Plateau Mineral to Commence First Phase of Production at Little Prince Mine Property: $30,000,000 Within First 12 - 18 Months
NEW YORK, July 1, 2011 /PRNewswire/ -- Plateau Mineral Development, Inc. ("Plateau Metals"). (Pink Sheets: PMDP) announced today it has finalized the production schedule for its newly acquired Little Prince Mine located in the extremely rich north western slope of Breece Hill, Leadville, Colorado. The aggressive initial program calls for the immediate re-opening of the mine with production levels to the mill reaching sixty (60) tons a day with the first 12 to 18 months. Â
Based on the past production levels and current samplings, conservative projections anticipate this initial production level to result in 25 ounces of silver per ton, .3 ounces of gold per ton, together with additional minerals including bismuth, a strategic rare mineral; totalling in excess of $30,000,000 annually. Â This production announcement is the first phase of the development of the $3 billion production potential. Â It is anticipated that additional production initiatives will follow.
This recently announced acquisition from Homestead Colorado Gold Corp., a subsidiary of Homestead Gold and Silver Corp. is anticipated to close by mid July and will coincide with a complete change of operational focus and replacement of all current officers and directors.
The Little Prince Mine acquisition represents the Company''s second major Agreement in the Mining Sector and is indicative of the Company''s recently announced focus entirely on precious metal mining and production. Â As announced, all prior operations will be sold or discontinued. Â Updated corporate financials and related filings will be posted concurrently with execution of definitive agreements for the acquisition.
The Little Prince Mine, originally part of the Standard Metals Group of mines, is situated on the north western slope of Breece Hill, Leadville, located in the extremely rich silver belt in Colorado.
Based on planned mining and exploration programs, the Little Prince Mine is anticipated to produce up to 1 million ounces of gold, 50 million ounces of silver, together with bismuth, a strategic rare mineral; totalling more than $3 billion of potential production.
The Company expects to make further announcements relating to the redeployment of operations and assets to the Mining Sector, together with progress on its mining acquisitions and joint venture development projects.
The Company had recently announced the signing of a Joint Venture Commitment Agreement with Homestead Tonopah Gold LLC to develop the St. Kevin Mine property; and the addition of Auric Mining Company to strengthen the team and resources available to successfully complete an ambitious 2 year drilling program that is intended to extend the proven gold and silver reserves on the property by as much as ten times, which would value the resource at approximately $1 billion based on current prices for the precious metals.
The company''s website is www.plateaumetals.com. |
