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To Hold Conference Call Thursday, August 15 GLENDALE, Ariz.,August 15, 2002--AZCO Mining, Inc. (AMEX:AZC), an industrial minerals, mining and metals company, today announced that it will hold a conference call open to shareholders and members of the investment community today, August 15, 2002 at 4:15 P.M. EDT.
Lawrence Olson, AZCO Mining's President and Chief Executive Officer, will be the lead presenter on the call and will be updating the public on the Company's progress, as well as the status of current mining projects.
To participate in the call, dial 800/624-1788 approximately 10 minutes before the conference call is scheduled to begin and ask for the AZCO Mining conference call.
For anyone who is unable to participate in the conference call, access to a replay will be available until one week after the conference call. The rebroadcast can be accessed by dialing 800/642-1687. International dialers can call 706/645-9291. The rebroadcast PIN number is 5312408. The replay will be available two hours after the conference call has ended.
About AZCO Mining, Inc.
The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the Company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein. Further, the Company assumes no obligation to update or otherwise publicly revise the forward-looking information disclosed herein to reflect circumstances existing after the date hereof.
Issues Update on Recent Gold Property Acquisitions GLENDALE, Ariz., August 12, 2002--AZCO Mining, Inc. (AMEX:AZC), an industrial minerals, mining and metals company, announced the following statement today:
"AZCO Mining, Inc. would like to clarify its July 23, 2002 press release regarding the acquisition of the Nevada gold properties. The Company plans to solidify its land position by staking and recording mineral claims and filing annual maintenance fees with the Bureau of Land Management. No additional exploration expenses are currently planned."
About AZCO Mining, Inc.
Marketing efforts are concentrated on the sale of mica-filled plastic pellets, developed by AZCO, to be used in the production of reinforced plastics. Feldspathic sand, produced as a by-product of mica production, is being marketed for use in stucco production, golf courses and construction sand products. Over 20 cosmetic manufacturers are testing AZCO's mica; three cosmetics companies have approved AZCO mica for use in their products; and the Company has fulfilled initial orders.
The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the Company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein. Further, the Company assumes no obligation to update or otherwise publicly revise the forward-looking information disclosed herein to reflect circumstances existing after the date hereof.
Acquires Two Gold Properties GLENDALE, Ariz., July 23, 2002--AZCO Mining, Inc.
(AMEX:AZC), a rapidly growing industrial minerals, mining and metals
enterprise, today announced that it has acquired land positions in
north central Nevada within the northern regions of the Carlin and
Getchell gold trends. The mineral claim blocks are adjacent to two
underground producing gold mines that have gold reserves in the
millions of ounces. Additional terms of the agreement were not
disclosed.
The project area has seen limited exploration for surface gold
deposits and remains untested below a depth of 300 feet. The Company
is exploring for high-grade gold deposits occurring within and
adjacent to blocks of lower plate limestone, which have been faulted
or domed close to the surface. The Company plans to commence
exploratory work once its Black Canyon Mica Project has achieved
positive cash flow and after its Micaceous Iron Oxide Project's
feasibility stage has started.
Lawrence Olson, President and CEO of AZCO Mining, Inc. stated, "We
are pleased to announce this new property acquisition, which bolsters
our growing project portfolio. Although AZCO remains committed on
focusing on its Black Canyon Mica Project, it is also keeping its eye
on the future. This new property acquisition is consistent with our
long term plans for solid and consistent growth."
About AZCO Mining, Inc.
AZCO Mining is a U.S. mining company engaged in mining exploration
and development with a general business strategy to acquire and
develop mineral properties amenable to low-cost production. The
Company is focused on producing Muscovite Mica from its 100
percent-owned Black Canyon Mica project located in Arizona.
Construction has been completed on the mica project, and limited
production is underway. Marketing efforts are concentrated on the sale
of mica-filled plastic pellets, developed by AZCO, to be used in the
production of reinforced plastics. Feldspathic sand, produced as a
by-product of mica production, is being marketed for use in stucco
production, golf courses and construction sand products. Over 20
cosmetic manufacturers are testing AZCO's mica; three major cosmetics
companies have approved AZCO mica for use in their products; and the
Company has fulfilled several initial orders.
