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Friday August 11, 11:43 am Eastern Time Press Release SOURCE: EuroGas, Inc. Talc Mine Construction to Commence at Gemerska Poloma in Eastern Slovakia; Production Slated for mid-2001 EuroGas Owns 57% Interest in Mine Operator Rozmin s.r.o LONDON, Aug. 11 /PRNewswire/ -- EuroGas, Inc. today announced that its 57% owned Rozmin s.r.o. unit (http://www.rozmin.sk) has requested proposals for mine construction at its Gemerska Poloma talc deposit in Eastern Slovakia. Rozmin instituted a cut-off date of August 4, 2000 for receipt of construction proposals and expects to award the contract for construction by mid-August 2000 for the main decline (tunnel) work to the western part of the orebody. The 4.5 x 4-meter size decline at 12% grade will total approximately 1400 meters in length and is expected to begin by mid-September 2000. Production, at an initial rate of 80,000 tons of talc annually, is scheduled to commence within six to eight months following the start of mine construction. Production is expected to increase to 130,000 tons of talc annually within one year from the start of production. The Gemerska Poloma Talc Deposit is considered to be one of the richest talc deposits in the world. The deposit, according to the Ministry of Environment of the Slovak Republic, contains 146.6 million tons of proven high purity talc reserves. A comprehensive feasibility study of the Gemerska Talc Deposit project has been completed. Rozmin s.r.o has signed a Letter of Intent with Gebruder Dorfner GmbH & Co. (Dorfner) regarding the future sale and marketing of the talc industrial mineral from the Gemerska Poloma talc deposit. Over the past one hundred years, the Dorfner Group has been engaged in the development and production of talc, kaolin, quartz and feldspar. Dorfner now processes and markets over 240 industrial minerals and other products throughout 38 countries. The Gemerska Poloma talc deposit is 57% owned by Belmont Resources and 43% owned by Rozmin s.r.o, which in turn in 57% owned by EuroGas. Under the terms of an agreement between EuroGas and Belmont, Belmont will finance up to $1 million of EuroGas` share of the capital expenditures for mine construction, after which the partners will split expenditures on a pro-rata basis. About EuroGas: EuroGas is an international, independent energy company that controls methane gas concessions in Poland and has oil and gas exploration and development joint ventures in Canada, Poland, the Slovak Republic, Ukraine, and in the Sakha Republic. EuroGas, Inc. common stock is traded on the OTC Bulletin Board under the symbol EUGS, and on the Frankfurt and Berlin Stock Exchanges under the symbols EUG.F and EUG.B, respectively. Website: http://www.eugs.com Statements regarding anticipated oil and gas production and other oil and gas operating activities, including the costs and timing of those activities, are ``forward looking statements`` within the meaning of the Securities Litigation Reform Act. The statements involve risks that could significantly impact EuroGas, Inc. These risks include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services and government regulation and foreign political risks, as well as other risks discussed in detail in the EuroGas Inc.`s filings with the U.S. Securities and Exchange Commission. SOURCE: EuroGas, Inc. |
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