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BRYN Resources Enters into an LOI in the Phoenix Gold Mine Project Area
Jun 30, 2009 8:00:00 AM
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View Additional ProfilesTORONTO, June 30 /PRNewswire/ - BRYN Resources Inc (PINKSHEETS: BRYN) (PINKSHEETS: BRYN.PK) announces the company has entered into an LOI with an exploration company to acquire an undivided 50% interest in 15 BLM mineral lease claims adjoining the famous Phoenix Gold Mine Project south of Battle Mountain, Nevada. Newmont Mining Company owns the majority interest and operates the massive open pit mining operations at the Phoenix Mining Project, the largest mining operation in the USA.
Newmont has announced a progressive drill program to expand their gold and base metals reserves here at the Phoenix Project and the 15 claims enjoined in this LOI are located on the immediate NE side of the main Phoenix open pit operations. To extend any drill reserve operations to the NE in this location, these 15 claims of 300 acres lie directly and immediately in that extension direction.
BRYN believes that this LOI to acquire the undivided 50% interest in these exceptional claims will be of significant benefit to the company in the event Newmont determines to negotiate any agreement for the rights to explore, drill or mine the reserves on these 15 claims adjoining their current Phoenix Gold Mining Operations.
This is Bryn Resource's 5th LOI agreement to acquire mining interest in North America this year and continues to seek additional opportunities to establish it as a major resource player in the region.
BRYN Resources Inc (BRYN) is focused primarily on exploration and development of mineral resources. The company is also proceeding to acquire additional claims with the JV exploration partner in this high value gold target area on a continuing basis.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
SOURCE Bryn Resources
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