The information contained herein regarding risks and
uncertainties, which may differ materially from those set forth in
these statements in addition to the economic, competitive,
governmental, technological and other factors, constitutes a
"forward-looking statement" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, the Private Securities Litigation
Reform Act of 1995 and is subject to the safe harbors created thereby.
While the Company believes that the assumptions underlying such
forward-looking information are reasonable, any of the assumptions
could prove inaccurate and, therefore, there can be no assurance that
the forward-looking information will prove to be accurate.
Accordingly, there may be differences between the actual results and
the predicted results, and actual results may be materially higher or
lower than those indicated in the forward-looking information
contained herein. Further, the Company assumes no obligation to update
or otherwise publicly revise the forward-looking information disclosed
herein to reflect circumstances existing after the date hereof.
Issues Special Letter to Shareholders GLENDALE, Ariz., June 17, 2002--AZCO Mining, Inc.
(AMEX:AZC), a rapidly growing industrial minerals, mining and metals
enterprise, today announced that it has issued a Special Letter to
Shareholders to update existing AZCO investors on the current status
of AZCO Mining, and more importantly, its future growth outlook. Text
from the letter is as follows:
Dear AZCO Shareholder,
I'm writing this letter to tell you about an exciting new stage in
the growth of our company.
Over the past three years, AZCO has been making the transition
from a junior exploration company to a vertically integrated producer
of processed minerals. Along the way we have invested some $15 million
in developing our Black Canyon Mica Project, which is now ready to
generate substantial revenue through production of high-quality
muscovite mica and a key byproduct, feldspathic sand.
The next stage is this: In the coming months, we expect AZCO to
increase its production with the objective of paying our way -- that
is, covering operating expenses with internally generated funds
through the sale of feldspathic sand. In fact, we have ramped up our
production facilities for feldspathic sand sales and already have
begun the crushing and separating activities for this product.
The market for feldspathic sand, used in golf course bunkers and
stucco, is large, fast growing and close by. Maricopa County, which
includes Phoenix and its suburbs, is the fastest growing among
America's 10 largest counties, adding more than 120,000 residents a
year. That growth translates into a booming market for new-home
construction and, of course, for stucco. The Phoenix area also has
plenty of golf courses -- 207 by our count -- and these require lots
of bunker-quality sand. The special characteristics of feldspathic
sand, such as its bright color and freedom from impurities such as
iron, make it ideal for this use as well as for stucco. We are also
developing a fertilizer product using this mineral-rich sand in
combination with iron, sulfur and other nutrients.
High-margin mica products remain our main engine for long-range
growth. We're continuing to penetrate the cosmetic and personal care
product markets with our wet-ground muscovite mica. We see
opportunities on the horizon in mica-reinforced plastics, a market
that keeps growing as automakers look for ways to make stronger
bumpers and other components. And we have plenty of mica available to
mine and process -- An estimated 20-year ore reserve has been
delineated at the Black Canyon mine.
In the near term, however, our focus will be on building sales of
feldspathic sand. Once we are generating sufficient revenue from sand
to cover our costs, the bottom-line impact of mica sales will be all
the more impressive.
If all goes well, we hope to be operating at least one shift a day
into August, and then two shifts a day from September until late in
the year. Three-shift, 24/7 operation could come as early as late this
year.
Recently, Phelps Dodge Mexico sold its 70% operating interest in
Cobre del Mayo S.A. de C.V. to a Canadian privately held company,
Frontera Copper Corporation. AZCO currently owns 30% of Cobre del
Mayo. Frontera plans to secure necessary financing for the Piedras
Verdes Project, held by Cobre del Mayo, and to advance it to a
bankable feasibility stage as soon as possible.
Finally, I would like to thank you, as an AZCO shareholder, for
your interest in and commitment to this company. Our mission as
managers is to create value for you, and we believe that we are on
track to do exactly that.
