Fury Completes Taylor Acquisition; Reiterates Silver Production Focus
07 Febrero 2008 - 2:02PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: FUR) announces that it
has completed its 100% acquisition of the Nevada based, Taylor
silver mine and mill complex. The project hosts a NI 43-101
compliant resource of 16.8 million ounces of silver(1) in an open
pit mining scenario along with a modern 1,300 ton-per-day mill.
Redevelopment plans for Taylor remain within the projected
timetable provided by the Company in its press release of October
30, 2007 (see PR2007-20), which provides for a production start
date within Q1 of 2009.
The Company purchased the Taylor project, absent of production
royalties, for total cash option payments of US$2.5million. On
January 23, 2008 Fury's wholly owned Nevada subsidiary, became the
registered owner of the mill complex, 4 patented and 38 unpatented
mining claims and certain water rights comprising the "historical"
Taylor project. Subsequent to becoming involved in the project the
Company has staked an additional 164 mining claims bring the total
project area to approximately six square miles.
Fury's Taylor project uniquely positions the company to become
an unhedged silver producer during what could be a prolonged period
of strong precious metal prices without the burden of significant
capital expenditure. The Company currently has 28.3 million shares
outstanding and $3.6 million in working capital.
FURY EXPLORATIONS LTD.
Steve Vanry, CFA, President & CEO
(1) resource calculation details can be found in the Company's
press release PR2007-16, of September 4, 2007.
Forward-Looking Statements: Statements in this release that are
forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the corporations' periodic
filings with Canadian Securities Regulators. Such information
contained herein represents management's best judgment as of the
date hereof based on information currently available. Statements in
this press release other than purely historical information,
including statements relating to the company's future plans and
objectives or expected results, constitute forward-looking
statements. Forward looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties
inherent in the company's business, including risks inherent in
mineral exploration and development. The company does not assume
the obligation to update any forward-looking statement.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Fury Explorations Ltd. Steve Vanry, CFA President and
CEO (604) 689-1810 (604) 689-1817 (FAX) Website:
www.furyexplorations.com
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