Seahawk Putting Piteiras Bulk Sampling on Hold

Colorado-based Seahawk Minerals (CDNX: SKM) will suspend bulk sampling in December at its 75%-owned Piteiras emerald project in Brazil's Minas Gerais state, and will only resume work in 2002 if it can raise financing, the company said in reporting January-September results. Seahawk said there is a backlog of emerald concentrate at the project which requires further cleaning and classification in order to fully assess and value, adding that rainy season conditions contributed to the suspension decision. The company estimates that it will require some US$800,000 next year to complete its underground mine development program as designed, resume bulk sampling activities, and provide a sufficient working capital facility. Seahawk reported a net loss of US$719,000 for the nine months ending September 30, compared with a net loss of US$696,000 for same-period 2000.