LAS VEGAS, Dec. 5, 2012 /PRNewswire/ -- Texas Wyoming Drilling, Inc. (OTC:TWDL), a diversified mining company, announced today that they have signed a contract for continuing financing. This is imperative for the Company to go forward with its mining projects. Although not necessarily inclusive or in the order of priority, following are some of the uses planned for the proceeds:
TWDL, after many years of evaluating their mining projects, plans are moving in favor of commencing mining towards the Yellow-Jacket 160 acre Placer Project after reviewing the completed Certified Geologist Report done on this property last year, also shared other Geologist report with a neighboring mining claim #29, TWDL Board has approved this project to be the first to start their mining operation, This mining claim has had many analytical studies and has shown significant results of gold reserves as well as other rare earths all of them in high demand based on these studies, to further add value to the corporation that over the years value on surrounding claims have gone up tremendously, presently asking price for these claims are now in the Ten Million Dollar range, TWDL plans for early part of 2013 are the following:
- License and permits for the Company to begin mining.
- A reclamation bond for the Yellow Jacket Property.
- Accountants to complete a Public Company Accounting Oversight Board (PCAOB) audit. The Company has already retained a PCAOB accountant to certify the audit.
- A lawyer to complete the Form 10 application to move the company to the OTCQB. Our goal is to apply for this designation by the first quarter of 2013.
TWDL is fortunate to own the needed equipment to begin mining gold and precious metals at its Legacy Rock operation. This equipment is currently being used to mine rock and calcium carbonate, Legacy Rock operation is preparing to do all the mining at the Yellow-Jacket Project and has brought down their operations cost with Caterpillar paying down its debt of over One Million dollars to One Hundred Thousand now owed, in preparation to start this joint venture with TWDL.
According to previously released analysis reports, highly significant gold and platinum deposits as well as rare earths have been identified and are ready to be mined at the Yellow Jacket site. Significant portions of the test data for the Yellow Jacket Placer Project can be viewed at the Texas Wyoming Drilling website.
Quartz Mountain Project: It is the decision of management not to pursue further development of this property at this time. This is mainly due to the unexpectedly high start-up costs on this project plus weather limiting mining year round impossible. The immediate goal for TWDL is to channel all available capital into mining, which is its' core business, with the focus on rock, calcium carbonate, gold, platinum, silver and other precious metals at the Yellow-Jacket and Blue Jacket projects.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements"
within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Texas Wyoming Drilling, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.
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SOURCE Texas Wyoming Drilling, Inc.