Austin, TX 11/18/11 (StreetBeat) --Fire River Gold Corp. and Mystery Creek Resources Inc. (OTC: FVGCF.PK) are pleased to provide this update for the Nixon Fork Mine. A $1.1 million provisional advance was supplied by Glencore this week for the fourth shipment of gold-rich copper concentrate. A total of $3.9 Million has been advanced to-date while both companies await final settlement on all four shipments.
Revenue from doré has also commenced with the sale of 400 ounces of gold to Johnson Matthey of Salt Lake City for a return of $ 710,000. Approximately 30.9 kg of dore containing 23.5 kg (766 ounces) of gold has been shipped to the refiner so far. Our first doré bars had unexpectedly high levels of both arsenic and bismuth, and required purification. The company is actively working on solutions to remove these impurities from the doré, both on and offsite. However, while revenue has been delayed, this issue is not anticipated to reduce revenue expectations or impose a significant operating cost increase. The remaining inventory of doré will be processed by the refiner and paid for over the next few weeks.
About Fire River Gold Corp.
Fire River Gold Corporation is Alaska's newest gold producer, with a projected 50,000 ounces per year of gold to be produced on its wholly owned Nixon Fork Gold Mine located in the resource rich Tintina Gold Belt.
Operations started in July of 2011, with plans to ramp up to full production by late fall 2011. This year-round mine program is producing both concentrate and doré bars. Fire River Gold will be replenishing what is mined on an annual basis by further drilling exploration targets on surface and underground.
The Nixon Fork Mine is a past producing mine with a high grade production history, and a low capital requirement due to pre-existing infrastructure. The Nixon Fork Mine is operated by Mystery Creek Resources, a wholly owned subsidiary of Fire River Gold Corp. which is based in Anchorage, Alaska.
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