri said.
"We expect the high grade Monarch product to be an important source for the growing Central Valley and Southern California markets and an increasing revenue for adding value for Tri-Valley shareholders. The industrial minerals mining is a substantial component of Select's portfolio which includes three large gold exploration projects in Alaska and the Canadian Yukon," said F. Lynn Blystone, Tri-Valley president and chief executive officer.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements which includes such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company's quarterly report on Form 10-Q for the quarter ended September 30, 2005, and the annual report on Form 10-K for the year ended December 31, 2004.
Headquartered in Bakersfield, California, the Company is in its 43rd year of business as a successful operating company and for 32 years has been a full reporting 12 (g) publicly traded Delaware Corporation. Tri-Valley Corporation stock is publicly traded on the American Stock Exchange under the symbol "TIV" in the United States and is also traded in Europe on the Frankfurt Stock Exchange under the symbol "TVC WKN 911919." Our company websites, which include all SEC filings, are http://www.tri-valleycorp.com/ and http://www.tri-valley.de/.
CONTACT:
DR. HENRY J. SANDRI, EXECUTIVE VICE PRESIDENT
SELECT RESOURCES CORPORATION
800-579-9314
DATASOURCE: Select Resources Corporation CONTACT: Dr. Henry J. Sandri, Executive Vice President of Select Resources Corporation, +1-800-579-9314 Web site: http://www.tri-valleycorp.com/ http://www.tri-valley.de/
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