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Eastern Resources, Inc. to Provide Current Corporate Presentation
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PR Newswire
DENVER, June 12, 2012
DENVER, June 12, 2012 /PRNewswire/ -- Eastern Resources, Inc. (OTC Bulletin Board: ESRI), a Delaware corporation ("ESRI" or, the "Company"), announced today that the Board of Directors of the Company will post its current Corporate Presentation on its website www.easternresourcesinc.com, this week.
The Corporate Presentation details the history and development of the Company's Golden Dream Mine, the Montana Tunnels Mine, and the Diamond Hill Mine. Through a reverse triangular merger completed on April 6, 2012, the Company acquired from Elkhorn Goldfields LLC ("EGLLC"), the two operating subsidiaries of EGLLC, Elkhorn Goldfields, Inc. ("EGI"), a Montana corporation and the owner of the Golden Dream Mine, and Montana Tunnels Mining Inc. ("MTMI"), a Delaware corporation and the owner of the Montana Tunnels Mine and Diamond Hill Mine[1].
Presented below is a brief review of the material information contained in the Corporate Presentation and not previously presented:
Summary of Investment Highlights: The Company owns three fully permitted mines in the Unites States; has an experienced management team; the existing permitted mines present strong economics; the Company expects approximately 150,000 ounce[2] equivalents of gold production annually at full production; more than $300 Million has been spent on existing infrastructure; and there is an additional exploration potential of 2 to 3 million ounces of gold[2].
Timeline: 1998 - EGI purchased the Elkhorn Project from Newmont Gold Corp.; Sept. 2006 - EGI and Apollo Gold Corp. entered into a 50:50 joint venture to operate the Montana Tunnels Mine; July 21, 2008 - EGI was granted its Exploration Permit by the Montana DEQ; Oct. 27-Nov. 3, 2008 - MTMI received a Favorable Records of Decision for the M-Pit expansion of by the Montana DEQ and US BLM; April 2009 - EGI acquired the remaining 50% of MTMI; November 30, 2011 - the Montana DEQ granted EGI a full operating permit; April 6, 2012 - ESRI acquired EGI and MTMI via reverse merger.
Current Development Plan Reserves:
- Elkhorn Goldfields: Golden Dream ("GD") Reserves[2] – 1.1 M tons; Initial GD Mine Life - 5+ Years; GD Contained Metal - Gold 258,000 oz, Copper 9.5 M lbs.; Golden Dream Resource Extension - Additional 1.1 M Tons; Adds 250K to 300K oz to GD; Extends GD mine life by 5+ years; Other known Resources - 1.4M oz; Additional exploration potential - 2-3M oz
- Montana Tunnels Mine: M-Pit Mine Reserves[3] - 38 M tons; M-Pit Mine Life - 8.5+ Years; M-Pit Contained Metal - Gold 480K oz., Silver 7.9M oz., Lead 124M lbs., Zinc 370M lbs.; Add'l Expansion 60M tons below M-pit; Mill and existing Infrastructure -$250M+ in replacement cost
- Diamond Hill: ESRI's third fully permitted and bonded mine; Production to date - 700,000 tons; produced 165,000 ounces of gold; Diamond Hill Reserves & Resources - Probable 13.7K oz.; Inferred(3 34.4K oz.; 75 road miles to Montana Tunnels mill facility.
Montana Permitting: Montana Regulation - In 1998, Montana's voter initiative banned the use of cyanide in open pit cyanide-leach gold and silver mining for new operating permits. ESRI's Solution - Redesign mine plans utilizing underground mining methods and conventional milling scenarios. Permitting Results - ESRI has operating permits for Golden Dream Mine, the Montana Tunnels Mine, and the Diamond Hill Mine from the Montana DEQ (Department of Environment Quality) and the BLM (Bureau of Land management).
EGI - Elkhorn Property History: Located in Elkhorn Mining District, Jefferson County, Montana, the original Elkhorn mine discovered Silver, Lead & Gold in the 1870s; silver & lead mining ran sporadically through the 1940s; modern exploration techniques lead to the discovery of the Carmody gold mine in 1984 by Gold Fields Mining Corp., and concentrated exploration began; since the mid-1980s exploration including approximately 500,000 feet of drilling by mining majors, including Gold Fields Corp., Santa Fe Pacific, and Newmont Corp. have outlined a mineral resource of 1.653 million ounces[3] of gold and four mineralized deposits within the Elkhorn Property boundaries; in 1996, Sante Fe Pacific Gold completed a resource estimate for the Sourdough/Golden Dream Deposit; the initial mine target, the Golden Dream Mine, developed approximately 20% of the known Elkhorn gold resources; EGI purchased the Elkhorn Property from Newmont Corp. in 1998; East Butte, Carmody and Gold Hill expansion planned for after development of Golden Dream Mine; and on November 30, 2011, EGI received its operating permit for the Golden Dream Mine from the Montana DEQ.
