Auric Mining Signs Letter of Intent to Acquire California Mining Property

WILMINGTON, Del., Nov. 6, 2012 /PRNewswire/ -- Auric Mining Corp. (OTC: AUMY) today announced that it has signed a letter of intent to acquire Horseshoe Mines Property in Inyo County, California.

The 2240 aggregate acre Horseshoe Mines Property includes 108 lode claims which in 1990 included 28 patented and 80 unpatented claims, together with  8 five acre mill sites and approximately 155 acres fee land block.

Located approximately 90 miles west of Las Vegas, Nevada in the Tecopa Mining District, in Inyo County, California, the property, operated by  Anaconda Mining Company, has collectively produced 440,000 tons of ore averaging over 47k ounces of gold, 2.9 million ounces of silver, 115.7 million pounds of lead, and 54.5 million pounds of zinc.

Although closed in 1957 due to labour strife, high production costs and relatively low prices, current technological advances and advantageous metal prices have greatly increased the prospects for the property.  Since the Horseshoe property has been an important lead, zinc, silver, and gold producing property and little has been done to further mine these sites, the Horseshoe project may be a viable target for further development.  It is suggested that an estimated 880,000 to 1.8 million tons of underground ore is still to be had from these mine sites.

Research data collected by an independent research group suggests that the Oro Fino vein, south of the War Eagle mine, may be a deep-seated porphyry copper and gold system. These exploration reports show a potential of at least 330,000 tons of mine grade that is expected to contain generous copper and gold ore.

Although copper was not produced from the ores mined in the past, the ores were known to contain copper minerals and small amounts of cadmium.  Microscopic studies of some of the minerals found in the ore mined from the various mine sites show the various compositions of the following:

With additional research into the mine sites of the lower Noonday and Crystal Springs, these sites may prove to be comparable to the anomalies of the Oro Fina area and could serve as gold-copper lodes.  Further mapping of these sites may provide a database for usable metal ratio comparisons.

The Company will provide updates as to the closing and future plans and developments on the property, as well as other initiatives