Shareholders Update For the Period Ending June 30, 2012
The following is a brief overview of the current status of Western Sierra Mining for the period ending June 30, 2012. This summary of the period should be viewed in conjunction with the previous reports filed with the Pink Sheets, press releases, the December 31 report to shareholders, SEC filings and previous shareholder updates.
During the second quarter of 2012 we have continued to expand our relationship with current and potential Joint Venture Partners and have completed a number of exploration and testing programs for others and our own potential Joint Venture relationships.
Gold Coast Mining-The Gold Crown Group
During the first quarter of 2012, we entered into an agreement with Gold Coast Mining to develop the Gold Crown and GS-1 to GS-4 placer claims in Skull Valley, Arizona.
Under the basic terms of the agreement, Gold Coast has committed to a 9 month budget to provide the information necessary to, and targeted at, preparation for putting the property into eventual production.
We have now completed our initial evaluations and surveying of the property. With this information we outlined several initial sample sites both on the BLM and State grounds.
The sampling program has begun in the south eastern portions and information concerning those results will be made available to GDSM during the first two weeks of July. The second phase, sampling on the north western portions of the property, will begin shortly after the conclusion of reporting the first phase results.
The Gold Star properties are comprised of approximately 650 acres. To some extent, the difficult train has limited our initial efforts, but the majority of the property is accessible via ATV vehicles.
In addition to the Gold Star properties, we are looking at the possibilities of expanding the exploration efforts to include other potential gold and/or silver properties in Central Arizona in conjunction with GDSM.
2750 Cisco Drive South, Lake Havasu City, Arizona 86403 (Mr. Chaffee's home)
TEL: (928) 680-5513. FAX: (928) 680-7066
E-MAIL: wsrm@citlink.net or www.westernsierramining.com
Gold Basin
We have completed the major portions of the re-work at the Gold Basin mine. We have stock piled a small amount of ore so as to be able to run the small plant as necessary. We continue to work closely with Pine Creek Mining searching for a final disposition of the mine. The mine is currently for sale anticipating that Western will be the ultimate operator under contract to the new owners.
Outside and Independent Evaluations for Others
Most of the first quarter was spent at our work in evaluating a major private placer property in Central Arizona for a private investor group. The first part of the evaluation is complete and the final documentation has been submitted and accepted. We await the owners decision as to their next step should they decide to go forward.
We have recently completed a large scale exploration project on the Castle Springs property of Gold Tech Engineering under a contract from a group outside the US. Our final report is now complete and has been presented to the investor group. While the results were generally positive and supported the historical studies, we await their decision regarding future development.
Current Exploration
New exploration targets this quarter were at the Cuba & Azurite mines. Our exploration work continues at the Greyhound, Gold Star, Phau Springs, Trident and Spruce Canyon mines. We continue to generate small scale data samples from both the hardrock and placer claims to support JV partners interested in developing a long term development or for their outright sale.
We have continued our first look at the Silver Cord underground mine completing basic power and lighting installations. Work there has been limited during the period primarily due to our commitment to other projects.
Ongoing and New Projects
Western continues to work with individuals and corporations that have expressed an interest in purchasing mines currently in the inventory of the Company. Several proposals have been rejected for a variety of reasons. We are also negotiating with a number of potential J.V. partners in an effort to initiate a project that would lead to a long term production program.
We also continue to work with potential corporate and private investors who are looking to becoming involved with the mining industry and needing an independent evaluation of the proposed transaction or the property itself.
We get many inquiries for our services in the outside and independent property evaluation of our business. However, revenues are extremely small since most of the projects being presented either have little merit; problems with ownership documentation or because of environmental and permitting issues make the project uneconomical.
Reporting Status
Our financial and corporate reporting will continue to be filed at Pink Sheets.com as will any significant press releases for the present time.
As always, should you require any additional information or have any questions, you may contact the office between the hours of 7:00 AM to 7:00 PM, MST Monday through Friday. We are currently spending a large amount of time in the field but will do our best to return your calls.
Because of the large volume of calls, phones without caller ID are no longer answered.
WESTERN SIERRA MINING
Statement for Forward-Looking Information
Certain information set forth herein contains “forward-looking statements” within the meaning of the federal securities laws.
Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, exploration efforts, financing needs, plans or intentions relating to acquisitions by the Company and other information that is not historical information. The word “estimates,” “expects,” “anticipates,” “forecast,” “plans,” “intends,” “believes” and variations of such words or similar expressions are intended to identify forward-looking statements.
The Company’ forward-looking statements are based upon the Company’s current expectations and various assumptions. The Company’s expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties, but there can be no assurances that management’s expectations, beliefs, and projections will result or be achieved or accomplished. The Company’s forward-looking statements, apply only as of the date made.
