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http://www.onvista.de/news/unternehmensberichte/...?ID_NEWS=194485920
NEW YORK, June 17, 2011 /PRNewswire/ -- Plateau Mineral Development, Inc. ("Plateau Metals"). (Pink Sheets: PMDP) announced today it has executed a Letter of Intent (LOI) 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 thirty (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 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.
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. The company's website is www.plateaumetals.com.
Safe Harbor Statement:
This information includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include but are not limited to risks and uncertainties associated with the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Forward-looking statements are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.
CONTACT:
Plateau Metals
Investor Relations
New York: 1.917.463.3364
London: +(44) (0)20 337 17122
Fax: +(44) (0)208 338 0655
info@plateaumetals.com
SOURCE Plateau Mineral Development, Inc.
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