NEW YORK, June 17, 2011 /PRNewswire/ -- Plateau Mineral
Development, Inc. ("Plateau Metals"). (Pink Sheets: PMDP) announced
today it has executed a Letter of Intent (LOI) to fully acquire the
Little Prince Mine Property from Homestead Colorado Gold Corp., a
subsidiary of Homestead Gold and Silver Corp.
The acquisition, which is anticipated to close within thirty
(30) days, will coincide with a complete change of operational
focus and replacement of all current officers and directors; and
represent the second major Agreement in the Mining Sector. The
Company will focus entirely on precious metal mining and
production. All prior operations will be sold or
discontinued. Updated corporate financials and related
filings will be posted concurrently with execution of definitive
agreements for the acquisition.
The Little Prince Mine, originally part of the Standard Metals
Group of mines, is situated on the north western slope of Breece
Hill, Leadville, located in the
extremely rich silver belt in Colorado. Past production results and
historical data indicate the mine can be expected to produce
between .005 - .27 per ounce of gold per ton, and from 1.8 to 14.7
per ounce of silver per ton, making it very attractive economically
based on current prices of the metals.
Based on planned mining and exploration programs, the Little
Prince Mine is anticipated to produce up to 1 million ounces of
gold, 50 million ounces of silver, together with bismuth, a
strategic rare mineral; totalling more than $3 billion of potential production.
The Company expects to make further announcements relating to
the redeployment of operations and assets to the Mining Sector,
together with progress on its mining acquisitions and joint venture
development projects.
The Company had recently announced the signing of a Joint
Venture Commitment Agreement with Homestead Tonopah Gold LLC to
develop the St. Kevin Mine property; and the addition of Auric
Mining Company to strengthen the team and resources available to
successfully complete an ambitious 2 year drilling program that is
intended to extend the proven gold and silver reserves on the
property by as much as ten times, which would value the resource at
approximately $1 billion based on
current prices for the precious metals.
ABOUT PLATEAU METALS
Plateau Metals acquires and develops precious metal mining and
production assets. Plateau acquires, develops, integrates and
operates strategically aligned precious metal assets where
expansion is planned through additional investments to support
organic growth. The company's website is www.plateaumetals.com.
Safe Harbor Statement:
This information includes certain "forward-looking statements."
The forward-looking statements reflect the beliefs, expectations,
objectives and goals of the Company management with respect to
future events and financial performance. They are based on
assumptions and estimates, which are believed reasonable at the
time such statements are made. However, actual results could differ
materially from anticipated results. Important factors that may
impact actual results include but are not limited to commodity
prices, political developments, legal decisions, market and
economic conditions, industry competition, the weather, changes in
financial markets and changing legislation and regulations. Matters
discussed in this press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements.
Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the
forward-looking statements contained herein. These forward-looking
statements are based largely on the expectations of the Company and
are subject to a number of risks and uncertainties. These include
but are not limited to risks and uncertainties associated with the
impact of economic, competitive and other factors affecting the
Company and its operations, markets, product, and distributor
performance, the impact on the national and local economies
resulting from terrorist actions, and U.S. actions subsequently;
and other factors detailed in reports filed by the Company.
Forward-looking statements are intended to qualify for the safe
harbor provisions of Section 21E of the Securities and Exchange Act
of 1934, as amended.
CONTACT:
Plateau Metals
Investor Relations
New York: 1.917.463.3364
London: +(44) (0)20 337 17122
Fax: +(44) (0)208 338 0655
info@plateaumetals.com
SOURCE Plateau Mineral Development, Inc.