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Thanks NYBob. My wife and I were honored to attend the Second Annual Silver Summit. While there we visited the Sunshine Mine and Bob Hooper's mine. We also was greeted by Bob. An interesting additional visit was to see the then newly started up New Jersey Mining facility and a tour by Fred and Grant B.. They are outstandingly nice people. All the people at the Silver Summit were fantastic. If you haven't done so already, attend one of the Summits. They are usually held in September.
United Silver Corp (USC) fiat$0.4 UP $0.08 +25.00%
Volume: 449,000 @ 3:38:42 PM ET good demand
Bid Ask Day's Range
0.39 0.4 0.335 - 0.4
USC Detailed Quote Wiki
http://www.unitedsilvercorp.com/s/Home.asp
USC Silver Strategy Chart -
Silver's price has been very healthy during this rally -
Instead of correcting to the downside, the price has
only traded slightly lower -
The light declines have come on dropping volume -
The up days this week came on excellent volume -
I'm now looking for the $42-44 target area to be acquired -
the move to that price zone will be accompanied -
by even greater volume -
Silver Bullish Falling Wedge Chart -
Some bullion dealers have been reporting for months that
as much money is going into physical silver as into
physical gold -
With a current gold/silver ratio of 51, about 51 times more
physical silver is being purchased than physical gold -
Silver can be volatile, yet I continue to see silver
as an outstanding long term investment -
USC share price gains has out performmed the physical
silver gains in the past -
the history often repeat itself -
The wedge pattern suggests that silver will now make
its way back to the highs near $50 -
Ag to GO Much HIGHER -
Hold on to the hat Alice -
to the moon soon -
http://www.unitedsilvercorp.com/s/NewsReleases.asp?ReportID=509836
USC Silver Strategy Chart -
Silver's price has been very healthy during this rally -
Instead of correcting to the downside, the price has
only traded slightly lower -
The light declines have come on dropping volume -
The up days this week came on excellent volume -
I'm now looking for the $42-44 target area to be acquired -
the move to that price zone will be accompanied -
by even greater volume -
Silver Bullish Falling Wedge Chart -
Some bullion dealers have been reporting for months that
as much money is going into physical silver as into
physical gold -
With a current gold/silver ratio of 51, about 51 times more
physical silver is being purchased than physical gold -
Silver can be volatile, yet I continue to see silver
as an outstanding long term investment -
The silver mines share price gains has out performmed the physical
silver gains in the past -
the history often repeat itself -
The wedge pattern suggests that silver will now make
its way back to the highs near $50 -
Ag to GO Much HIGHER -
Hold on to the hat Alice -
to the moon soon -
http://www.unitedsilvercorp.com/s/NewsReleases.asp?ReportID=509836
God Bless
United Silver Corporation Announces Four-Year Exploration and Development Plan for the Crescent Mine, Coeur d'Alene Silver Belt, Idaho.
Vancouver, British Columbia, February 28, 2012:
http://www.unitedsilvercorp.com/s/NewsReleases.asp?ReportID=509836
United Silver Corp. -
("United Silver Corp.", the "Company", or "USC": TSX-V; USC: OTCQX; USCZF: Frankfurt: UM8)
is pleased to announce that the Board of Directors has approved
a phased, property-wide, USD$23 million, four-year plan (the
"Plan") to further explore and develop
the Crescent Silver Mine resource.
The objectives of the Plan are to further explore the existing
silver resource, develop the existing resource, and explore
for additional resources at the Company's 80 percent-owned
Crescent Silver Mine.
The Crescent Mine is located on a large, 365 hectare (902 acre)
property in the heart of northern Idaho's Silver Belt, in the
Coeur d'Alene silver-lead-zinc mining district.
The Crescent Mine is situated between the world-class,
previously-mined Sunshine silver mine and the Bunker Hill
silver-lead-zinc mine, with previous district-wide production
estimated to be over 1 billion ounces of silver, making it the
second largest silver district in the world (for details of the
Crescent property, the Idaho silver belt, and figures which
assist in visualizing the details of this press release please
refer to our website at www.unitedsilvercorp.com).
Approximately 25 million ounces of silver at an average grade of
27.3 opt (SRK Consulting 43-101, March 1, 2010) were
historically mined from the Crescent Mine, and known
mineralization has been identified from near surface to
approximately 5,000 feet depth below surface by
the Bunker Hill Mining Company , prior owners of
the Crescent Mine.
We consider this historical information to be reliable.
Silver and base-metals-bearing vein deposits at Sunshine and Bunker Hill, located immediately to the east and west of, and adjoining, the past-producing Crescent Mine, were world-class deposits of silver. The Crescent Mine, which was a much smaller producer than the other two deposits, has never undergone a detailed and aggressive exploration program, despite the fact that the ore-bearing vein systems strike across the large, 365 hectare property, and are known to host high-grade silver-bearing vein deposits. The planned program at the Crescent is designed to aggressively follow up on known mineralization, and to produce silver-bearing concentrates from known mineralized bodies to fund the exploration of the depth and lateral extensions of the known mineralization.
Very significant surface drilling and underground exploration in the form of a spiral ramp and drifting within the known mineralization closest to surface has already been completed. The objective of the current Plan is to restart, aggressively, this partially-completed exploration/development work which began in 2007. Highly-encouraging results from this earlier work form the basis for this aggressive exploration/development plan, which has the goal of unlocking what management believes is a very high potential for the delineation of a significant silver resource.
The initial phase of the Plan will be funded by a recently-announced USD$6.3 million convertible debenture from Hale Capital Partners (see press release dated February 1, 2012) and by a contribution from 20% joint venture partner Gold Finder Explorations Ltd. ("Gold Finder") (TSX-V: GFN) as its share of the program. Ongoing costs of the Company and Gold Finder for the exploration/development plan are projected to be funded by cash flow generated from the milling and refining of silver mineralization mined from known mineralized bodies defined by previous, detailed surface drilling and underground exploration programs.
Previous Work
Subsequent to mining in the early part of the last Century, exploration began again at the Crescent mine in 2007 with drilling carried out by Gold Finder. A total of 31,460 meters were completed, primarily from surface, on the South Vein, resulting in a 43-101 compliant resource estimate of 324,000 tons grading 18.7 ounces per ton (opt) of Indicated and 211,000 tons of Inferred mineralization grading 19.5 opt. This drilling was carried out over an area which accounts for less than 5 percent of the prospective areas of the property. Highlights of the Gold Finder drilling include:
South Vein Intercepts Silver grade
SNS403 10.0 feet @ 56.0 opt
SNS305a 6.8 feet @ 42.1 opt
SNS310 5.6 feet @ 25.3 opt
SNS1006 6.3 feet @ 21.1 opt
SNS307 5.1 feet @ 21.6 opt
SNS1002 7.0 feet @ 17.6 opt
H304 7.8 feet @ 11.0 opt
Alhambra Vein Intercepts
SNS502 6.2 feet @ 41.2 opt
SNS604 6.2 feet @ 16.4 opt
SNS1107 4.9 feet @ 20.6 opt
While the above drilling forms the basis of the current resource calculation (SRK 43-101, March 1, 2010), it was recognized that the silver-hosting veins had a strike continuity across the entire property towards the west and into the adjoining Bunker Hill mine property. In 2011, 11,275 feet of surface drilling in nine holes was completed up to 1500 feet west of the existing resource. The results of the first four Alhambra-targeted holes (see press release dated May 16, 2011) intersected 2.2 feet grading 4.8 opt silver, proving westward continuity of the mineralized system. All five holes drilled into the South Vein structure (, up to 1500 feet west of the known resource) encountered siderite-quartz-pyrite veins, demonstrating continuity of this structure as well as opening a large area for exploration. The highest grade intercept of these five holes returned 2.9 feet grading 4.58 opt silver.
Underground Exploration
The existing Hooper Level tunnel (2725 feet elevation, see website for 3-dimensional view of underground workings) provides an excellent platform to test the down-rake extension of the South Vein resource. The South Vein resource, meanwhile, has been estimated to an elevation of 2940 feet. Therefore, in 2011, a program of 12,000 feet of drilling to test the down-rake extension of the South Vein was proposed, of which only two holes totaling 1,449 feet of drilling were completed due to funding limitations.
These two holes gave highly-encouraging results, indicating that the South Vein resource is open to depth and that further drilling is definitely warranted. The two holes intersected silver mineralization as follows:
DDH From (feet) To (feet) Feet Recovered True Width (Feet) Silver (opt)
H-6 720.20 724.0 3.40 3.11 25.6
Includes 721.40 722.40 0.90 0.82 96.40
H-7 727.00 729.70 2.70 2.21 3.60
Includes 727.00 727.65 0.65 0.50 8.80
A core loss of 6.5 feet between 718 and 728 feet in H-7 may have been from a mineralized, faulted zone within the South Vein. The H-6 intersection is at an elevation of 130 feet below and is 300 feet west of the lowest point of the limit of the calculated South Vein resource, and remains open to depth and along strike, indicating good potential for quickly expanding the known resource by further drilling.
Underground Test Drifting
A decline to facilitate lateral drifting for underground exploration and eventual production activities, called the Countess decline, was collared by the Company in August, 2010 from a surface portal at 4300 foot elevation and progressed for 2400 feet to a point where it intersected the South Vein resource (as defined by SRK in their 43-101) at the 3945 foot elevation.
