[b]$MISM[/b] Mission Mining Company Executes Agreement to Lease, Mine, and Operate the El Dorado Mine in California
LAS VEGAS, [b][color=green]May 28, 2013[/color][/b] /PRNewswire/ -- Mission Mining Company (OTC Pink: MISM)
Mission Mining Company is pleased to announce that the Company has executed an Agreement with Colten Metals LLC, to lease, mine, and operate the El Dorado Mine in California. The El Dorado Mine is comprised of seventeen (17) contiguous Bureau of Land Management lode mining claims containing a total of three hundred forty (340) acres located in San Bernardino County, California. The term of the mining and operating lease is forty-nine (49) years, with provisions for Mission Mining Company to be granted an extension of the lease for the duration of the property's productive life. Colten Metals LLC, will receive convertible preferred shares in Mission Mining Company with a capped value of USD $5,000,000 plus a nine percent (9.0%) Net Smelter Return Royalty in respect of all salable metals and other products resulting from the Company's operations on the seventeen El Dorado Mine claims as compensation.
Carlton Wingett, CEO of Mission Mining Company remarked, "On behalf of our management team, I am extremely excited to announce the addition of the El Dorado Mine to the Company's portfolio of U.S. mining properties. Securing the mining / operating rights for, along with the rights to the vast majority of potential profits to be generated from, the El Dorado Mine is akin to finding a treasure. It is a unique mining property, and based on previous testing and assaying results, may well comprise some of the largest known deposits of certain strategic metals." Mr. Wingett also stated, "Our management team has exhibited extraordinary vision and determination over the past several months. In a short period of time, Mission Mining Company has dramatically increased its asset base and net worth and has secured, through the acquisition of significant mining properties including the Gold Star Mine and the El Dorado Mine, the opportunity to become a global leader in the precious metals and rare earths mining industries. Our goal is not to be just another junior mining company, but to become an industry leader in terms of both profitability and environmentally responsible operations. In cooperation with investors and shareholders who have indicated a willingness to share this vision with us, we firmly believe that becoming a globally prominent mining company is an achievable goal."
Although testing and assaying results to date indicate the El Dorado Mine holds significant quantities of gold, the El Dorado Mine has significant other potential. The claims are uniquely situated near one of the few currently operational rare earth elements (REE) mines in the U.S., and in limited testing, it has been determined that the El Dorado Mine also contains REE. Commercial ore values are likely located on each of the seventeen (17) contiguous BLM lode claims, known as the El Dorado #1 through #12, and the King of California #1 through #5, which comprises the El Dorado Mine. The claims are proximate to existing roads, and are anticipated to be simple to access, mine, and process due to the near-surface ore deposit. The values are contained in an intrusive and massive Rhyolitic host rock structure lying at or very near the surface, below a very thin basaltic cap, holding significant values based on testing and assaying to date, including the Platinum Group Metals (PGM's), Gold (Au), and Rhenium (Re). The potential Rhenium reserves likely make the El Dorado Mine one of only three known significant deposits of Rhenium, and if further testing confirms the initial data, the El Dorado may possibly hold the world's largest known Rhenium deposit.
The ore body has been opened and exposed using dozer cut methods to expose a three dimensional picture of the deposit. A well known Metallurgist and author of what was long considered to be the industry bible on metallurgy, Mr. C.W. Ammen, initially completed the recovery flow sheet for the precious metals in the late 1990's. The recovery flow sheet / suggested recovery process was favorably reviewed by a qualified chemist / metallurgist at the University of Nevada, Las Vegas, and more recently still by a retired Haliburton chemist and metallurgist. An assessment of values in a 2009 report indicates extremely robust project economics based on a very large deposit of easily mined head ore containing very significant values of easily extractable precious metals and, as yet unknown quantities of rare earths. The possible tonnage of commercial grade ore which could be mined from the existing seventeen (17) El Dorado Mine claims could potentially exceed four hundred million (400,000,000) tons. It is likely that the ore can be mined using conventional methods (open pit mining), requiring no underground tunneling or extensive underground networks, while several of the Platinum Group Metals (PGM's), plus Gold (Au) and Rhenium (Re), should be easily and profitably extractable, utilizing industry standard methods.
As a result of securing both the El Dorado Mine and the Gold Star Mine, Mission Mining Company has strategically positioned itself within the precious metals mining industry and has secured the potential of becoming one of the largest mining companies in North America. Future production from these mining properties, as well as from other possible acquisitions now being reviewed by Management, is anticipated to generate substantial revenues and profits for the Company and for the benefit of its family of employees and shareholders, thus allowing the Company to achieve its aim of evolving into a global leader in the mining industry. As an important step in its mine development strategy, the Company plans to conduct additional, extensive, third party testing to be conducted by qualified and certified geologists, mining engineers, and assayers in respect of each of its mining properties so as to verify, validate, and clarify published in-ground resource quantities and values as stated in the existing / historical test reports, assays, and valuation reports.
About Mission Mining Company:
Mission Mining Company focuses on the acquisition and development of significant US gold, silver, platinum group metals, and rare earths mining properties pursuant to its business plan of expeditiously and prudently developing the owned / leased mining properties and placing them into full production. The Company has recently executed a mining / operating lease for the El Dorado mining property in San Bernardino County, California, and has acquired 100.0% ownership of the Gold Star mining property in Esmeralda County, Nevada. Historical geological reports on the two properties indicate substantial values in gold, silver, platinum group metals (PGM's), and likely substantial but as yet untested amounts of rare earth elements (REE). As an important step in its mine development strategy, the Company plans to conduct additional, extensive, third party testing to be conducted by qualified and certified geologists, mining engineers, and assayers in respect of each of its mining properties so as to verify, validate, and clarify published in-ground resource quantities and values as stated in the existing / historical test reports, assays, and valuation reports. Management's commitment to restructure the Company on behalf of its shareholders, as evidenced by the decision to focus on the acquisition and development of suitable US precious metals and rare earth mining properties represents a timely and prudent business opportunity, as the saleable products will not become obsolete, and there will always be a significant demand and liquid market for the metals / rare earths produced. As a result of the acquisition of the El Dorado Mine and the Gold Star Mine, the Company has significantly increased its total booked assets under GAAP, as reflected in its financial statements now on file with OTC Markets.
