Message #7 From:
NewsBot Date: October 31, 2005 02:00:00 AM
UAMY News U. S. Antimony Announces Start of Exploration of Antimony and Silver Property in Mexico
THOMPSON FALLS, Mont.--(BUSINESS WIRE)--Oct. 31, 2005--United States Antimony Corporation (USAC) (OTCBB:UAMY) announced that Antimonio de Mexico, S.A. de C. V. (50% owned by U. S. Antimony) has begun the exploration of an antimony and silver property in Mexico.
A Mexican Government Monograph reports a resource of 1,000,000 metric tons having a grade of 1.8 % antimony and 8.1 ounces per ton of silver. The mineralization would be mineable by open pit methods. The original exploration work was performed in 1969 by a major Mexican mining and smelting company that was unable to separate the antimony from the silver. The property is in a major silver belt of Mexico.
Antimonio de Mexico has completed a preliminary mapping program that will be followed by sampling and drilling to confirm the mineralization. The deposit is exposed for more than 3500 feet in length, 300 feet in width, and 30 feet in thickness in surface outcrops, trenches, shafts, and drifts. Further extensions of the mineralization are possible.
The Company has completed preliminary metallurgical testing of the rock, and has been able to make an antimony product and a silver product. Should the exploration work confirm the deposit, Antimonio de Mexico will build a new milling facility close to the mine. The antimony product will be shipped to the United States Antimony plant in Thompson Falls, Montana for finishing and marketing, and the silver product will be shipped to a smelter.
Antimony metal prices have risen to $1.99 per pound, which is higher than they have been in 10 years. They are expected to go higher due to fuel prices and the fact that the Chinese are using most of their antimony production internally. China has historically controlled 90% of the world antimony supply.
U. S. Antimony is the only domestic producer of antimony products. All other producers have left the United States due to the Chinese pricing of raw materials. U. S. Antimony plans to source raw material from Mexico and other non-Chinese sources.
Forward-Looking Statements:
This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events, including matters related to the Company's operations, pending contracts and future revenues. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-KSB with the Securities and Exchange Commission.