Test drifting along the South Vein structure at the 3945 foot elevation began in March 2011 and, as of January 2012, a continuous 755 feet of strike length along the drift within the South Vein body yielded 10.4 opt silver over an average width of 9.2 feet. The most significant intervals intercepted by this drift sampling include:
Strike Length (feet) Average Silver Grade (opt) Average Width (feet)
246 14.0 7.3
210 15.6 8.3
88 15.6 9.0
The average grades above were calculated from channel samples collected across the test drift faces and weight-averaged by representative volume and specific gravity. Widths and lengths were measured in the horizontal plane perpendicular to each other. This test drift has yet to cross the entire mineralized body as identified in SRK's 43-101 model of the zone.
The Exploration Plan
Management considers the Crescent to be a property with the potential for the delineation of a world-class silver-mineralized system. Factors on which this opinion is based include:
The property sits between two world-class silver deposits and adjoins them both;
Silver-bearing veins strike from the Sunshine mine, across the large Crescent land package, to the past-producing Bunker Hill mine;
The Crescent deposit is a past-producing silver deposit where only limited exploration has been carried out;
Drilling at Crescent has identified a near-surface resource while past mining at much greater depths indicates the potential for depth continuity;
A small program of wide step-out, surface drilling has shown that silver mineralization continues well away from the known resource;
Underground drilling has shown that known mineralization continues to depth and along strike and is open in both dimensions;
Underground drifting has provided a platform for a much more extensive underground exploration program which has the possibility of identifying additional resources to depth and along strike.
In order to accomplish the goal of aggressively exploring the Crescent prospect and building a much larger silver resource, while minimizing the impact on diluting the Company's share structure, Management has agreed on an exploration plan using cash flow generated from test-mining production of South Vein-hosted, identified silver mineralization. Thus, exploration and development activities will be carried out in parallel.
Exploration activities will include:
continuing the drifting from various underground levels accessed by the Countess decline, concurrent with the establishment of a secondary escapeway and sub-level development
underground drilling to potentially augment the existing resource to greater depths and along strike, with priority given to continuing to drill, from underground, the down-rake continuation of the known, South Vein resource
drilling the Alhambra structure from underground west of the historic Crescent workings, as well as within a 1200 foot "gap" between upper and lower historic workings where good potential exists for continuation of the mineralization, continuing the surface drilling program to identify additional mineralization along the westward projection of the South Vein. An additional 2000 feet of South Vein strike potential exists on the Company's property in addition to the initial 1500 foot step-out drilling program already carried out.
The plan anticipates the completion of approximately 200,000 feet of diamond drilling, consisting of 80,000 feet from the surface and 134,000 feet from underground drill stations.
Development Activities
A spiral ramp system will be developed in the footwall of the South Vein resource area. Ramping down in spirals from the existing Countess decline will proceed, while concurrently a 10 foot by 13 foot incline ramp will be driven from the surface to connect with the Countess spiral. When complete, the second opening to the surface will allow ventilation and serve as a secondary escapeway. The ramp spirals will provide access for test drifting for grade and morphology of mineralization at multiple elevations within the South Vein resource area to determine the continuity, potential for enhancement, and parameters of the mineralization to guide further drilling and drifting.
A paste backfill plant will be constructed near the incline portal.
Test Mining Metal Production to Offset the Cost of Exploration
The Company has a joint venture with the New Jersey Mining Company ("New Jersey"; the "New Jersey Agreement") to secure near-term milling capacity for the Crescent (see press releases dated October 7, 2010 and June 9, 2011). Mill expansion, including equipment installation and fabrication of structures and conveyors is nearing completion. Mine Fabrication and Machine, a business unit of the company's wholly owned subsidiary, United Mine Services, Inc., is performing much of the mill construction. Commissioning is expected to start at the end of March 2011. The joint venture agreement gives the Company an exclusive right to 7,000 tonnes per month of milling capacity, with first rights on additional unused capacity.
The mill is located less than four miles from the Crescent Mine.
The mill will initially process ore from test drifting on the South Vein currently stockpiled at the New Jersey mill. Concentrates produced by the milling of the underground drifting-produced mineralization will be sold to Formation Metals U.S. under an agreement signed in December 2011 (refer to news release dated December 13, 2011). Formation's refinery is less than three miles from the mill, virtually eliminating hauling costs.
The Company expects that the ore from underground test drifting and stoping will provide cash flow to the Company which will offset the cost of exploration development. Projected cash flow will cover the cost of expanding the Crescent deposit and avoid the need for further equity offerings during the period of the Plan.
An Integrated Company
USC CEO Graham Clark states: "The Board of Directors of the Company is excited and extremely optimistic about our plans going forward to explore, and test mine on a modest scale, the materials generated from drifts and stopes within the South Vein area of the Crescent Mine, while at the same time exploring farther afield for the on-strike and down-dip extensions to this potentially extensive silver-bearing system. We are grateful to have secured initial funding from Hale to establish our Plan which, for the next four years, will see aggressive exploration combined with cash flow from mining to finance the exploration and broader understanding of the system. We believe that the cash flow generated from mining will offset the need to go to the financial markets and undertake a public offering during this time, preserving and enhancing value for the shareholders and providing us with first-hand experience mining the deposit.
"USC management is looking forward to our Plan of combined exploration and silver production to be the beginning of the next, and most important period to date, in the evolution of the Crescent deposit".
Lawrence Dick. Ph.D., P. Geo., has approved and is responsible for technical information provided in this news release.
ABOUT UNITED SILVER CORP.
USC is a vertically integrated mining company with operations in Idaho, USA. It has earned, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. USC also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. USC's common shares trade on the Toronto Stock Exchange under the symbol "USC". For more information about USC, please visit: www.unitedsilvercorp.com
www.unitedsilvercorp.com
ON BEHALF OF UNITED SILVER CORP.
"Graham Clark"
Chairman and Interim CEO
Cathy Hume
CHF Investor Relations
Tel. (416) 868-1079 x231
Email: cathy@chfir.com
United Silver Corp. And Hale Capital Partners Complete Financing
Vancouver, British Colombia - February 1, 2012
United Silver Corp.
("USC" or the "Company") (TSX: USC)(OTCQX: USCZF) and Hale
Capital Partners ("Hale" or the "Lender") are pleased to
announce that, subject to final approval from the Toronto Stock
Exchange (the "TSX"), they have successfully closed their
previously announced financing transaction. USC is now in a
position to begin its four-year exploration and development
plan to test the mineralization of the South Vein and Alhambra
Vein at depth and along the east/west strike extensions of the veins.
In the financing transaction, USC issued to Hale a convertible
note (the "Convertible Note") in the principal amount of
USD$6,300,000 (being the Canadian equivalent of $6,332,760.00,
based on the Bank of Canada noon rate on January 31, 2012)
evidencing a loan the proceeds of which were advanced by Hale
pursuant to the Convertible Note and a securities purchase
agreement (the "Securities Purchase Agreement") entered into
among a wholly owned subsidiary of Hale, as agent and initial
purchaser, and USC. USC also issued to Hale 5,040,000 common
share purchase warrants (the "Warrants").
Hale will have the right at any time to convert any or all of the principal owing under the Convertible Note into common shares ("USC Common Shares") of USC at a conversion price of USD$0.50 (being the Canadian equivalent of $0.50, based on the Bank of Canada noon rate on January 31, 2012) per USC Common Share. In addition, Hale will have the right at any time to convert any or all of the accrued and unpaid interest that USC has elected (provided that USC has satisfied certain conditions set out in the Convertible Note) to add to the principal amount of the Convertible Note ("PIK Interest"). The conversion price with respect to PIK Interest will be an amount equal to the "market price" (as defined in the Toronto Stock Exchange Manual) on the applicable interest payment date, subject to the approval of the TSX in each instance. Each whole Warrant will entitle the holder to acquire one USC Common Share at an exercise price of US$0.42 (being the Canadian equivalent of $0.42, based on the Bank of Canada noon rate on January 31, 2012) per USC Common Share for a period of four years from the date of issuance.
If the principal amount of the Convertible Note is fully converted, Hale would hold 12,600,000 or 14.4% of the total number of issued and outstanding USC Common Shares. In the event that all of the Warrants are also exercised, Hale's holdings would increase to 17,640,000 or 19% of the total number of issued and outstanding USC Common Shares. As the number of USC Common Shares issuable to Hale in respect of PIK Interest, if any, is contingent, in part, upon future values and share prices, the number of USC Common Shares which Hale may acquire should it exercise its conversion rights in respect thereof cannot be determined at this time.
None of the Convertible Note, the Warrants or the USC Common Shares that may be issued upon conversion or exercise, respectively, of these securities, have been registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.
Under the terms of the Securities Purchase Agreement, USC is required to appoint to its board a person mutually agreed upon with Hale and to permit an observer from Hale to attend its Board meetings, subject to conditions.
Hale has filed an early warning acquisition report on SEDAR. A copy of the report may be obtained by contacting Martin Hale at (212) 751-8228.
USC intends to use the net proceeds from the financing for exploration and development and working capital purposes. The loan proceeds will allow USC to continue its exploration and development drifting, bulk sampling and test mining on the South Vein. USC proposes to mill ore from the bulk sampling and test mining under a milling JV agreement with New Jersey Mining Company and to refine it under a contract with Formation Metals at its refinery located less than three miles from the mill. USC intends to use cash generated from operations, including the bulk sampling and test mining activities, to fund an extensive surface and underground drilling program to test the mineralization of the entire Crescent property and develop a property-wide mine plan without further equity raises and dilution.
