FOX ISLAND, Wash., June 15 /PRNewswire-FirstCall/ -- Black Hawk Exploration, Inc. (OTC Bulletin Board: BHWX), announced today that the Company has received notice from the State of Nevada, Nevada Division of Minerals, that their Environmental Bond financial guarantee is in place and been accepted. The Bond Notice has been sent to the U.S. Bureau of Land Management (BLM). Golden Black Hawk, the wholly owned subsidiary of BHWX expects to have a response within the next week from the BLM permitting them to move drilling equipment onto the Dun Glen Gold property. "This has been an exciting time for Black Hawk as the Company laid the ground work for our full exploration of Gold and Silver deposits at Dun Glen. The final scheduling of equipment and personnel has commenced to coincide with the expected BLM approval. Management believes that the recoverable Gold and Silver from the surface mineralization alone could range from $4 to $6 million dollars." stated CEO, Kevin M. Murphy.
Funding for Phase 2 of the Dun Glen Gold exploration program was made available from the financing announced May 15th, 2010. The Company currently has sufficient capital to cover all aspects of this stage of the Dun Glen development. To date, Black Hawk has requested and received 3 tranches of $200,000 each totaling $600,000 under this agreement.
Kevin Murphy, CEO of Black Hawk stated, "We are pleased to have an Institutional Partner who has provided the necessary funding to bring us to this stage of our drilling program. As stated in previous releases, the drilling area has gold concentrations as high as 4.8 oz. per ton at the surface and hosts 3 mines, the Auld Lang Syne, Black Hole and Monroe developed in the 1930 – 1940s. None of these mines reached depths deeper than 260 feet due to the lack of sophisticated exploration technology available to Black hawk Exploration today. Over 50,000 oz. of gold were removed from these shallow mining operations."
About Black Hawk Exploration, Inc.,
Black Hawk is a diversified metals and energy exploration company with a current focus on gold exploration at its Dun Glen holdings. A definitive sampling and exploration program for Dun Glen, which was previously announced, is in final permit stage and expected notification will be received within the next 7-10 business days. Mr. Murphy provides an open commentary on the Black Hawk Exploration website (www.BlackHawkExploration.com ) under CEO-BLOG.
"Safe Harbor" Statement:
Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.
Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by Black Hawk (the "Company"), as well as those contained herein, that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934 and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
SOURCE Black Hawk Exploration, Inc.