Plateau Mineral Executes LOI to Acquire the Little Prince Mine in Colorado
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Plateau Mineral Development, Inc. has executed a Letter of Intent to fully acquire the Little Prince Mine Property from Homestead Colorado Gold Corp., a subsidiary of Homestead Gold and Silver Corp.
The acquisition, which is anticipated to close within 30 days, will coincide with a complete change of operational focus and replacement of all current officers and directors; and represent the second major agreement in the mining sector. The company will focus entirely on precious metal mining and production. All prior operations will be sold or discontinued. 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. Past production results and historical data indicate the mine can be expected to produce between .005 - .27 per ounce of gold per ton, and from 1.8 to 14.7 per ounce of silver per ton, making it very attractive economically based on current prices of the metals.
Based on planned mining and exploration programs, the Little Prince Mine is anticipated to produce up to 1 million ozs 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 two 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.
About Plateau Metals
Plateau Metals acquires and develops precious metal mining and production assets. Plateau acquires, develops, integrates and operates strategically aligned precious metal assets where expansion is planned through additional investments to support organic growth.
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