Hale may or may not purchase or sell securities of the Company in the future on the open market or in private transactions, depending on market conditions and other factors material to Hale's investment decisions and reserves the right to dispose of any or all of its securities in the open market or otherwise, at any time and from time to time and to engage in hedging or similar transactions with respect to the securities.
ABOUT UNITED SILVER CORP.
USC is a vertically integrated mining company with operations in Idaho, USA. It has earned, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. USC also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. USC's common shares trade on the Toronto Stock Exchange under the symbol "USC". For more information about USC, please visit: www.unitedsilvercorp.com.
ABOUT HALE CAPITAL PARTNERS
Based in New York City, Hale Capital Partners has established itself as a leading private equity firm focused on strategic investments in public companies and their subsidiaries. Hale Capital Partners' team is comprised of seasoned private equity veterans and entrepreneurs, who bring not only deep domain expertise but also hands-on operating experience to help build highly successful companies. Hale Capital Partners' mining portfolio spans all stages of mine development from exploration to commercial production.
Hale's contact information is as follows:
Hale Capital Partners, L.P.
570 Lexington Avenue, 49th Floor
New York, NY 10022
Attn: Martin Hale, CEO and Portfolio Manager
ON BEHALF OF UNITED SILVER CORP.
"Graham Clark"
Chairman and Interim CEO
Cathy Hume
CHF Investor Relations
Tel. (416) 868-1079 x231
Email: cathy@chfir.com
http://www.unitedsilvercorp.com/s/NewsReleases.asp?ReportID=505371
United Silver Corp (USC)
0.34 ? 0.0 (0.00%)
Volume: 0 @- ET
Bid Ask Day's Range
0.32 0.345 - - -
USC Detailed Quote Wiki
United Silver Corp (USC)
0.32 ? 0.02 (6.67%)
Volume: 10,000 @ 9:41:36 AM ET
Bid Ask Day's Range
0.295 0.32 0.32 - 0.32
USC Detailed Quote Wiki
A thing of beauty isn't it !
Idaho's "Silver Valley" Crescent Silver Mine Project -
Located in Idaho's "Silver Valley", the 2nd
largest silver district in the world -
over 1 billion oz silver historical production.
Crescent Mine is located in northern Idaho's historic Coeur d'Alene district - "Silver Valley" -
largest silver district in the world Mines in the district
have produced over 1 billion ounces of silver
United Silver Corp. (USC) Investor Presentation
http://www.unitedsilvercorp.com/s/Presentations.asp
Mining-friendly region
http://www.unitedsilvercorp.com/s/Development.asp?ReportID=460632
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=69195253
Looks like they are doing just fine.
United Silver Corp. (USC)' Investment Highlights
Accelerated 80% Earn-in Interest through development and operations, in intermediate-advanced stage Crescent Silver Mine project, located in the Coeur d'Alene Mining District, Idaho, by spending $9 million in exploration and development within year one of three-year earn-in period (2010-2013).
Targeting initial commercial production in Q1, 2012
Increased landholdings by approximately 265%, to 379 hectares (973 acres) by acquiring 42 patented mining claims on contiguous lands considered by management to be under-explored and high-potential exploration ground
Completed $3.7 million in exploration and development expenditures in 2010 toward bringing the Crescent Silver Mine back into production
Announced US$9 million 2011 Pre-production Mine Development Program and US$4.3 million Phase I Exploration Program
From 2007 to 2009, approximately $13.5 million in exploration expenditures were incurred by previous owners, targeting just two mineralized structures, the Alhambra and South veins, resulting in a NI 43-101 compliant indicated resource of 6.1 million ounces of silver (324,000 tons grading 18.7 opt silver), and inferred resources of 4.1 million ounces silver (211,000 tons grading 19.5 opt silver) (SRK Consulting)
Current NI 43-101 to be updated in Q4 2011 based on results of 2011 Phase I Exploration Program including 37,000 feet of drilling
JV with New Jersey Mining Company to secure local milling capacity by investing US$2.3 million to expand the mineral processing plant to 360 tonnes per day, giving USC a one-third equity ownership
Since going public in May 2010, completed four equity offerings, raising gross proceeds of $14,531,311 and secured bridge loan of $2 Mil.
For yearend 2010, generated revenues of $10,328,952 and gross profit of $1,672,749, through Mine Services division;
http://www.unitedsilvercorp.com/s/Investors.asp
http://www.unitedsilvercorp.com/i/pdf/FactSheet.pdf
United Silver Corp. Signs Term Sheet for $6,000,000 Secured Convertible Notes
| 10:00 AM |
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=69149692
NYBob thanks for the info. I own some USC and enjoy Ron Paul.
Max Keiser Alex Jones New 10th Feb 2011 Pt 2. silver and gold -
United Silver Corp (USC)
fiat$0.44 ? -0.025 (-5.38%)
Volume: 9,500 @ 12:51:52 PM ET
Bid Ask Day's Range
0.44 0.46 0.435 - 0.44
USC Detailed Quote Wiki
http://www.theresourceinvestor.com/RI-archive/2011/0811-silvervalley2.html
Ron Paul on FOX News 11/06/11
Ice was supposed to be NICE....
ice update. Thank you.
Silver Valley Mining Update – Part II
By Tom Wobker
Pennaluna & Company
We’re short of space this issue – thanks to news of the Sunshine Silver Mines IPO, the abrupt Crescent Mine work halt and Dennis Wheeler’s resignation from Coeur d’Alene Mines.
In the Silver Valley Mining Update – Part III, we’ll cover Hecla’s Lucky Friday Mine, the Golden Chest, the Bunker Hill and the New Jersey Mill.
Here are highlights for Silver Valley Mining Update – Part II:
• New Sunshine Silver Mines IPO (Silver Opportunity Partners and Thomas Kaplan)
• Galena/Coeur Mine Complex (U.S. Silver)
• “Time Out” Called At Crescent Mine (United Silver)
• Wheeler Leaves Coeur (Coeur d’Alene Mines)
1. Sunshine Silver Mines – New $250 Million IPO. In Part 1 (Bull & Bear, July, read the article at www.TheBullandBear.com), we gave you some history on the Sunshine Mine at Big Creek and the 360 million ounces of silver it’s yielded since the 1880’s – almost double the entire production of all the mines in the Comstock Lode.
We filled you in on the ‘Shine’s heavy hitting new owners and the $24 million they spent last year to buy the giant producer out of bankruptcy.
Now they’re making an important new move – an initial public offering.
In an S-1 filed with the SEC recently, firms related to Thomas Kaplan disclosed that they’ve merged into a new Denver-based company called Sunshine Silver Mines Corporation. (Kaplan is the Forbe’s List billionaire, Oxford grad, and mining mogul who engineered the mine purchase.)
In the S-1, the new company outlined plans to go public by selling up to $250 million of stock. Big names will underwrite the offering: UBS Investment Bank, Morgan Stanley, and RBC Capital Market.
Where will the money go? Mainly toward two projects: to refurbish, explore, and complete a prefeasability study for the Sunshine; and to explore and complete a prefeasability study for the Los Gatos Project in Chihuahua, Mexico, where it has two silver discoveries.
Besides the Sunshine, the company has 17 other exploration properties in the U.S. and Mexico. And it’s lined up some notable directors – including Marc Faber and Robert Quartermain, who headed Silver Standard for 25 years. Plans are to list on the Big Board with the symbol AGS.
In its filing, the firm says it believes past producton at the Sunshine cuts the risk of mining there compared to other silver development projects – a twist on the ancient mining saw that the best place to look for a new mine is next door to an old one. Maybe inside the old mine is better still.
The company also declared, “Despite being a prolific silver producing region, Sunshine Silver believes that the Coeur d’Alene Mining District is still highly underexplored.” This view echoes sentiments of a number of observers.
Sunshine says it aims to become a premier silver producer. With the money, brains and expertise it’s rounded up, nobody in our shop is betting against it.
In any event, the new firm’s activity should boost the Silver Valley’s come back from near depression… raise investor awareness of the region … and help create opportunities for other area miners.
You can see the S-1 here: http://sec.gov/Archives/edgar/data/1517006/000119312511183929/ds1.htm#toc203663_14
2. USA’s Galena/Coeur Mine – number two U.S. silver producer. US Silver Corporation (TSX.V: USA) on June 17th reported record revenue, profit and cash flow for the first quarter.
In 2006, the outfit bought the Galena Mine and Mill, Coeur Mine and Mill, and Caladay Project from Coeur d'Alene Mines (NYSE: CDE). It shelled out $15 million for the whole package, which lies in the mountains near Silverton.
The Galena/Coeur complex ranks number two behind the Sunshine as all-time U.S. silver producer.
USA got a lot for its money: 11,000 acres of claims; surface facilities and equipment; a $32 million exploration project with a 5,100 foot shaft; and two side-by-side mines that since the 1950’s have produced a total of about 200 million ounces of silver… 150 million pounds of copper… and 22 million pounds of lead.
The Galena dates back to 1887. It was mined sporadically until the late 1940’s, when a rich new discovery went into steady production.
So far the mine has yielded around 160 million ounces of silver, with last year’s production topping 2.2 million ounces. It’s a strong lead producer too… and at a buck twenty a pound, lead dollars add up fast these days. Over 250 people work there presently.
The nearby Coeur’s historic production totals almost 40 million ounces of silver at average ore grades of 16.6 opt. Closed in 1998 while precious metals were in the tank, the company plans to redevelop it.
US Silver continues to expand its Valley holdings. It’s added the historic Dayrock Mine and Mill and several thousand acres of unpatented claims. It now controls around 14,000 acres, including four operating shafts, two operating flotation mills and one non-operating mill – plus surface and underground mining equipment.
