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January 12, 2009
On December 19, 2008, Tim Callaway resigned as President/CEO and subsequently on January 11, 2009, as a Director of Bullion River Gold Corp. Mr. Callaway resigned for personal reasons and not as a result of any disagreement with the company. On December 19th, 2008, Gerhard Nel (Gerry) was elected as President and CEO of Bullion River Gold. Mr. Nel is a long-time shareholder of Bullion River Gold and as a venture capitalist, has strong ties with the investment community.
In addition, Mr. Nel and Mr. Paul Haber have joined our Board. Both are seasoned businessmen and have significant investments in Bullion River Gold. On November 14, 2008, Bullion River Gold filed form 15D with the Securities and Exchange Commission. This filing relieves Bullion River Gold from having to report on form 10Q or 10K as well as other required filings. This measure was taken to reduce costs during these trying times. In the future the company can become ‘reporting’ again by catching up the missed filings and or audits.
Gold production for September was 249 fine ounces with a recovered grade of .696 ounces per ton. Results for October show the mine yielded 302 fine ounces with a recovered grade of .623 ounces per ton. Preliminary results for November show 256 fine ounces with a recovered grade of .787 ounces per ton.
On January 6, 2009, the crew at the French Gulch Mine was reduced to a minimum level of 11 employees. Environmental compliance and equipment maintenance will continue as well as administrative duties. No further mining or ore processing is planned until the company can restructure its debt and raise new investment capital for mine development projects.
See Corporate Page for updated Board of Directors
1058 Days with no loss time accidents at the French Gulch mine!
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About Bullion River Gold
Bullion River is a junior gold mining company with projects in Nevada and California. The French Gulch Mine in Northern California is currently the most advanced project. From October of 2007 until March 31, 2008, the average recovered gold grade at French Gulch was .716 ounces per ton, making it one of the highest grade gold mines in the Western U.S. The French Gulch Mine is the current focus of the company's capital and energy, but that does not take away from the tremendous opportunities at our other projects. Please navigate our web site and learn more about the exciting potential of Bullion River Gold Corporation.
The Bullion River Difference
Bullion River Management is committed to building long term, low cost gold mines which will ultimately translate into shareholder value. A gold mining company with a long term view must be able to weather the storms of variable gold prices, increasing labor and material costs and increasingly stringent environmental responsibility. For these reasons, high grade underground gold mines will be the future of mining in the politically stable Western U.S. Bullion River will be ahead of our competitors by recognizing where the opportunities are and focusing on sustainable growth in high grade, underground, environmentally friendly projects.
Why is high grade so important?
The amount of gold contained per ton mined has the highest importance in terms of cost per ounce produced and the highest grade gold mines are underground vein type mines. Our goal is low cost per ounce sustainable gold production. Many of the world's lowest cost per ounce gold mines are underground vein deposits.
Why underground?
Underground mines have a very small footprint as compared to open pit mining. This translates into more socially acceptable projects in a more environmentally sensitive world. In addition, underground mines, especially deep seated mesothermal veins, tend to be long life projects allowing a mining company to reap the benefits of their investment over many years.
The opportunity
Bullion River's management believes that the best opportunity for stable growth is to focus on high grade, low cost, long life underground mines that are in areas with good infrastructure and political stability. There has been a substantial consolidation in the gold mining industry over the past 10 years with mining companies gobbling up one another, the idea being that you can buy production and management quicker and cheaper than you can build it. This has resulted in larger companies that need a pipeline of economic multi-million ounce gold deposits to show growth. This, in turn, has resulted in the mining industry flocking to less developed countries where the perception is that it will be quicker and easier to build a new project. But in reality, lack of infrastructure, lack of skilled labor, ever changing environmental, mining and ownership rules, and political instability can quickly increase costs and delay startup time estimates. Bullion River management firmly believes that there is a demonstrable opportunity in obtaining projects that are too small to have a significant impact on the larger gold mining companies, but are large enough to provide steady growth rates for Bullion River Gold Corp. These new projects would have the potential of 25,000 to 50,000 ounces of gold per year.
In summary, our mission is to acquire and develop high grade, underground gold mines with the potential of 25,000 to 50,000 ounces per year each, all in politically stable areas with access to skilled labor and good infrastructure.
As testimony to the potential of these types of targets, Newmont Gold Corporation owned and operated the Empire Mine 150 miles south east of French Gulch. The mine operated for over 100 years and produced over 6 million ounces of gold from narrow, high grade veins similar in grade and width as the veins at the French Gulch mine.