SALT LAKE CITY, May 17, 2013 /PRNewswire/ -- Inception Mining Inc. (the "Company"), formerly Gold American Mining Corp., today announced a new corporate identity and also announced that its common stock has begun trading under a new ticker symbol (OTC BB: IMII) on the over-the-counter bulletin board. On February 25, 2013, the Company acquired certain real property and the associated mineral rights commonly known as the U.P. and Burlington Gold Mine in Lemhi County, ID. UP & Burlington's two gold mining claims were brought to patent in 1900, which covers the Mine's 40 acres. Subsequently, in 1989, a U.S. Forest Survey was performed on the UP & Burlington site confirming that the patented claims cover an area which is six hundred feet by three thousand feet (600'x300'). The Mine's patented claims remove the challenges associated when working on U.S. Forest lands, Bureau of Land Management ("BLM"), state or other property types. With the purchase of UP & Burlington, the company has the benefit or working on private land.
The Company's CEO, Michael Ahlin, today confirmed that granting of necessary access permits is well underway, awaiting snow melt and onsite inspection by one of four disciplines (archaeological) necessary for review and approval by the USFS. The mine's upper access road will allow for installation of necessary portal protection and bulk sampling necessary for a thorough resource analysis conforming to NI 43-101. The Company expects to receive this approval late this summer and commence on-site work immediately.
The initial plan of operations includes obtaining the necessary approvals, making additional access road and surface improvements to support surface mining on a 2,500 foot day-lighted vein to depths of 40-60 feet and performing Confirmatory Reserve Analysis (NI43-101), Vein Definition and Ore Valuation. The company is seeking to produce revenue during the first year of surface mining in order to support ongoing independent reserve valuation and preparation for larger scale underground mining operations.
About Inception Mining Inc.
We are a mining exploration company engaged in the acquisition, exploration, and development of mineral properties, primarily for high grade gold deposits, from owned mining properties. Inception Mining Inc. has acquired one project previously described and planning to acquire additional projects similar to the UP & Burlington mine.
Our primary target properties are those that have been the subject of historical exploration and have supporting data. Most large visible surface gold mineralized prospects have been explored, mined. What remains are the smaller high-grade mines and prospects previously ignored.
Why High-Grade Gold Deposits Still Exist and why Gold America Mining Corporation plans to exploit this resource base.
President Roosevelt passed the War Production Board (WPB) Limitation Order No. 208 in 1942 that closed down most of the active gold mines in the United States. The emphasis during the war was on mining base metals and other strategic metals this included minerals needed for the war effort. A severe shortage of skilled labor developed in the nonferrous metal mines. This was due in part to the expanding need for nonferrous metals, and in part to a depletion of mining manpower as a result of the military draft and the attraction of higher wages paid by other industries. It became apparent that the only reservoir of skilled mining labor was that which remained in the gold mines. Pressure was brought to bear on the WPB to close down the gold mines with the expectation that many gold miners would thus be attracted to the nonferrous mines. By the time the war ended, many of the gold miners had died off, drifted off, or were involved in other types of mining or other professions. While shut down during the war, a large number of the gold mines had deteriorated, or the equipment had been removed and relocated to be used for base metal mines, or the mines were flooded or blown shut, and consequently, abandoned.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements with respect to the potential mineralization and geological merits of the Company 's properties, the preparation of one or more NI 43-101 mineral resource reports and a follow-on preliminary economic assessment and the timing thereof, and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company's planned 2013 exploration program(s), will not be consistent with the Company's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company's future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the UP and Burlington property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.
In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2013 exploration programs will proceed as planned and within budget. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
Cameron Donahue, Hayden IR
SOURCE Inception Mining Inc.