As part of that effort, I am also pleased to announce we have
retained the investor relations services of Investor Relations
International (IRI) to help us increase our exposure to the investment
community. I encourage you to contact our representative, Haris
Tajyar, of IRI to further discuss the AZCO story and our bright
outlook. Over the past 8 years, Mr. Tajyar has represented a number of
early stage companies that have grown exponentially with the help of
his award-winning investor relations programs. These companies have
included, but are not limited to, Starwood Hotels, ValueVision Intl.
and Taro Pharmaceuticals. Mr. Tajyar represented these and other
companies from their sub-$5 micro-cap levels through their growth into
large-cap multi-billion organizations.
We are looking forward to a new era of growth and expansion for
AZCO Mining in 2002 and we are looking forward to updating you on our
progress.
Sincerely,
About AZCO Mining, Inc.
AZCO Mining is a U.S. mining company engaged in mining exploration
and development with a general business strategy to acquire and
develop mineral properties amenable to low-cost production. The
Company is focused on producing Muscovite Mica from its 100
percent-owned Black Canyon Mica project located in Arizona.
Construction has been completed on the mica project and limited
production is underway. Marketing efforts are concentrated on the sale
of mica-filled plastic pellets, developed by AZCO, to be used in the
production of reinforced plastics. Feldspathic sand, produced as a
by-product of mica production, is being marketed for use in high-end
stucco production, golf courses, and agricultural products. Over 20
cosmetic manufacturers are testing AZCO's mica; three major cosmetics
companies have approved AZCO mica for use in their products; and, the
Company has fulfilled one initial order.
The information contained herein regarding risks and
uncertainties, which may differ materially from those set forth in
these statements in addition to the economic, competitive,
governmental, technological and other factors, constitutes a "forward
looking statement" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, the Private Securities Litigation Reform Act
of 1995 and is subject to the safe harbors created thereby. While the
Company believes that the assumptions underlying such forward-looking
information are reasonable, any of the assumptions could prove
inaccurate and, therefore, there can be no assurance that the
forward-looking information will prove to be accurate. Accordingly,
there may be differences between the actual results and the predicted
results, and actual results may be materially higher or lower than
those indicated in the forward-looking information contained herein.
Further, the Company assumes no obligation to update or otherwise
publicly revise the forward-looking information disclosed herein to
reflect circumstances existing after the date hereof.
Reports Third Quarter Fiscal 2002 Results GLENDALE, Ariz, May 15, 2002 -- AZCO Mining Inc. (AMEX:AZC; Toronto: AZC), an industrial minerals, mining and metals acquisition and development enterprise, today reported financial results for its third quarter of fiscal 2002 ended March 31, 2002. Third quarter 2002 revenues were $31,280, compared with $24,800 in the second quarter and with $17,600 in the third quarter of 2001. Revenues were earned primarily from the sales of mica to the cosmetics industry. Operating expenses for the quarter increased to $926,822 from the previous sequential quarter's $532,855, primarily as a result of increases in general and administrative expense, exploration & development expense, and inventory write-downs, partially offset by declines in salaries, amortization and depreciation, and reclamation expense. Interest expense in third quarter 2002 increased to $284,721 from $189,896 in second quarter 2002. In the third quarter of 2002, the Company benefited from an income tax refund of $998,053 associated with the carry-back of losses resulting from the enactment of the Job Creation and Worker Assistance Act of 2002. Net loss for the third quarter of fiscal 2002 was $178,020, or $0.01 per diluted share. This compares to a net loss of $595,953 or $0.02 per diluted share for last year's third quarter. Sequentially, the Company's net loss improved from a net loss of $696,841, or $0.02 per diluted share in the second quarter of 2002. Commenting on third quarter results, Larry Olson, President and Chief Executive Officer of AZCO Mining, said, "We are very pleased with the progress we've made this quarter. We have faced the challenges of our marketplace and have responded by deploying our efforts in accordance with near-term opportunities. To that end, we have set in place the infrastructure for producing better quality feldspathic sand, a by-product of mica mining, for use in high-end stucco production, golf courses, and agricultural products. We have ramped up our production facilities for feldspathic