U.S. Mine Makers Inc. signs letter of intent to acquire 50% interest in past producing Gold properties
Monday, Nov 12, 2012
WYOMING STATE, Nov. 9, 2012 /CNW/ - U.S. Mine Makers Inc. a mineral deposit acquisition and development company with high-potential properties (the "Company") is pleased to announce that it has executed a Letter of Intent with a private mining company to option a 50% undivided interest in several previously producing gold claims in Sierra County, California. The Kate Hardy Mine and Omega Mine Properties are located near the northern end of the historic Mother Lode district.
About the Kate Hardy
The mine was operated for about eighty years, beginning in 1879, and continuing on and off through 1959, back when Gold was priced at around $30 per ounce. Reported production is estimated at 25,000 to 30,000 ounces of gold, from 25,000 to 30,000 tons of mined material. This would indicate an average grade mined of about one ounce per ton, which is quite possible, as the Mother Lode veins are known to be relatively rich, and the mine would have operated, by 1959, for about many years against a fixed gold price. Based on a recent NI 43-101 report, the Company anticipates that it will be able to maximize gold production in the coming years.
Source: U.S. Mine Makers Inc.