Shares have a 52-week high/low of .18 and .63. It trades lately around .63 (Canadian).
[Ed. Note: Your editor and John Worrell – heads of Pennaluna’s trading and market-making efforts – recently spent three hours underground touring the Galena. Steve Knoll showed us around. He’s worked at the mine for over three decades, knows all the ins and outs, and seems rarely at a loss for words. Don Beehner arranged our stroll through the dark and damp, and joined us for the long walk. It was fun and informative. Big tip of our hat to USA and these two guys for a great visit.]
3. United Silver Calls “Time Out” at the Crescent. Last issue (Part 1, Bull & Bear, July, www.TheBullandBear.com) we told you that next door to the Sunshine the Crescent Mine was being revived also.
(History note: starting in 1917, now defunct Bunker Hill Mining ran the Crescent for over six decades. During that time, the mine produced around 25 million ounces of silver at average reported grades above 27 opt…said to be highest in the District.)
About a year and a half ago, United Silver Corporation (TSX: USC) – then called United Mining Group – inked an earn-in joint venture agreement with Crescent owner Gold Finder Explorations (TSX: GFN). Recently it reported earning the entire 80% interest offered in the deal.
Although USC’s president stepped down in June, everything seemed to be going gangbusters with the Crescent redevelopment – until the Fourth of July, when fireworks exploded.
USC announced it would temporarily halt mine operations while the Board reviewed the firm’s financial situation and potential alternatives “including bridge equity and non-equity financing options, from a select group of interested parties.”
The freeze idled about 90 miners and development crew at the Crescent.
The Vancouver-based outfit said it still believes “the fundamentals of the silver market remain supportive for near-term development opportunities such as the Crescent Silver Mine.”
At the same time, it reported a planned private placement for up to $1 million, saying management, directors and certain others would participate. The firm also declared it would give no more news about the Board review until a course of action is approved. (Later Canadian reports indicate a possible CDN$ 2 million secured term loan agreement and private placement for up to CDN$ 4 million.)
Meanwhile United Mine Services, the company’s Kellogg-based subsidiary, is operating as usual. Last year its contract mining, construction, fabrication and machine services brought in revenues topping $10 million, with gross profit above $ 1.6 million.
During the past 52 weeks, USC has bounced between .48 and .85. Presently it’s about .65 (Canadian).
4. Long-Time CEO Dennis Wheeler Leaves Coeur d’Alene Mines Corporation (NYSE: CDE), our neighbor down 5th Street, said that CEO Dennis Wheeler has stepped down. A director for over 30 years, he had been CEO since 1986.
Mitchell Krebs, company CFO, was named to replace Wheeler. A graduate of Penn and Harvard, Krebs joined Coeur in 1995.
Wheeler, an Idaho native, grew up in the Valley and graduated from the University of Idaho College of Law. Besides his day job, he’s been active in the National Mining Association, World Gold Council and Silver Institute.
CDE has a 52-week low near $14 and a high above $37. It’s traded lately near $28.
Editor’s Note: Tom Wobker holds degrees in journalism and law and is a principal with Pennaluna & Company. Founded in 1926, Pennaluna trades stocks on all U.S. and Canadian exchanges, Nasdaq, OTCBB and Pink Sheets. Phone 800-535-5329 or visit www.pennaluna.com. For online trading see www.penntrade.com.
Disclosure: Pennaluna & Company is a FINRA broker-dealer and market maker. As such, it frequently buys or sells stocks for its own account, or in order to make a market. Consequently, Pennaluna may at any time buy or sell or make a market in any stock mentioned herein, and associated persons may also buy, sell or hold such stock at any time. The firm and/or associated persons may also engage in private placements or other investment banking activities with any company mentioned. Some securities mentioned may be small-cap stocks and subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information; some may be foreign securities and subject in addition to currency, political and other risks. Mention of a security does not imply an endorsement. Comments and opinions are solely those of the writer. This publication is not investment advice; is not a research report and provides insufficient information upon which to base investment decisions; is intended solely to provide readers with information; is not a solicitation for the purchase or sale of any security; and is not intended to be nor should it be used as tax advice, which should be sought from a professional familiar with your individual financial situation. Mention of a company or stock does not in any manner constitute a recommendation, unless specifically so stated. Information is believed accurate but accuracy is not guaranteed. Any websites mentioned other than www.pennaluna.com and www.penntrade.com are not under the control of the firm and it can take no responsibility for information found on such sites.
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United Silver Corp (USC)
0.445 ? -0.015 (-3.26%)
Volume: 31,500 @ 9:45:59 AM ET
Bid Ask Day's Range
0.445 0.45 0.445 - 0.465
USC Detailed Quote Wiki
I am ready for this one to climb.......
United Silver Corp (USC)
0.4 ? 0.0 (0.00%)
Volume: 42,500 @ 3:26:06 PM ET
Bid Ask Day's Range
0.38 0.4 0.39 - 0.41
USC Detailed Quote Wiki
Fantastic! Another great property.
United Silver Corp. Files Preliminary Short Form Prospectus
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2011) -
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION THROUGH U.S. NEWS WIRE SERVICES
United Silver Corp. ("USC" or the "Company") (TSX:USC)(OTCQX:USCZF)(FRANKFURT:UM8) announced today that it has filed a preliminary short form prospectus in connection with a "marketed" offering of units ("Units") of the Company to raise gross proceeds of up to $6,000,000 (the "Offering"). The Offering will be made through Union Securities Ltd. on an agency basis. Each Unit shall be comprised of one common share ("Unit Share") and one common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder thereof to acquire one common share of the Company at an exercise price of $0.80 per Warrant at any time up to 5:00 p.m. (Toronto time) on the date that is 36 months after the date of issue. The price per Unit will be set in the context of the market immediately prior to the filing of the (final) short form prospectus in respect of the Offering.
Closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including approval of the Toronto Stock Exchange. The net proceeds from the Offering will be used to repay certain outstanding debt of the Company, to finance further exploration and for general working capital.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.
ABOUT UNITED SILVER CORP.
USC is a vertically integrated mining company with operations in Idaho, USA. The Company has earned, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. The Crescent Mine has historically produced 25 million ounces of silver at an average grade of 27.3 opt (SRK Consulting 43-101 report, March 1, 2010. The Company believes this historical data to be reliable and relevant). The Company also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. USC is committed to building a senior silver-producing mining company based on exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests. The Company trades on the Toronto Stock Exchange under the symbol "USC". For more information about the Company, please visit: www.unitedsilvercorp.com.
ON BEHALF OF UNITED SILVER CORP.
Graham Clark, Chairman and Interim CEO
FORWARD LOOKING INFORMATION: This press release contains forward-looking information, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking information in this press release include statements regarding the completion of the Offering and the use of proceeds. Closing of the Offering and the use of proceeds could differ materially from those anticipated in such forward-looking information as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain any necessary permits or other required regulatory approvals for the company's mineral projects as and when needed; labour shortages, the inability to keep key employees, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking information is based on the expectations and opinions of the Company's management on the date the information is provided. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise.
United Silver Corp. Announces Appointments to Board of Directors
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2011) - United Silver Corp. (the "Company" or "USC") (TSX:USC)(OTCQX:USCZF)(PINK SHEETS:USCZF)(FRANKFURT:UM8) announces that the board of directors voted to expand the number of board seats from six to eight. Joining the board, effective immediately, are Stan Bharti, Founder and Executive Chairman of Forbes Manhattan Inc. ("Forbes"), a Toronto-based, resource focused merchant bank and Peter Tagliamonte, President and CEO of Sulliden Gold Corp.
Internationally educated as a professional mining engineer, Mr. Bharti has over 30 years of experience in operations, public markets and finance. He has been instrumental in acquiring, restructuring and financing numerous mining assets worldwide generating billions in market capitalization. Mr. Bharti is bottom line driven with an enormous capacity to manage multiple complex transactions. Mr. Bharti is a director of several public and private companies.
Mr. Tagliamonte is currently President and CEO of Sulliden Gold, a Canadian-based gold exploration and development company with assets in Peru and Canada. Previously he served as President and CEO of Central Sun Mining and COO of Desert Sun Mining. He has over 25 years of experience building and operating mines worldwide. Mr. Tagliamonte, who holds several board positions, is a professional mining engineer and earned an MBA from the Richard Ivey School of Business at the University of Western Ontario.
Graham Clark, Chairman and Interim-CEO of United Silver said, "On behalf of the Board of Directors, I would like to welcome Stan Bharti and Peter Tagliamonte to United Silver. They share our view of the Crescent Silver Project and its tremendous exploration potential. We welcome their expertise as we continue to further define the parameters of this world-class asset in a historic mining district."
ABOUT UNITED SILVER CORP.
United Silver Corp. is a vertically integrated mining company with operations in Idaho, USA. The Company has earned, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. The Crescent Mine has historically produced 25 million ounces of silver at an average grade of 27.3 opt (SRK Consulting 43-101 report, March 1, 2010. The Company believes this historical data to be reliable and relevant). The Company also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. USC is committed to building a senior silver-producing mining company based on exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests. The Company trades on the Toronto Stock Exchange under the symbol "USC". For more information about the Company, please www.unitedsilvercorp.com
ON BEHALF OF UNITED SILVER CORP.
