NEW YORK, July 1, 2011 /PRNewswire/ -- Plateau Mineral
Development, Inc. ("Plateau Metals"). (Pink Sheets: PMDP) announced
today it has finalized the production schedule for its newly
acquired Little Prince Mine located in the extremely rich north
western slope of Breece Hill, Leadville,
Colorado. The aggressive initial program calls for the
immediate re-opening of the mine with production levels to the mill
reaching sixty (60) tons a day with the first 12 to 18 months.
Based on the past production levels and current samplings,
conservative projections anticipate this initial production level
to result in 25 ounces of silver per ton, .3 ounces of gold per
ton, together with additional minerals including bismuth, a
strategic rare mineral; totalling in excess of $30,000,000 annually. This production
announcement is the first phase of the development of the
$3 billion production potential.
It is anticipated that additional production initiatives will
follow.
This recently announced acquisition from Homestead Colorado Gold
Corp., a subsidiary of Homestead Gold and Silver Corp. is
anticipated to close by mid July and will coincide with a complete
change of operational focus and replacement of all current officers
and directors.
The Little Prince Mine acquisition represents the Company's
second major Agreement in the Mining Sector and is indicative of
the Company's recently announced focus entirely on precious metal
mining and production. As announced, 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.
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.