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Royal Standard Minerals, Inc. (RYSMF) Goldwedge Project Development, Nye County, Nevada Update
Royal Standard Minerals, Inc.'s (OTCBB: RYSMF) Goldwedge is a permitted gold mining property located in Nye County, Nevada. RYSMF has completed considerable underground development work to evaluate the upper portion of the drill indicated gold system. Concurrently a processing plant was constructed on the property to further test the gold recoveries of the mined material. As a result of this work the company is involved with an equipment upgrade and maintenance program for the Goldwedge plant and the underground facilities. This work includes the removal of current equipment and the reinstallation of a larger capacity grinding circuit in the plant. The purpose of this program is to increase plant throughput and improve reliability of the operation going forward.
The capital requirements for the plant and underground program to advance this project toward full operation is expected to come from current cash, new debt and forward gold sales from the Goldwedge property.
Royal Standard Minerals, Inc. owns and controls several precious metal properties in the State of Nevada. Nevada is the 4th largest producer of gold in the world and the largest US domestic producer. The gold mining industry of Nevada produces almost 7.5% of the world's gold supply and almost 80% of all gold produced in the USA,
http://www.nevadamining.org/documents/
Economic_Overview_08.pdf.
RYSMF (C.U.S.I.P780919106) is a natural resource exploration and development company, www.royalstandardminerals.com
For further information about this release contact Mr. Roland Larsen, (775) 487-2454 and/or Mr. Rich Kaiser, Investor Relations, 800-631-8127.
Royal Standard Minerals cautions that the statements made in this press release constitute forward looking statements, and no guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
Contact:
Roland Larsen
804-580-8107
Rich Kaiser
800-631-8127
Investment Highlights
* RYSMF has active mining projects in Nevada which is the leading gold producing state in the U.S., accounting for approximately 83% of all domestic gold production and 9% of global gold production.
* As of July 31, 2009, the Company’s non-GAAP mineral properties’ book value was $19.4 million or $0.23 per share.
* On October 13, 2009, RYSMF announced that it will be installing larger ball mills and an additional concentrator as well as making other technical changes to improve the productivity and efficiency of its Goldwedge Project. These new upgrades should increase output to approximately 500 tons per day.
* On October 6, 2009, the Company announced that it had exercised its option to purchase unpatented and patented mining claim groups in Churchill and Nye counties, Nevada for $600,000. These claim groups will position the Company for future growth in their gold-silver program.
Overview
Royal Standard Minerals Inc. (RYSMF) is an advanced-stage mining company engaged in locating, acquiring, exploring and developing gold and precious metal deposits in the state of Nevada, and coal in the state of Kentucky. The Company owns a 100% interest in six projects in three goldsilver districts in Nevada. These projects include the Goldwedge project in Nye County; the Piñon and Dark Star projects in Elko County; the Fondaway Canyon and Dixie-Comstock projects in Churchill, and the Campton project in Wolfe County, Kentucky. The Company has two wholly owned subsidiaries, Kentucky Standard Energy Company Inc. and Manhattan Mining Co.
Value Proposition
* With over 300,000 ounces of gold and the potential of an additional 800,000 ounces, the assets of RYSMF far exceed the current value of the stock.
* The Company has capitalized on the availability of high quality gold/ silver deposits and controls interests on properties consisting of over 17,000 acres located on the Carlin gold trend, an area which has produced over 50 million ounces of gold since the 1960s, and is estimated to hold an additional 100 million ounces of gold.
* The Company’s Nevada projects are located near properties owned by major gold companies such as GoldCorp, Kenross, Newmont, Barrick and Placer Dome.
* Gold prices continue to increase as the dollar weakens and many analysts believe that gold will continue to grow for the remainder of 2009 and into 2010.
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