sand sales and are actually beginning the crushing and separating activities for sand today. Our feldspathic sand has already met with an excellent response from the local construction and agricultural industries and our expectations for near-term acceptance in these markets are high." Mr. Olson continued, "We are proceeding effectively in our strategy to penetrate the cosmetics and personal care manufacturing industry with our high quality, high grade, wet-ground mica as well as the plastics reinforcement filler market. But it is very important to first reach the point at which we are paying our own way, in terms of operating from internally generated funds, and then to ramp up from that point. For this reason we are pursuing vigorously our opportunities with feldspathic sand." About AZCO Mining Inc. Forward-Looking Statements Reports Second Quarter Fiscal 2002 Results GLENDALE, Ariz., February 19, 2002 -- AZCO Mining Inc. (AMEX:AZC; Toronto), an industrial minerals, mining and metals acquisition and development enterprise, today reported financial results for its second quarter of fiscal 2002 ended December 31, 2001. Second quarter revenues were $24,800 all attributable to its first shipment of high quality, wet-ground mica to a major cosmetics company. Second quarter revenue represents this fiscal year's first reported operating revenue. AZCO Mining, during the past three years, transitioned from a junior exploration company to a vertically integrated processed minerals company. Expenses for the quarter increased 26 percent sequentially to $722,751 from the previous fiscal quarter's $554,365 primarily attributable to increased interest expense. The 13 percent decrease in operating expenses from $832,477 for second fiscal quarter 2001 is due to restraints in operations and production associated with a temporary lack of financing. Net loss for the second quarter of fiscal 2002 was $696,841, or $0.02 per diluted share. This compares to a net loss of $793,273, or $0.03 per diluted share for last year's second quarter. Sequentially, the Company's net loss was unchanged on a per diluted share basis. Commenting on the second quarter results, Larry Olson, President and Chief Executive Officer of AZCO Mining, said, "This is our first quarter of fulfilling orders and realizing revenue from one of the major markets we have been looking to penetrate. The contract associated with this order is open-ended and we will continue to fulfill additional requests for mica in the coming quarters. We are pleased with this first step of executing on our strategy to penetrate the cosmetics and personal care manufacturing industry with our high quality, high grade, wet-ground mica. We are also looking to penetrate the plastics reinforcement filler market with pelletized masterbatches of 40 percent and 60 percent mica with polypropylene bonding polymer. In addition, we are marketing feldspathic sand, the byproduct of mica mining, to the local construction and agricultural industries. We have received a tremendous response from potential customers testing our product and we expect additional contracts to be signed." AZCO Mining has invested all of the start-up costs necessary for product delivery. It has completed construction of crushing and concentration equipment and a state-of-the-art wet-ground processing and packaging plant. With a mined stockpile for immediate processing and delivery on orders and a 20-year reserve, the Company is pursuing high growth markets for its mica and feldspathic sand products. Mr. Olson concluded, "Our already significant investment in the Black Canyon Mica project is beginning to show results and we expect our marketing efforts to continue to drive demand for our mica and feldspathic sand products." About AZCO Mining Inc. AZCO Mining is a U.S. mining company engaged in mining exploration and development with a general business strategy to acquire and develop mineral properties amenable to low-cost production. The Company is focused on producing Muscovite Mica from its 100 percent-owned Black Canyon Mica project located in Arizona. Construction has been completed on the mica project and limited production is underway. Marketing efforts are concentrated on the sale of mica-filled plastic pellets, developed by AZCO, to be used in the production of reinforced plastics. Feldspathic sand, produced as a by-product of mica production, is being developed in conjunction with lightweight roof tiles. Over 20 cosmetic manufacturers are testing AZCO's mica; three major cosmetics companies have approved AZCO mica for use in their products; and, the Company has fulfilled one initial order. Forward-Looking Statements Certain statements made in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may differ materially from those set forth in these statements in addition to the economic, competitive, governmental, technological and other factors identified in the Company's filings with the Securities and Exchange Commission. |