U.S. Mine Makers Inc.: Gold Property Agreement
20 Marzo 2013 - 7:57AM
Marketwired
U.S. Mine Makers Inc. (PINKSHEETS:UMKR) The Company is pleased to
announce that it has entered into an agreement to acquire ownership
of 80% of 400 acres of placer mining claims in Sierra County,
California, located near the northern end of the historic
Motherlode district, which has two major gold-producing areas: the
Alleghany and Downieville districts. The terms of the acquisition,
which are being finalized this week and have been structured to
reduce the risk to the Company as it goes through the permitting
and exploration process.
This acquisition may possibly be only the first of several
acquisitions in this area. In the opinion of management, these
claims present significant potential, as the property is adjacent
to California's best-known placer drift mine, the Ruby mine. Gold
from the acquired property was reported to vary from fine to very
coarse and the deposit has been described as being similar in
character to the famous Black Channel at the Ruby Mine (Ferguson
and Gannett, 1932; Keewatin report 1991).
The total recorded gold production in the Alleghany and
Downieville district from 1880 through 1959 was about 2,161,000
ounces, most of it from lode mines. If the estimated gold output
before 1880 is considered, the total production would be about 3
million ounces.
The Ruby is considered by many to be one of the largest
producing channel mines of modern times. It features a system of
gold-bearing Tertiary channels that have already produced over
250,000 ounces of gold. The Ruby and other mines in the area have
been brought back into production in the last year.
In prior years, a concern of many investors was the difficulty
for mining companies in California in obtaining the necessary
permits to carry out mining activities. That has changed
significantly over the last 12 months as explained quite well in
the following article.
www.marketwatch.com/story/california-gold-rush-begins-again-2012-07-10?siteid=nwhfriend
Excerpt: Gold mining is in California's DNA. During The Gold
Rush (1848-1855) 300,000 people moved to the Golden State. When the
boom ended, many of the prospectors stayed and formed the base of a
diverse economy which blossomed for 150 years - but is now failing.
California's current unemployment rate is 11%. The state budget
deficit is $16 billion. The City of Stockton has just declared
bankruptcy. Desperate for jobs and tax revenue the government of
California can look to the mining industry as a cash cow whose
operations and labour pool cannot be out-sourced. Modern extraction
and processing technologies are also making it easier for
California gold producers to meet the state's stringent
environmental standards. California has granted 30 of the last 30
mining permits."
CURRENT SHARE STRUCTURE:
AUTHORIZED 300,000,000
I/O 59,604,018
RESTRICTED 50,094,835
This press release may contain certain forward-looking
statements that include elements of risk and uncertainty.
Consequently, actual results may differ substantially from those
anticipated in such statements. These risks and uncertainties are
described in the quarterly and annual reports, and in the documents
submitted to the securities administration.
Contacts: U.S. Mine Makers Inc. 209:386-7753
www.usminemaker.com
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