Mission Mining Company Executes Letter of Intent to Lease, Mine, and Operate the El Dorado Mine in California

LAS VEGAS, May 20, 2013

The El Dorado Mine is comprised of seventeen (17) contiguous Bureau of Land Management lode claims comprising a total of three hundred forty (340) acres located in San Bernardino County, California. The El Dorado Mine claims are known as the El Dorado Lode Claims numbers 1 – 12, and the King of California Lode Claims numbers 1 – 5, collectively referred to by the Company as the El Dorado Mine.  The Letter of Intent specifies the term of the mining and operating lease to be forty-nine years, with provisions for Mission Mining Company to be granted an extension of the lease for the duration of the property's productive life.  As compensation under the proposed agreement per the terms of the Letter of Intent, Colten Metals LLC, will receive a 9.0% Net Smelter Return Royalty (NSR 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.

Rare Earth Elements - Based on historical reports and testing, the El Dorado Mine claims are expected to hold extensive values / quantities of gold, platinum group metals, and rare earth elements (REE).  REE are necessary industrial components in the manufacture of alloys, magnets, lasers, fluorescent and mercury-vapor lamps, many aerospace components, and a myriad of other products utilized globally by consumers, industry, and government agencies.  REE can be found in varying commercial quantities throughout the world, however China dwarfs the production of all other nations combined.  As China now controls an estimated 97.0% of global production / markets of critical REE, political and economic pressures to identify and produce REE in the United States are mounting rapidly. Certain areas of California are known to hold extensive REE deposits.  The potential presence of significant amounts of REE in the El Dorado Mine claims makes the property a valuable strategic addition to Mission Mining Company's mining property portfolio. 

Based upon professional technical reports submitted by several qualified individuals and organizations, a Valuation Report was prepared in 2010 by a professional geologist on one of the seventeen El Dorado Mine claims.  Although there is no certainty of the fact, the Company believes the results / values reflected in the report will likely be somewhat representative of the other sixteen claims comprising the El Dorado Mine.  The property (one claim) evaluated in the subject report was the 20-acre lode-mining claim that is filed with the United States Bureau of Land Management (BLM). The report states that numerous geochemical samples had been collected for laboratory analytical testing, and the results indicated the contained gold values on the claim could reach up to four ounces of gold per ton of host material.  In addition to gold, there are also silver, copper, iron, platinum, palladium, rhodium, rhenium, iridium, and rare earth metals values contained.

The report indicated that the available information, reports, data, and maps indicate the mineralized zone on the 20 acre claim is estimated as being 1500 feet long, 600 feet wide, and 500 feet deep, thus containing approximately 16.7 million cubic yards of metal-bearing (host) rock in the subject claim.  Based on a conversion factor of 1.5 tons of rock per cubic yard, there is an estimated 25 million tons of metal-bearing (host) rock contained in the El Dorado Lode Claim #8.

Some of the significant assay values reflected in the materials from the tests upon which the geological valuation report was based, indicated contained metals values – although there is no assurance that the values will be consistent through the entire group of claims – of up to: 

Gold - 4.0 ounces per ton
Platinum - 1.764 ounces per ton
Palladium - 1.161 ounces per ton
Rhodium - 1.436 ounces per ton
Rhenium - 6.206 ounces per ton
Iridium - 6.000 ounces per ton