Graham Clark, Chairman and Interim-CEO
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release include that the proceeds of the private placement will be used for exploration, development, working capital and general corporate purposes. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, estimation of mineral reserves and resources, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, the inability to obtain any necessary permits or other required regulatory approvals for the company's mineral projects as and when needed; the inability to agree with joint venture or other key partners on important items, labour shortages, the inability to keep key employees, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
United Silver Corp. (TSX:USC)
and Gold Finder (TSX VENTURE:GFN) Announce Expanded Joint Venture Crescent Silver Mine Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 4, 2011) -
United Silver Corp. -
(formerly United Mining Group, Inc.) ("USC" or the "Company") (TSX:USC)(OTCQX:USCZF)(FRANKFURT:UM8) and Gold Finder Explorations Ltd. ("Gold Finder") (TSX VENTURE:GFN), announce that Gold Finder has agreed to include the Bunker Hill claims in the Crescent Silver Mine project located in Silver Valley, Idaho, in the Coeur d'Alene Mining District.
The Bunker Hill claims are contiguous to the Crescent Mine property that Gold Finder acquired and granted to USC its earn in right in December, 2009.
The Bunker Hill claims were recently purchased by USC and under its Earn In Agreement with Gold Finder, USC offered this property to be joint ventured with Gold Finder under the same terms as the original property.
USC has now earned its 80% interest in the Crescent Silver Mine project.
As a result of the acceptance by Gold Finder of the Bunker Hill claims, the joint venture property is the whole of the Crescent Silver Mine project, with USC as operator and 80% owner and Gold Finder as 20% owner.
The formal Joint Venture agreement between the parties is now being drafted. As part of the Joint Venture, Management Committee meetings will be scheduled, and regular updates will be sent out. Neil Linder, Gold Finder's interim Chief Executive Officer, has replaced David Greenway as Gold Finder's representative on the Management Committee.
ABOUT GOLD FINDER EXPLORATIONS LTD.
Gold Finder Explorations Ltd. is a Canadian resource company, currently trading on the TSX Venture Exchange under the symbol GFN.V, focused on growth through targeting advanced exploration projects. Gold Finder currently holds an interest in two mineral projects being the Golden Rose project located at Emerald Lake, Northern Ontario and the Crescent Mine project located in the Silver Lake area of the State of Idaho. For more information about the Company, please visit: www.goldfinder.ca.
ABOUT UNITED SILVER CORP.
United Silver Corp. is a vertically integrated mining company with operations in Idaho, USA. The Company has earned, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. The Crescent Mine has historically produced 25 million ounces of silver at an average grade of 27.3 opt (SRK Consulting 43-101 report, March 1, 2010. The Company believes this historical data to be reliable and relevant). The Company also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. USC is committed to building a senior silver-producing mining company based on exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests. The Company trades on the Toronto Stock Exchange under the symbol "USC". For more information about the Company, please visit: www.unitedsilvercorp.com.
ON BEHALF OF UNITED SILVER CORP.
Graham M. Clark Jr., Chief Executive Officer
ON BEHALF OF GOLD FINDER EXPLORATIONS LTD.
Neil Linder, Chief Executive Officer
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release include that we can build a senior silver-producing mining company based on exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests, and that we will sign a joint venture agreement. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, estimation of mineral reserves and resources, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, the inability to agree with joint venture or other key partners on important items, labor shortages, the inability to keep key employees, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
United Silver Corp. (TSX:USC) Announces Operational Changes and Private Placement
Jul. 4, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA --
United Silver Corp.
("United Silver Corp.", the "Company" or "USC") (TSX:USC)(OTCQX:USCZF)(FRANKFURT:UM8) announces that after a strategic review of its current share price, resources, exploration and pre-production mine development programs, its Board of Directors has decided to initiate a comprehensive evaluation of potential financial alternatives available to the Company.
The Company also announces that in managing the immediate and near-term capital requirements of the Crescent Silver Mine project, the Board has elected to temporarily halt pre-production mine operations and exploration while it conducts its review of financial proposals, including bridge equity and non-equity financing options, from a select group of interested parties. Based on market analysis and independent reports, the Board and Management of United Silver Corp. believe the fundamentals of the silver market remain supportive for near-term development opportunities such as the Crescent Silver Mine.
United Silver Corp. does not intend to disclose developments with respect to any negotiations or the strategic review process unless and until its Board of Directors has approved a specific course of action. The Company will continue open discussions with qualified parties which may or may not result in the announcement or completion of any specific transaction. The Company's wholly owned subsidiary United Mine Services, Inc. which provides contract mining services in Northern Idaho, will continue to operate as business as usual.
Private Placement
As part of its strategic review, the Company announces a Private Placement of up to USD $1,000,000 (the "Private Placement") in Unsecured Convertible Notes (the "Notes"). The terms of the Notes are as follows:
* Six months maturity;
* Convertible at the option of the holder into common shares of the Company at a rate of USD 0.625 per share (the "Conversion Rate");
* Five per cent annualized interest payable at maturity in cash, or, if converted, in common shares of the Company at the Conversion Rate;
* For each $1000 principal amount of the notes, the Company will issue 1,600 warrants to purchase common shares at USD 0.75 per share for a period of five years; and
* Pre-emptive rights to participate pro rata in future corporate financings while the Notes are outstanding.
Participants in the Private Placement include Management and members of the Board of Directors of the Company, as well as unrelated parties. The completion of the private placement is subject to the approval of the Toronto Stock Exchange and all other necessary regulatory approvals.
ABOUT UNITED SILVER CORP.
United Silver Corp. is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. The Crescent Silver Mine project has historically produced 25 million ounces of silver at an average grade of 27.0 opt (Crescent Mine Updated NI 43-101 Technical Report on Resources, March 1, 2010). USC also owns United Mine Services, Inc. a successful mining service contractor. The Company trades on the Toronto Stock Exchange under the symbol "USC". For more information about the Company, please visit: www.unitedsilvercorp.com.
ON BEHALF OF UNITED SILVER CORP.
Graham M. Clark Jr., Chief Executive Officer
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release include that: we can complete a private placement of up to $1,000,000 and that we can restart mine and exploration operations when we have completed our assessment. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, estimation of mineral reserves and resources, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, the inability to obtain any necessary permits or other required regulatory approvals for the company's financings or mineral projects as and when needed; the inability to agree with joint venture or other key partners on important items, labour shortages, the inability to keep key employees, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
United Silver Corp.
CHF Investor Relations
(416) 868-1079 x231
cathy@chfir.com
http://www.unitedsilvercorp.com
United Silver Corp. Announces Mill Construction Status and Corporate Reorganization
VANCOUVER, BRITISH COLUMBIA, June 9, 2011 -
United Silver Corp.
(formerly United Mining Group, Inc.) ("USC" or the "Company")
(TSX:USC)(OTCQX:USCZF)(FRANKFURT:UM8)
is pleased to update progress on the New Jersey Mill Joint
Venture Agreement ("NJMC Agreement") with New Jersey Mining
Company ("NJMC").
The NJMC Agreement was established to secure near-term milling
capacity for the Crescent Silver Mine project,
through funding a $2.5 million expansion program at
NJMC's fully permitted flotation mill and tailings facility.
The expansion program remains on budget and on schedule for
completion in the fourth quarter of 2011.
NJMC has informed the Company that detailed engineering is
60% complete and final process design is close to completion.
All long lead time equipment has been ordered including ball
mill, cone crusher, flotation cells and pumps, with most
equipment scheduled for delivery by August or already on site.
Fabrication of mineral processing tanks is about 60% complete
at Mine Fabrication & Machine, a business unit of the Company's
wholly owned subsidiary United Mine Services, Inc.
All concrete footings for buildings, as well as concrete pads
for fine ore bin and cone crusher, have been completed.
Steel building plans have been finalized, all materials have
arrived on site and erection of the building is
approximately 70% complete.
Under the NJMC Agreement, the Company will earn one-third equity
ownership in the mill upon completion of the expansion, with
the operator, NJMC, maintaining two-thirds ownership.
To date, the Company has committed approximately $1,650,000,
and is expected to incur the balance through December 2011.
In addition to its one third ownership interest, USC will earn
an exclusive right to 7,000 tonnes per month of milling capacity.
W. C. Rust, Consulting Metallurgist, of Mine Systems Design,
Inc., has reviewed the process parameters and written reports
describing the performance of the New Jersey Mill for processing
approximately 100 tonne samples of the Alhambra and South veins.
Samples from the South Vein test have been sent to G & T
Metallurgical Services Ltd. for confirmatory testing, to be
used in support of the ongoing NI 43-101 compliant Preliminary
Economic Assessment of the Crescent Silver Mine project
currently being undertaken by SRK Consulting (U.S.), Inc.
In addition, bulk samples of concentrate have been sent to
a regional refinery who has expressed an interest in testing
the material to determine suitability for further processing
at their facility.
The Company plans to stockpile underground mineralised vein
material ahead of the mill start-up period to ensure a
steady source of mill feed.
Located in the Coeur d'Alene Mining District of northern Idaho,
less than 4 miles from the Crescent Silver Mine project,
the NJMC mineral processing plant is in a convenient
location relative to the Crescent Silver Mine project.
The Company anticipates that the joint venture will allow it
to achieve significant Capex savings while maintaining
its accelerated timeline to bring the Crescent Silver Mine
project back into production in Q1, 2012.
