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Letter from E.W. Conrad:
Founded by my father, E.W. Conrad, it holds title to 21 mining claims, including fractions, covering about 300 acres in the Coeur dâ| Alene Mining Districtâ| s Silver Belt between Wallace and Kellogg, Idaho.
Still in the development stage, the property currently is leased to Coeur Silver, a subsidiary of Coeur dâ| Alene Mines Corporation based in Coeur dâ| Alene ID. Coeur Silver is successor to Silver Valley Resources which was owned equally by ASARCO, Inc., and Coeur dâ| Alene Mines. ASARCO traded its interest in the lease to Coeur dâ| Alene Mines for CDA stock.
SVR drilled deep holes from the surface of American Silverâ| s claim group and found the same host rocks as those containing commercial silver deposits in the nearby Coeur, Galena and Sunshine mines. But development has since been on hold because of silver prices below or near the cost of production.
The enclosed 1987, 1989 and 1992 Annual Reports and our 1997 New Release provide additional information.
American Silver is debt-free and receives $550 a month in Advance Royalties from Coeur Silver.
Sincerely Yours,
E. W. Conrad (Jr.)
New Release:
June 27, 1997
American Silver Mining Company announced today that Silver Valley Resources Corporation, operator of the Galena and Coeur Mines, has leased the American Silver Mining Company property in the heart of the Coeur dâ| Alene mining district.
The 20-year lease provides for exploration and development by Silver Valley Resources, a successful silver mine developer and operator, of the strategically located American Silver property which lies adjacent to the Coeur Mine.
The lease agreement provides for a 20% net profit royalty to be paid to American Silver for all ore produced from American Silver property. The royalty would reach a maximum of 40% with silver at $16.50 per ounce. The lease also recognizes American Silverâ| s interest in ores found in Silver Valley Resources properties to the south of American Silver ground through payment of 11% net profits royalty.
The lease agreement calls for exploration expenditures of at least $100,00.00 in each five-year period and provides for geologic reconnaissance and modeling using techniques that have proven successful for Silver Valley Resources in other properties.
Silver Valley Resources, which is owned equally by ASARCO Inc. and Coeur dâ| Alene Mines Corporation, is currently the most profitable mine operator in the district.
â| American Silver has high expectations that this lease agreement will have a positive outcome for American Silver stockholdersâ| , said Wafford Conrad, President of American Silver Mining Company.
AI
