U.S. Mine Makers Inc.-Definitive Agreement Finalization and Corporate Developments
BELLINGHAM, WASHINGTON--(Marketwire - Mar 28, 2013) - U.S. Mine Makers Inc. (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.