Corporate Reorganization
The Company also announces the internal reorganization of United Silver Corp. with the formation of a wholly owned subsidiary United Silver (USA) Corp., an Idaho corporation focussing on the exploration and development of the Crescent Silver Mine project. Mr. Greg Stewart, founder of United Silver Corp. and United Mine Services, Inc., has been appointed Chief Executive Officer of United Mine Services, Inc., and will step down as President and Chief Operating Officer of United Silver Corp. Mr. Stewart will focus his professional efforts on growing the profitable and strategic United Mine Services, Inc., a wholly owned subsidiary of United Silver Corp., which will continue to operate three contract mine services divisions in northern Idaho. Mr. Stewart also continues as a director of United Silver Corp. The Company thanks Mr. Stewart for his considerable effort and time over the past year, overseeing the acquisition and development of the Crescent Silver Mine project, outstanding achievements during this period of rapid growth.
ABOUT UNITED SILVER CORP.
United Silver Corp. is a vertically integrated mining company with operations in Idaho, USA. The Company is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. The Crescent Mine has historically produced 25 million ounces of silver at an average grade of 27.0 opt (Crescent Mine Updated NI 43-101 Technical Report on Resources, March 1, 2010). The Company believes this historical data to be reliable and relevant). The Company also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. UMG is committed to building a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests. The Company trades on the Toronto Stock Exchange under the symbol "USC". For more information about the Company, please visit: www.unitedsilvercorp.com.
ON BEHALF OF UNITED MINING GROUP, INC.
"Charles Pitcher"
Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Cathy Hume
CHF Investor Relations
Tel. (416) 868-1079 x231
Email: cathy@chfir.com
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release include that the New Jersey mill will open on budget and on schedule; that we can achieve significant Capex savings while maintaining accelerated timeline to bring the Crescent Silver Mine project back into production; that production will commence in Q1, 2012; that we can grow United Mine Services, Inc. and that UMS will remain profitable; that we can build a senior silver-producing mining company based on aggressive exploration and development of the Crescent Silver Mine project and through the acquisition of additional precious metals interests; The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, currency fluctuations, ability to attract and retain key employees, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
http://www.unitedsilvercorp.com/s/NewsReleases.asp?ReportID=461582
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United Mining Group, Inc.
TSX : UMG
OTCQX : UMGZF
FRANKFURT : UM8
United Mining Group, Inc.
June 07, 2011 09:01 ET
United Mining Group Announces Name Change to United Silver Corp. and Symbol Change
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2011) - United Mining Group, Inc. ("UMG" or the "Company") (TSX:UMG)(OTCQX:UMGZF)(FRANKFURT:UM8) is pleased to announce that the Company's name change to United Silver Corp. will become effective for trading on Wednesday June 8, 2011. The Company's shareholders voted 90 percent in favour of the name change at the Company's Annual General Meeting held April 28, 2010.
"We felt it was important to align the Company's identity with our targeted silver resources as we continue our exploration and development efforts toward bringing the Crescent Silver Mine back into production. We are committed to building and running quality mining operations in the Silver Valley and developing partnerships that will provide benefits to the surrounding communities, the state of Idaho and our shareholders," stated Charles Pitcher, Chief Executive Officer, United Mining Group.
United Silver Corp. will commence trading on the Toronto Stock Exchange under the symbol 'USC', on the OTCQX platform under the symbol 'USCZF', and on the Frankfurt Stock Exchange under the existing symbol 'UM8'. The Company's new corporate website will also be launched at: www.unitedsilvercorp.com.
New TSX symbol: USC
New CUSIP Number: 911521
New OTCQX symbol: USCZF
Frankfurt symbol: UM8
New website address: www.unitedsilvercorp.com
ABOUT UNITED MINING GROUP
United Mining Group is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. UMG is committed to building a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests. The Company trades on the Toronto Stock Exchange under the symbol "UMG". For more information about the Company, please visit: www.unitedmininggroup.com
ON BEHALF OF UNITED MINING GROUP, INC.
Charles Pitcher, Chief Executive Officer
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release include that our stock will trade under a new symbol on June 8, 2011, that we can continue aggressive prospecting, exploration and development activities on the project; that production can start in the first quarter of 2012, that we can build a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, estimation of mineral reserves and resources, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, the inability to agree with joint venture or other key partners on important items, labor shortages, the inability to keep key employees, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
United Mining Group (UMG)
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United Mining Group Executes Term Sheet With Sprott Resource Lending Partnership for $10 Million Standby Loan Facility
May 18, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA --
United Mining Group, Inc.
("UMG" or the "Company") (TSX:UMG)(OTCQX:UMGZF)(FRANKFURT:UM8)
is pleased to announce that it has signed a term sheet
with respect to entering into a secured standby loan
facility agreement for up to $10 million with
Sprott Resource Lending Partnership (SRLP).
Charles Pitcher, Chief Executive Officer, UMG, comments,
"this facility will allow us to continue our aggressive
pre-production mine development program where, to date,
we have incurred approximately $12 million in exploration
and development expenditures on the Crescent Silver Mine
project and are on track to meet our first quarter 2012
commercial production start date. We are certainly pleased
to introduce the Sprott team to the Silver Valley,
historically one of the largest silver mining regions in
the world."
Closing of the secured standby loan facility is subject to
the satisfaction of terms and conditions standard for such
transactions, including, among other things, completion of
the definitive documentation and satisfactory due diligence.
Pursuant to the term sheet and subject to certain conditions
subsequent, UMG will have the ability to draw down on
the standby loan facility in two tranches;
the initial draw of $6 million and final draw of $4 million
up to March 31, 2012.
Any amounts drawn under the standby loan facility will be
due and payable on or before September 30, 2013.
Upon draw down, interest will be charged at a rate of
9.75% per annum calculated and paid monthly.
In consideration for entering into the term sheet, UMG has
agreed that it will (i) pay a $200,000 cash structuring fee
on the earlier of closing of the definitive documents
or termination of the term sheet; and (ii) make a standby bonus payment to SRLP payable in common shares of UMG at closing, subject to regulatory approval, at a price equal to a 10% discount to the 10-day weighted average closing price of UMG's common shares as they trade on the Toronto Stock Exchange prior to the day of signing of the term sheet, in an amount equal in value to $500,000 (equal to 5% of the principal amount of the standby loan facility). In addition, if funds are drawn under the standby loan facility, UMG will pay a fee of 5% of the initial and any subsequent draw to SRLP payable in common shares of UMG at a price equal to a 10% discount to the 10-day weighted average closing price of UMG's common shares as they trade on the Toronto Stock Exchange prior to the day of drawdown.
ABOUT SPROTT RESOURCE LENDING PARTNERSHIP
Sprott Resource Lending ("SRL") specializes in bridge and
mezzanine lending to precious and base metal mining,
exploration and development companies and energy companies
on a global basis.
Headquartered in Toronto, SRL seeks to generate income
from lending activities as well as the upside potential of
bonus arrangements with borrowers generally tied to
the underlying property or shares of the borrower.
SRL ( http://www.sprottlending.com ) was founded by
Quest Capital Corp. and Sprott Lending Consulting Limited Partnership.
Sprott Lending Consulting LP is a wholly owned subsidiary
of Sprott Inc., the parent of Sprott Asset Management LP
( http://www.sprott.com ), a leading Canadian independent
money manager.
ABOUT UNITED MINING GROUP
United Mining Group is a vertically integrated mining company with operations in Idaho, USA. The Company is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. The Crescent Mine has historically produced 25 million ounces of silver at an average grade of 27.3 opt (SRK Consulting 43-101 report, March 1, 2010). The Company also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. UMG is committed to building a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests. The Company trades on the Toronto Stock Exchange under the symbol "UMG". For more information about the Company, please visit: www.unitedmininggroup.com.
ON BEHALF OF UNITED MINING GROUP, INC.
Charles Pitcher, Chief Executive Officer
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release include that we will build a second access slot to the west half of the South Vein resource area at the same elevation; that the South Vein is completely open to depth from previous drilling; that stope testing and pre production development will continue on the current resource; that we can build a senior silver-producing mining company based on aggressive exploration and development of the Crescent Silver Mine project and through the acquisition of additional precious metals interests; The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
CHF Investor Relations
(416) 868-1079 x231
cathy@chfir.com
http://www.unitedmininggroup.com
The Wallace Street Journal
The Rarest Earth Elements
April 7, 2011
By David Bond, Editor
Silverminers.com
The Rarest Earth Elements
Wallace, Idaho - Mineweb's inestimable Dorothy Kosich reported Thursday that Colorado Republican Mike Coffman has reintroduced the Rare Earths Supply-Chain Technology and Resources Transformation Act of 2011 (RESTART Act) this week in the Congress.
According to friend Kosich: "Coffman's comprehensive legislation will put in place mechanisms to help U.S. manufacturers meet their needs for rare earth metals and ensures U.S. national security needs are met in the near term."
Continues Kosich:
"The legislation directs federal agencies to expedite their permitting processes in order to increase the exploration and development of domestic rare earth elements, without waiting environmental laws, and establishes a multi-agency task force to carry out this process.
"The bill would also build a Defense Logistics Agency (DLA) rare earth inventory-where the DLA would enter into long-term supply contracts and make the supplies available for purchase to federal government contracts-to generate a domestic market and facilitate the domestic sourcing of rare earth alloys and magnets.
"Federal-government backed loans would be made available to start production should lending from capital markets not be made available under the terms of the legislation.
"The measure would also require the various U.S. Cabinet Secretaries to appoint executive agents for rare earths."
It's about bloody time. But we're not sure the average congressional nit-wit grasps that we are utterly at the mercy of China, Russia and unfriendly countries in Africa for some two dozen rare earth and critical metals, or why he or she should care. Well, cell phones, flat-screen TVs, computers, jet engines, automobiles and a plethora of manufacturing process all run on these metals and they do not run without them.
