Full Name: U.S. Canadian Minerals Inc.
Industry: Metals / Mining
U.S. Canadian Minerals, Inc. Secures Permits For Processing Plant
|Date : ||09/14/2009 @ 11:42AM |
|Source : || |
|U.S. Canadian Minerals, Inc. Secures Permits For Processing Plant |
U.S. Canadian Minerals, Inc. (Pink Sheets:USCN) (the “Company”) announces that the Company’s wholly owned subsidiary, Noble Technologies Corp (“Noble”), has secured both a Building Permit and a temporary Business License from Storey County, Nevada (the “Permits”). The Permits allow Noble to commence the assembly of the equipment that is essential to the efficient execution of Noble’s business plan, specifically the processing, smelting and refining of precious and base metal ore bearing concentrates for third party mine owners and operators in the American southwest. The Permits require Noble to assemble the processing equipment on a basis which is consistent with the plans prepared and submitted by Noble and approved by the Storey County Building Department. The Permits are also subject to certain conditions cited by the Storey County Fire Department. Upon completion of the assembly on a basis consistent with Storey County permitting requirements and prior to the commencement of operations, Noble anticipates receipt of both a Certificate of Occupancy and a Business License from the County. In conjunction with this work, Mark Kersey, the Vice President and Chief Financial Officer of the Company, is working with Nevada State officials to secure the air quality, water, mining and mercury permits required for Noble’s 31,000 square foot processing plant to become fully operational.
USCN is no longer HALTED, but are now Trading on the GREY Sheets.
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USCN has been halted by the SEC
Suspension of Trading Aug 12, 2009
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The U.S. Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the Exchange Act), of trading in the securities of U.S. Canadian Minerals, Inc., of McCarran, NV, at 9:30 a.m. EDT on August 12, 2009, and terminating at 11:59 p.m. EDT on August 25, 2009.
The Commission temporarily suspended trading in the securities of U.S. Canadian Minerals, Inc. because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, U.S. Canadian Minerals, Inc.’s liabilities, stock issuances, recent merger transaction, business prospects, and recently acquired purported assets.
The Commission cautions brokers, dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not it has complied with the rule, it should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, it should refrain from entering quotations relating to U.S. Canadian Minerals, Inc.’s securities until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.
If any broker, dealer, or other person has any information which may relate to this matter, they should telephone the Los Angeles Regional Office at (323) 965-3962 or by email at USCN@sec.gov.
Brief Description of Activities:
USCN seeks out precious metals/mineral mining and production opportunities. Assets are located in North America. Preferred location for production opportunities is South America.
Exchange: OTC BB
Fiscal Year End: December 31
Most Recent Financial Filing: 2009 March 31st 10-QSB
Outstanding Shares 5,322,026 as of Jun 30, 2009
Authorized Shares 200,000,000 as of Jul 23, 2009
Number of Share Holders of Record 5,600 as of Sep 12, 2008
Thomas E. Barton Chown, Dir., President
Mark Kersey, Secretary, Treasurer
Highlighted Projects and Assets:
80% interest in the COD Mine in Arizona.
Share Transfer Agent: Pacific Stock Transfer Company
Legal Counsel: The Otto Law Group PLLC
Independent Auditor: Sara Jenkins CPA Blackwing Group LLC
COD Mine includes 13 BLM claims totaling 260 acres in Kingman AZ. These claims include 4 previous worked mines, COD, Rico, White Eagle and Gold and Copper. COD was discovered and worked since the 1880’s and last operated in the 1980’s. The mine has some 1.2 M tons of a proven, probable and possible resources exceeding $400M USD of in ground resources at today’s prices from the old reports. These resources are attributed from a single vein system from only the COD and Rico mine, as there are 7 additional known productive veins and 3 additional producing mines. There is also additionally an estimated 40,000 tons of above ground tailings resources
The COD mine has a 600 ft deep shaft and some 1700 ft of tunnels. Included is an extensive channeled chip sampling with assays and extensive maps from the previous operator.
The COD mine is a silver-gold mine with significant lead and zinc grades. The gold grade ranges from 5 to 7 grams per ton and the silver grade ranges from 8 to18 ounces per ton. The lead and zinc grades are approximately 3%. The previous estimation of $400M USD is based upon 9 previous NON-COMPLIANT NI. 43-101 geological studies and speaks only to the ore blocks encountered in the underground workings from the past producer in the 1980’s. The underground workings could be significantly expanded on the 260 acres controlled and vastly unexplored.
- Rico Mine
- White Eagle Mine
- Gold & Copper Mine
The vein system is well-defined, with little extension into the wallrock. Cross-fracturing and faulting strike along the schistosity of the area, producing considerable brecciation and the formation of high-grade ore shoots into the wallrock. The C.O.D. mineralization is a mesothermal polymetallic vein system associated with but on the outer edge of a porphyry copper-molybdenum mineralizing system whose core is recognized as the Mercator/ Mineral Park porphyry copper-molybdenum deposit. At C.O.D. gangue minerals are quartz, with minor calcite, siderite and other carbonate minerals. Ore minerals include gold, silver, pyrite (FeS2), arsenopyrite (FeAsS), chalcopyrite (CuFeS2), galena (PbS), bornite (C5FeS4), covellite (CuS), chalcocite (Cu2S), anglesite (PbSO4), sphalerite (ZnS), argentite (Ag2S), cerussite (PbCO3) and smithsonite (ZnCO3). This mineralization is both hypogene and supergene, with supergene activity producing sporadic oxide zones above the 400-foot Level.
