Cresset Precious Metals, Inc., a Nevada corporation, announced its listing on the Electronic Quotation Service under the trading symbol CSPM. The Company is engaged in gold development and production in the Eastern Desert of Egypt.
On February 8, 1999, the Company's wholly owned subsidiary, Cresset International Ltd. entered into an agreement with the Government of Egypt and the Egyptian Geological Survey and Mining Authority for the exploration and production of gold and associated minerals in various locations in the Eastern Desert of Egypt.
Under the agreement, Cresset Ltd. was awarded the exclusive rights for a period of 30 years to the commercial production of gold and associated minerals in eight localities in the Eastern Desert encompassing a total area of 3,618 Square Kilometers.
Preliminary geological and mineralogical investigations have been conducted by Cresset Ltd.'s geologists and the Egyptian Geological Survey and Mining Authority on behalf of the Egyptian Government.
The investigations took place in the Umm Tundub area in the Hamash locality using proven technology and industry recognized standard procedures. The results were encouraging and have established the presence of gold and silver.
The feasibility study conducted by the Company was accepted by the Egyptian Government on December 25, 2001. As a result of the acceptance, the 2.4 square kilometer area investigated has been designated as a Commercial Discovery by the Egyptian Government and accordingly will permit the company to initiate commercial development of the area. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
