WILMINGTON, Del., May 3, 2011 /PRNewswire/ -- Auric Mining Company (OTC: AUMY.PK) (the "Company") reports that following the signing of a Letter of Intent to acquire Nevada based Homestead Tonopah Gold LLC, the acquisition target has entered into an agreement to acquire the Saint Kevin mine property located in Lake County, Colorado.
The Saint Kevin Mine is registered under the claim name St. Kevin, claim number 3364 and covers 10.33 net acres. It was discovered in 1883 and is located approximately 7 miles northwest of Leadville, Colorado and 3346 metres above sea level. The site was initially operated continuously for 10 years and several times after that period. The property has proven gold and silver reserves of 120,000 tons averaging 22 ounces of silver and .06 ounces of gold based on previous exploration reports. Based on today's precious metal prices, that would equate to approx. $11.2 million in gold reserves and $118.8 million in silver. Homestead Tonopah Gold LLC plans to commence further exploration work and to seek out a Joint Venture partner in an effort to prove up at least 1 million tons of silver and gold respectively.
Auric Mining is currently working on the final agreement and closing documents with the intention of completing the acquisition of Homestead Tonopah Gold LLC.
About Auric Mining Corp.:
(Auric or the Company) is doing business as an investment and management company in mining and natural resources projects. The Company continues to focus its resources on investing in attractive projects with the objective of establishing ongoing cash-flow and provide profitability for its shareholders.
Auric has researched through numerous databases of private and public natural resources companies which have substantial findings already proven. Auric will either purchase, joint venture or invest in these companies. The Company is constantly seeking acquisition opportunities with significant exploration upside in the form of entire companies or packages of assets that provide an undeniable possibility of hosting base and precious metal mineralization. With unparalleled instincts for successful mineral projects, a field-oriented management style and a flat organizational structure, the Company has an ability to concentrate its financial assets, human resources and field efforts to provide timely decisions and a continued focus on the most prospective targets.
The company is currently focused on developing its properties in the Wawa area of the Sault Ste. Marie Mining District in Ontario and its previously explored mineral property in Saskatchewan, known as the "Dolly Gold Showing." In addition to its prolific history for gold mining, Wawa has shown promising signs of concentrated kimberlite indicators, a favorable geological formation for diamond exploration. The company has a number of claims strategically located in this historic mining district. Auric has undertaken significant efforts to assure its shareholders and potential investors that the properties it explores deserve the investment of time, effort and financial commitment necessary to establish successful mineral production in the future. For more information please visit the company's website at www.auricminingcorp.com.
For more information contact:
Auric Mining Company
General Inquiries: 302-336-9736
Investor Relations: 302-269-3859
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 - forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at Auric Mining's stage of development. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE Auric Mining Company