U.S. Mine Makers Inc.-Definitive Agreement Finalization and Corporate Developments
28 Marzo 2013 - 7:59AM
OTC Markets
U.S Mine Makers Inc. - Definitive
Agreement
Finalization and Corporate Developments
Bellingham,
WA – March 28, 2013 –
U.S. Mine Makers
Inc. (PINKSHEETS:UMKR) is pleased to announce that it has
negotiated
favorable terms on the acquisition of 80% of 400 acres of placer
mining claims
in Sierra County, California (announced March 20,
2013). In addition the Company is pleased to
provide
an update on significant corporate developments.
Acquisition
update/activity
UMKR
is finalizing a definitive agreement of its acquisition of 80% of
400 acres of
placer mining claims in Sierra County, California, located near the
northern
end of the historic Motherlode district.
The Company has negotiated favorable terms that reduce the risk to
the
Company as it goes through the permitting and exploration process
by
structuring the deal such that stock is issued in stages at market
prices
rather than all at once while the price is low.
In
connection with this acquisition the Company has been reviewing
Phase I and
Phase II reports dated October 1992 from Keewatin Engineering, the
engineering
firm that was commissioned to compile exploration and development
reports of
the Allegheny-Forest-Downieville Mining District. This two
year multi-million dollar undertaking
covered several mining properties and included an extensive
evaluation of the underground
hard-rock system and surface geology coupled with studies to
identify precious metal
rock units, and additional structural geology studies within the
district. Keewatin reported that gold from the
acquisition placer mine 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, which is adjacent to our newly acquired
property.
In reviewing these reports in conjunction with
current
reports management believes there are likely many hidden gems in
this district
and possibly all throughout California that have been overlooked
due to the
past permitting stigma. This not only presents great
opportunities for
the company to secure additional high potential gold claims in this
area, but
also on very favorable terms due to the current economic
environment.
It
is important to note that the Ruby mine has recently been brought
back into
production by North Bay Resources Inc.
http://www.northbayresources.com/home.html,
a further testament that permitting happens in California. As
an addition to the advisory team, UMKR is
currently in discussions with the former manager of the Ruby mine
who was
tenured for 15 years. Adding this
advisor to the team is significant to UMKR as he has been working
professionally
in the area for 30 years.
Corporate
Developments
UMKR
continues to develop a full management team including an advisory
board. We are in discussions with an advisor who has
extensive experience with public company management, compliance and
financing. The potential advisor also has experience and
familiarity with California permitting and has access to some of
the best
permitting lawyers in California.
UMKR
has engaged compliance and regulatory professionals to complete
full audits in
order to meet the company’s mandate to graduate the company to the
QB.
Shares Outstanding 59,604,018
Float 9,509,183
Authorized Shares 300,000,000
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.
Contact: U.S.
Mine Makers Inc. 209-386-7753
or visit www.usminemaker.com
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