The Golden Dream Mine: March 2006, EGI commenced work on the Golden Dream Mine Exploration Permit, which was granted by the Montana Department of Environmental Quality (MDEQ) in May 2006; Autumn 2006, EGI commenced work on the Golden Dream Mine plan, confirmation drilling and Full Operating Permit. The Permit was granted on July 18, 2008 by the Montana DEQ; summer 2011, EGI put in place the reclamation bond and commenced construction of the Golden Dream Mine; December 2011, Golden Dream Mine intercepted the ore body as targeted; and Golden Dream Mine estimated to be in full production in 4Q 2012.
Golden Dream Mine Development Plan: EGI is implementing a staged expansion at the Golden Dream Mine: 1) Install water treatment system - Originally, it was believed EGI could successfully mine the oxide zone prior to the installation of the water treatment system. However, water was encountered above the water table, but within the oxide zone. The water treatment system was completed in March 2012 and is now operational. Production from the oxide zone is likely to be 1,500-2,000 tons/month due to the fractured nature of the ore. 2) Extend primary access ramp at Golden Dream Mine to reach deeper ore zones in early summer. 3) Diamond Hill mill will be fully refurbished and $5 million in bonding will be placed with the Montana DEQ before start up. 4) A "bore" raise will be completed from surface into the main access ramp as a secondary egress - Full production expected to be achieved by September/October 2012.
| EGI Reserves and Resources: | ||||||
| Deposit | Classification | Tons | Gold (opt) | Copper (%) | Gold Ounces | Gold Equivalent Ounces |
| Golden Dream | Mineable Reserve[1] | 1,171,000 | 0.221 | 0.406% | 258,000 | 287,000 |
| Gold Hill | Probable | 400,000 | 0.195 | Not Assayed | 75,000 | 75,000 |
| East Butte | Probable | 300,000 | 0.183 | Not Assayed | 55,000 | 55,000 |
| Carmody | Probable | 300,000 | 0.151 | Not Assayed | 45,000 | 45,000 |
| Subtotal | | 2,171,000 | | | | 462,000 |
| Property Resources | Inferred | | | | | 1,191,000 |
| Property Total Ounces of Gold | Proven, Probable & Inferred[2] | | | | | 1,653,000 |
| 1. Internal estimates, not SEC Guide 7 compliant proven & probable reserves. EGI has taken its geologic reserve of 1,183,484 tons grading 0.243 ounces of gold per ton and copper of 0.406% copper and applied an industry standard dilution and deletion percentage to achieve its Mineable Reserve. | ||||||
| 2. Santa Fe Pacific determined Measured and Inferred gold ounces to be 1,653,000 within the four known Elkhorn Property deposits – Golden Dream, Gold Hill, East Butte and Carmody. | ||||||
Montana Tunnels Mine Production History: Mine Startup - February 1986; Length of Operation - 24 Years; Total Ore Processed - 98 Million tons; Gold Recovered - 1.7 Million oz.; Silver Recovered - 30.8 Million oz.; Lead Recovered - 400 Million lbs.; Zinc Recovered - 1.1 Billion lbs.. $4.85 billion at today's prices.
M-Pit Fully Permitted: July 2004 - MTMI applied for a Major Amendment for the M-Pit mine expansion. November 2008 - Following an Environmental Impact Statement process, MTMI received favorable Records of Decision from the Montana Department of Environmental Quality ("DEQ") and the US Bureau of Land Management ("BLM"). 2008 – 2009 - MTMI received authorization to construct compensatory wetlands for the M-Pit plan from the US Army Corps of Engineers. Wetland mitigation was completed. 2009 - Additional reclamation bond has been agreed to for the M-Pit mine expansion plan. Present posted bond amount is $18.7 million ($15.1 million cash and $3.6 million appraised real estate). An additional approximately $15.0 million bond posting is required to be funded in order fulfill the M-Pit bonding requirement of approximately $34 million. Today – All other permits and licenses required to operate the Montana Tunnels Mine are current subject to bonding.
| M-Pit Reserves | |||||||
| | Tons | Gold (opt) | Silver (opt) | Lead (%) | Zinc (%) | Gold Ounces | Gold Equivalent Ounces |
| Proven | 27,673,000 | 0.0127 | .211 | .164 | .491 | 358,089 | 572,471 |
| Probable | 10,105,000 | 0.0130 | .211 | .160 | .434 | 130,759 | 198,967 Werbung Mehr Nachrichten zur EASTERN RESOURCES INC Aktie kostenlos abonnieren
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