Federal policy has been a study of enlightenment on the issue of critical metals. A decade ago the U.S. Environmental Protection Agency buried 20,000 tons of indium-rich flue dust collected by the Bunker Hill smelter in nearby Kellogg right next to a river and inside an aquifer. The stash was in hot demand: Teck Cominco in Canada wanted it; so did the Chinese government, and so did Sunshine Mining Co. and Wyoming-based Williams Metals Industries, which went so far as to purchase an Australian-developed process to separate pure indium and pure lead out of the stuff, with an arsenic-based wood preservative left over.
If you've got an LCD-screen watch or TV set, you're gazing at indium. There was enough indium in the Bunker Hill smelter dust to provide a year's supply of indium for the entire planet. But in its infinite wisdom, instead of selling it to willing buyers, the EPA mixed into this pile a heap of mercury and creosote and buried it in a substandard disposal area it would have sued a private company for constructing - again in an aquifer next to one of the headwaters of the Columbia River.
So here is where we find ourselves: Wholly dependent on foreign and frequently unfriendly sources of materials basic to our society. The irony is, rare-earths aren't particularly rare. It's just that they're scattered around in the earth's crust in relatively uneconomic, unconcentrated levels. They are plentiful here in the United Snakes of America. It's just that between the EPA and the Green Movement, you can't mine them or recover them. So we go overseas for them, just like we do for oil. We've got gazillions of tons and barrels of oil, but the same EPA and Green Movement won't let us develop the reserves in the U.S.
China has an abundance of rare earths because it has an abundance of smelters, which collect the same sort of flue dust that Bunker Hill collected. Asia accounted for just 2 percent of the smelting capacity on this planet two decades ago. It now smelts more than half the world's supply of precious and base metals, and the detritus recovered from its bag-houses fuels the rare-earth supply.
Meanwhile, the blast furnaces at Bunker Hill will never be re-lit; there is no Bunker Hill smelter anymore, and it used to account for about 25 percent of this nation's needs for lead and zinc, and 10 percent of its silver. HudBay is shuttering its smelting and refining operations in Flin Flon in Manitoba and White Pine, Michigan. Asarco permanently closed its El Paso smelter in 2009, which had sat idle for a decade before that. AS&R's Tacoma copper smelter is in ruins. Nobody ships to East Helena anymore. We're basically left, on this continent, with the Horn smelter in Quebec, now owned by the Swiss, Teck's smelter in Trail, B.C., and St. Joe's remaining smelter in Missouri, now North America's largest lead refiner.
Without smelters we don't get rare earths. We also don't get common base metals like lead, zinc and copper. Without them we also don't get silver. It is important to understand that the this decade's run-up in silver, gold, copper and other metal prices has as much to do with who is producing the stuff as who is not.
It seems all the United Snakes of America produces any more is paper money, which in itself may become a critical material as the Green Movement shuts down the timber industry.
It will be 40 years ago this coming August that the United Snakes officially declared bankruptcy, as artfully detailed by Chris Weber this week, who wonders if we even own any gold anymore. It's when the U.S. reneged on its promise to redeem U.S. Dollars in gold, much to the chagrin of our old allies in Europe, who had trusted us. It was when U.S. Treasury Secretary John Connally famously (or apocryphally?) said to France, "The dollar is our currency, but it's your problem."
No wonder Charles De Gaulle kicked NATO out of France the next day. Despite its famous tolerance of all that is weird, the Republic of France does not suffer tramps and fools lightly. Nor need it. We stiffed them, plain and simple, and now we are staring down a very dirty barrel.
But we digress. Back to Rep. Mike Coffman's proposed legislation. What metal is NOT critical, or rare, to an industrialized nation that consumes them all? That is at the mercy of governments, sheikdoms and principalities hostile to it? That is at the mercy of nations it has smart-assedly stiffed? Remember that nasty Oil Embargo in the mid-1970s, when OPEC was formed? Know why that happened? It was because the Arabs re-priced oil to sync with the re-pricing of gold the U.S. had instigated. The Arabs just wanted measure-for-measure, which we are pretty sure is a Christian command.
We had better adopt Congressman Coffman's proposal in short order, but expand it to include every other metal, mineral and fossil fuel we possess but lack the will to produce. Include silver, copper, zinc, lead, and "dirty" gold. Every time we fire a cruise missile at Libya, we burn up 15 kilograms of silver in its wiring. But we don't make silver here anymore.
Wars start on Sunday mornings. It takes a decade to build a silver mine. Rep. Coffman, are you listening?
http://www.silverminers.com/commentary/wallace/index.php?&content_id=1464
UMG Ag-bull has to be let lose
http://www.roadtoroota.com/public/574.cfm
God Bless
United Mining Group Engages CHF Investor Relations
Apr. 7, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA --
United Mining Group, Inc.
("UMG" or the "Company") (TSX:UMG)(OTCQX:UMGZF)(FRANKFURT:UM8)
announced today it has retained CHF Investor Relations
to conduct investor relations.
CHF is a highly regarded Canadian investor relations firm
headquartered in Toronto operating under the same management
for the past eighteen years.
"As we progressively develop the Crescent Silver Mine
project in the Silver Valley, we are cognizant of the concurrent
need to share our progress with the investment community.
CHF Investor Relations received strong recommendations and
we are ready to get a comprehensive IR outreach program off
the ground," explained Charles Pitcher,
CEO of United Mining Group, Inc.
ABOUT CHF INVESTOR RELATIONS
CHF's effective role is acting as the public company's outsourced, low-cost equivalent to an internal investor relations department. CHF serves an international portfolio of TSX, Venture and CNSX-listed companies, and others that may seek to list on North American Exchanges that operate in a broad range of industries including mining exploration and producers, oil & gas, biotech, high-tech, renewable energy, consumer products and special situations. The depth of capital market experience is formidable dating back to the late 1970's. CHF's head office is in Toronto, with another Canadian office in Calgary; as well as branch offices in New York, USA; São Paulo, Brazil; and Shanghai, China.
ABOUT UNITED MINING GROUP, INC.
United Mining Group is a vertically integrated mining company with operations in Idaho, USA. The Company is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. The Company also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. UMG is committed to building a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests. The Company trades on the Toronto Stock Exchange under the symbol "UMG". For more information about the Company, please visit: www.unitedmininggroup.com.
To receive corporate news updates send your email to stephanie@chfir.com and mention 'United Mining News' on the subject line.
ON BEHALF OF UNITED MINING GROUP, INC.
Charles Pitcher, Chief Executive Officer
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, estimation of mineral reserves and resources, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
CHF Investor Relations
CEO
416.868.1079 x 231
cathy@chfir.com
United Mining Group (UMG) fiat$1.16 Up 0.04 +3.57%
Volume: 333,210 @ 3:50:46 PM ET higher demand
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TSE:UMG Detailed Quote
United Mining Group (UMG) funfiat$1.1 UP 0.06 +5.77%
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TSE:UMG Detailed Quote
United Mining Group Reports Results for Year Ended December 31, 2010
Mar. 28, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- United Mining Group, Inc. ("UMG" or the "Company") (TSX:UMG)(OTCQX:UMGZF)(FRANKFURT:UM8), focused on bringing Idaho's Crescent Silver Mine back into production, reports that it has filed its audited financial statements and MD&A for the year ended December 31, 2010. The documents are available under the Company's profile at www.sedar.com and on its website at www.unitedmininggroup.com.
Highlights for 2010:
Generated revenues of $10,328,952 and gross profit of $1,672,749, through Mine Services division;
Graduated to the Toronto Stock Exchange in September 2010, after completing reverse takeover in May 2010;
Completed three equity offerings, raising gross proceeds of $13,531,311;
Strengthened management team by hiring Mr. Charles Pitcher, former CEO and Director of Western Coal Corp., as CEO;
Appointed new Chairman, Mr. Graham (Chip) Clark, former General Counsel and Senior Vice President, Newmont Mining;
Completed $3.7 million in exploration and development expenditures toward bringing the Crescent Silver Mine back into production;
Increased landholdings by approximately 265%, to 379 hectares (973 acres) by acquiring 42 patented mining claims on contiguous lands considered by management to be under-explored and high-potential exploration ground; and
Signed a letter of intent with the New Jersey Mining Company to secure local milling capacity by investing US$2.3 million to expand the mineral processing plant to 360 tonnes per day, giving UMG a one third equity ownership.
Year End 2010 Financial Results
http://tmx.quotemedia.com/article.php?newsid=39905519&qm_symbol=UMG
United Mining Group (UMG) funfiat$1.09 UP $0.19 +21.11%
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eom7 welcome to UMG Mining (UMGZF
good to see you here and thanks for good info
United Mining Group Reports Results for Year Ended December 31, 2010
Mar 28, 2011 9:34:00 AM
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 28, 2011) - United Mining Group, Inc. ("UMG" or the "Company") (TSX:UMG)(OTCQX:UMGZF)(FRANKFURT:UM8), focused on bringing Idaho's Crescent Silver Mine back into production, reports that it has filed its audited financial statements and MD&A for the year ended December 31, 2010. The documents are available under the Company's profile at www.sedar.com and on its website at www.unitedmininggroup.com.
