1/3/2012 Shareholder Update - http://ih.advfn
Post# of 489
1/3/2012 Shareholder Update - http://ih.advfn.com/p.php?pid=nmona&article=55682430
Key Points:
- company engaged in talks with new BOD members that can bring a wealth of mining and business knowledge
- implementing a stock reduction plan that will reduce the outstanding share and public float count
- reduction of costs by outsourcing to Cedar Canyon Mining Corp
- execution of joint venture with MRJ Resouces
Cedar Canyon Mining - http://www.cedarcanyonmining.com/
Cedar Canyon Mining Corp.(the "Company”) is a Washington based corporation that will excavate raw ore materials from leased and private mines within Washington State, Oregon, Arizona, Colorado and California. The Company was founded by a Joint Venture between MRJ Resources LLC a Washington Corporation and Cedar Canyon Mining Corp. of Washington, USA.
Details of Joint Venture opportunity -
In the meantime, we will begin execution of our joint venture agreement with MRJ Resources, which allows us to remove and process up to 170,000 tons of surface head ore from our partner mine in Eastern Washington . Preliminary third party assay reports on samples of this material have shown an average of 24 ounces of silver and 0.5 ounces of gold per ton of raw ore. Assuming these assays are representative of the whole, the recovery rate looks very promising.
- 170,000 tons of raw ore, 24 ounces of silver per ton, 4,080,000 ounces of silver, current silver price of $29.80 - potential value of $121,584,000 (noting that the assessment is true to the whole of the mine
- 170,000 tons or raw ore, .5 ounces per ton, 85,000 ounces of gold, current gold price of $1655.00 - potential value of $140,675,000 (noting that the assessment is true to the whole of the mine)
Further details of the mining site from Cedar Canyon Mining website - http://www.cedarcanyonmining.com/themines.html
The Cedar Canyon Mining District is located in Stevens County, Eastern Washington. There is 40 acres of privately held land, and approx. 1000 acres of BLM land within the Cedar Canyon Mining District, along the Deer Trail Mining Area.
The initial phase of Cedar Canyon Mining Corps operations consists of trucking operations and waste rock ore processing. This waste rock (or tailings) are producing approximately .05 oz. per ton of gold, and 24 oz. per ton of Silver. The scope of work of mineral extraction consists of the Queen Seal Mix Ore and the Madre #4 as well as Tunnel One and Tunnel Two ore of the Deer Trail Mining area. The initial operation will be centered on extracting waste material from the above area of the Deer Trail Mining area, Cedar Canyon Mining District in Stevens County, Washington. Tailings readily available on the 40 Acre site privately owned by MRJ Resources (MRJ) are included in this Joint Venture but not the total sum of material available.
Assay Certificate for Madre #4 and Deer Trail - http://www.cedarcanyonmining.com/images/Assay_Cert.pdf
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