The vein is well known as the "C.O.D. Vein". It strikes N. 85° W. And dips about 80° N., and is reported to be more than a mile in length and about 6 feet in average width. The gangue is mainly quartz, in which the ore occurs in shoots, and lenses which vary from1 to 7 feet in width and are mostly of considerable extent. The narrow shoots are said to be usually rich, and the wider ones contain large bodies of milling and concentrating ore. At the 250-foot level the ore shoot are reported to vary from 3 to 7 feet in width and its ore was averaged about $250 to the ton, back in1909 dollars.
The ore contains principally silver sulphide and gold, with some galena, zinc blend, and below the 250 foot level a Iittle chalcopyrite. It is said to be less rich in the sulphide zone in the lower part of the mine than in the oxide zone near the surface. Its run of mine, roughly computed from a record of the output from October 10, 1885, to March 6, 190 I, and is about as follows: Silver 160 ounces and gold 2 ounces to the ton; lead 12 to 20 per cent.
This information is a direct quote from Geological Report completed by F.C. Schrader, 1909
The most recent operations at the C.O.D. Mine were from 1979 until 1985.
Operations at the C.O.D. Mine were suspended in January 1985 again as a result of the depressed metal prices. From 1985 through 1991, the mine was kept in a standby position with the shaft being kept dewatered and surface facilities being maintained on a minimal basis.
The C.O.D. Mine was originally located about 1878, but it remained inactive for approximately seven years (Schrader, 1909). Schrader reported that the mine had been developed by a shaft to the 400-foot Level (120 m) below surface, and contained two main and two sub-level workings (drifts). The total amount of underground workings to 1909 was 2,500 feet (760 m). The original shaft is located 400 feet (120 m) east of the current main shaft as represented by the present headframe (Plate 2). The 300-foot Level (91 m) of the old shaft was reported to have been stoped to surface for approximately 400 feet (120 m) on either side of the original shaft. Beyond the stoping to the east it was reported (1909) that good ore was still in place. It was also reported that the 300-Level drift was extended to the west for 900 feet (274 m). A second shaft (now the main shaft), apparently also being developed at the time, was reported to be at a depth of 96 feet (29 m). By 1921 the current shaft was reported to be at 440 feet (134 m) below surface, and the 440 foot-Level had been extended to the west approximately 490 feet (149 m). It was extended a further 375 feet (114 m) to the west.
In 1969 the property was leased to Vernon Taylor of Kingman Silver Mines, Inc., and was extensively explored through to 1971. During this time the Main (new) shaft was repaired and deepened to the 640-foot (195 m) Level. The following is a table of work carried out during that time:
In 1979 Mr. Charles Porter acquired a sub-lease from Kingman Silver. This was shortly thereafter assigned to Newbery Resources, Inc. Very little work was carried out underground. Newbery was acquired by Alanco Environmental Resources Corporation from its parent Newbery Energy Corp., giving Alanco the rights to the property.
From that time until December of 1985 the mine was de-watered to below the 560-foot (171 m) depth and the main shaft was completely rehabilitated to the 550-foot (168 m) Level. This work included a new shaft collar, timbering, new headframe and hoist (Plate 2), all new track in the shaft and drifts, compressed air, fresh air, powerline, communication system, and waterline being installed. The work stations on the 400-foot and 500-foot levels were completely redone and new ore blocks were established. Two major stopes and one small stope, with ore shoots, were developed on the 500-foot Level. Production by Alanco in 1984 was approximately 2,600 tons of ore from a sub-level stope on the 400-foot Level and a stope from the 500-foot Level. Alanco reported the average grade of the ore to be 0.1092 oz/ton Au and 13.51 oz/ton silver. Geological mapping was carried out on the 500-foot Level, both east and west of the main shaft. Reconnaissance mapping was conducted on the surface. This is the only mapping carried out on the mine.
Schrader (1909) reported that 3,687 tons of ore were shipped to the smelter between 1885 and 1892. These shipments were reported to have contained 402,000 ounces of silver (Ag), 1,180 ounces of gold (Au), and 515,670 pounds of lead (Pb). This would give a grade of 109 oz/ton Ag, 0.32 oz/ton Au and 7% Pb. Additionally Schrader reported that between 1900 and 1902 330 tons of ore were shipped to the smelter, and that this ore contained 17,550 ounces of silver, 180 ounces of gold and 114, 360 pounds of lead. This would be the equivalent of a grade of 53.0 oz/ton Ag, 0.545 oz/ton Au and 17% Pb/ton.
The earliest reported mill at the C.O.D. Mine was in 1902. It was a 50 ton per day concentrating mill which operated for 6 months. The Economics Branch of the U.S. Bureau of Mines (Hale, 1963) reported production from the C.O.D. Mine from 1901 to 1948 to be 1,550 ounces of gold, 151,263 ounces of silver, 23,924 pounds of copper, 348,872 pounds of lead and 23,188 pounds of zinc. Construction of a new gravity mill was completed in 1982. All operations were suspended in 1985. The mine was put on a standby mode and the shaft was kept de-watered until 1990.
In late 1990 and early 1991 a considerable amount of damage to the shaft occurred from several heavy rain storms in the area. No further de-watering could be carried out and access to the mine was unavailable. As of 1994 the water level in the mine was at the 130 foot (40 m) depth. A small amount of use was being made of the gravity mill by a lessee since that time. Some vandalism has been carried out on the surface facilities by the time US-Canadian acquired the project in 2004.