Ore Reserve Increase at Gabanintha Mine (January 30, 1989)

The company said exploration in the area to the south of the mine is contin uing to indicate extensions to the open pittable ore. Combined with other discoveries and acquisitions in the Meekatharra region, these extensions are forecast by Dominion to be sufficient to allow operation of the mill for a further six years. In accordance with a gold floor price program with an Australian bank, Black Swan has guaranteed a sales price of $440 per oz for 70% of its gold production until June, 1989. With a source of cash flow, and armed with the proceeds of a recent private placement that netted just over $1 million, Black Swan intends to acquire more gold projects in Australia and North America. It recently took on its first Canadian project, the Tas gold property near Fort St. James, B.C.

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