Highlights for 2010:
-- Generated revenues of $10,328,952 and gross profit of $1,672,749,
through Mine Services division;
-- Graduated to the Toronto Stock Exchange in September 2010, after
completing reverse takeover in May 2010;
-- Completed three equity offerings, raising gross proceeds of $13,531,311;
-- Strengthened management team by hiring Mr. Charles Pitcher, former CEO
and Director of Western Coal Corp., as CEO;
-- Appointed new Chairman, Mr. Graham (Chip) Clark, former General Counsel
and Senior Vice President, Newmont Mining;
-- Completed $3.7 million in exploration and development expenditures
toward bringing the Crescent Silver Mine back into production;
-- Increased landholdings by approximately 265%, to 379 hectares (973
acres) by acquiring 42 patented mining claims on contiguous lands
considered by management to be under-explored and high-potential
exploration ground; and
-- Signed a letter of intent with the New Jersey Mining Company to secure
local milling capacity by investing US$2.3 million to expand the mineral
processing plant to 360 tonnes per day, giving UMG a one third equity
ownership.
Year End 2010 Financial Results
For the year ended December 31, 2010, the Company's Mine Services division generated revenues of $10,328,952 and a gross profit of $1,672,749, compared to $15,747,773 and $4,040,595 for the year ended December 31, 2009. The decline in 2010 revenues is primarily attributable to the resumption of normal funding levels by the U.S. Federal Government on an environmental reclamation contract held by the Company's Contract Services Division. Correspondingly, the increase in 2010 operating expenses was primarily driven by increased legal and accounting costs associated with the reverse takeover and the appointment of senior management. As such, the Company incurred a net loss of ($1,588,900) in 2010, compared to net income of $1,705,572 in 2009. The Company's cash and cash equivalents balance at December totaled $9,439,546, compared to $30,710 at December 31, 2009.
ABOUT UNITED MINING GROUP
United Mining Group is a vertically integrated mining company with operations in Idaho, USA. The Company is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. The Company also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. UMG is committed to building a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests. The Company trades on the Toronto Stock Exchange under the symbol "UMG". For more information about the Company, please visit: www.unitedmininggroup.com.
ON BEHALF OF UNITED MINING GROUP, INC.
Charles Pitcher, Chief Executive Officer
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, estimation of mineral reserves and resources, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
United Mining Group, Inc.
Greg Stewart
Chief Operating Officer
208.682.9018
gstewart@unitedmininggroup.com
http://www.unitedmininggroup.com
Source: United Mining Group, Inc.
----------------------------------------------
United Mining Group
Inc.
Greg Stewart
Chief Operating Officer
208.682.9018
gstewart@unitedmininggroup.com
http://www.unitedmininggroup.com
United Mining Group Announces US$9 Million Development Program to Accelerate Start Up of the Crescent Silver Mine
Mar. 24, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA --
United Mining Group, Inc.
("UMG" or the "Company"), (TSX:UMG)(OTCQX:UMGZF)(FRANKFURT:UM8)
is pleased to announce a US$9 million pre-production mine
development program and operations update on its intermediate-
advanced stage Crescent Silver Mine project, located in
Silver Valley Idaho, in the Coeur d'Alene Mining District.
The Company has achieved significant progress since May 2010, when it acquired through an earn-in agreement an 80 percent ownership interest in the Crescent Silver Mine, by spending $9 million in exploration and development within a three-year period. During 2010, the Company successfully repaired and rehabilitated approximately 6,000 feet of the Hooper Tunnel, the main entrance to the mine and completed a 450 foot exploration drift extension, the first phase of a program to extend the tunnel an additional 1,100 feet west, to allow access for underground drilling. Additionally, construction of the Countess Portal in the upper elevations of the property, above the Hooper Tunnel, was completed along with construction of 1,337 feet of the Countess Decline ramp, the first phase of a program to drive the ramp 2,200 feet into the property to provide access to the Alhambra and South veins. As of December 31, 2010, the Company spent approximately $3.7 million toward its $9 million earn-in commitment, exceeding its requirement to spend $2 million in the first year. The Crescent Silver Mine Earn-in Agreement includes an acceleration option whereby the Company will earn a 50% ownership interest in the Crescent Silver Mine property, once it has spent $5 million in exploration and development.
In January 2011, the Company continued construction of the final 650 feet of the planned 1,100 foot extension of the Hooper Tunnel which is scheduled for completion in the second quarter of 2011. The 1,100 foot extension will allow for further underground drilling. In mid March development mining crews completed the Countess Decline Ramp to 2,200 feet. The Countess Decline Ramp now provides production access to the Alhambra and South veins and will allow the Company to pursue further project exploration and growth potential. Initial ore drifting on the South Vein has commenced along with development of the footwall and attack ramps.
Results of the 2011 underground and surface exploration and development programs are expected to contribute to an update of the previously established NI 43-101 compliant indicated resource estimate of 6.1 million ounces of silver (324,000 tons grading 18.7 opt silver), and inferred resources of 4.1 million ounces silver (211,000 tons grading 19.5 opt silver) (SRK Consulting, NI 43-101 March 1, 2010). The primary focus of the underground and surface drilling and sampling program is the previously un-mined, high-grade South Vein.
As a condition of reopening the Crescent Silver Mine, the Company is required to build a secondary escape way from the mine and has studied several options that would allow the Company to commence production in the first half of 2012. The initial option, an internal shaft raise, which was scheduled to commence construction in June 2011, for completion in May 2012, at an estimated cost of $7 million, has been replaced with a second option, the Wilkie Incline, a secondary ramp at 3,600 foot elevation, scheduled to commence construction in May 2011, at an estimated cost of $5.9 million, with completion planned in December 2011. Independent from the Hooper Tunnel, the mine's main entrance, the Wilkie Incline is designed to allow all underground production and development to proceed quickly and easily on both the Alhambra and South veins. To view the Company's three dimensional models depicting the proposed development program for the Crescent Silver Mine, please click on http://www.unitedmininggroup.com/maps.php or go to the Company's website at www.unitedmininggroup.com.
"As the Company moves toward its goal of bringing the Crescent Silver Mine back into production it is also building its engineering, geological, mining and safety support teams. Our aggressive 2011 exploration program along with the construction of the Wilkie Incline will provide significant operational advantages both in terms of costs and scheduling. By shortening our pre-production mine development program by 3-5 months, the Wilkie Incline is expected to allow the Company to commence initial production at the Crescent Silver Mine in the first quarter of 2012, at least one quarter earlier than originally anticipated," said Mr. Charles Pitcher, Chief Executive Officer.
ABOUT UNITED MINING GROUP
United Mining Group is a vertically integrated mining company with operations in Idaho, USA.
The Company is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines.
The Company also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district.
UMG is committed to building a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests.
The Company trades on the Toronto Stock Exchange under the symbol "UMG". For more information about the Company, please visit: www.unitedmininggroup.com.
In compliance with NI 43 101, David Deering, P.Eng., is the Qualified Person responsible for the accuracy of this news release.
ON BEHALF OF UNITED MINING GROUP, INC.
Charles Pitcher, Chief Executive Officer
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties.---- conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made---whether as a result of new information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
United Mining Group, Inc.
Chief Operating Officer
208.682.9018
gstewart@unitedmininggroup.com
http://www.unitedmininggroup.com
http://tmx.quotemedia.com/article.php?newsid=39817957&qm_symbol=UMG
United Mining Group Announces US$4.3 Million Exploration Program
at Crescent Silver Mine Project
http://www.unitedmininggroup.com/news-2011-03-17.php
United Mining Group Announces Grant of Options
Mar. 10, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- United Mining Group, Inc. (TSX:UMG)(OTCQX:UMGZF)(FRANKFURT:UM8) (the "Company") announces the grant of 1.1 million options to directors, officers, employees and consultants exercisable at a price of $1.05, per share for a period of five years.
About United Mining Group
United Mining Group is a vertically integrated mining company with operations in Idaho, USA. The Company is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. The Crescent Mine has historically produced 25 million ounces of silver at an average grade of 27.3 opt (SRK Consulting 43-101 report, March 1, 2010). The Company also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. UMG is committed to building a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at the Crescent Silver Mine project and through the acquisition of additional precious metals interests. The Company trades on the Toronto Stock Exchange under the symbol "UMG".
For more information about the Company, please visit: www.unitedmininggroup.com
On Behalf of the Board of Directors
Charles Picher, Chief Executive Officer
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
United Mining Group, Inc.
President & Chief Operating Officer
208.682.9018
gstewart@unitedmininggroup.com
http://www.unitedmininggroup.com
Outdoor Idaho: "Mining Idaho"... the Silver Valley
United Mining Group Extends Contract at Galena Mine
February 24, 2011 Vancouver, British Columbia:
United Mining Group, Inc.
(the "Company"), (TSX:UMG Frankfurt:UM8 OTCQX:UMGZF)
announces that the Company’s Mine Services Division has extended
its agreement with U.S. Silver Corporation
("the Agreement"), to provide contract underground mining
services at the Galena Mine located in Silver Valley Idaho,
in the Coeur d’Alene Mining District.
The total value of the contract is estimated at approximately
US$ 6.0 million and extends the original contract by 18 months,
through to August 2012.
The Agreement calls for UMG to provide the necessary manpower
and oversight to perform contract mining for
U.S. Silver Corporation, primarily at their Galena Mine,
with a focus on expanding production from existing operations.
The Galena mine ranks as the second largest primary silver mine
in U.S. history, with 2010 production of approximately 2.3
million ounces of silver, 5.6 million pounds of lead and
1 million pounds of copper. As part of the normal course
of business under its Mine Services Division, UMG actively
pursues new opportunities to provide contract mining services
on an ongoing basis.
ABOUT UNITED MINING GROUP
United Mining Group is a vertically integrated mining company with operations in Idaho, USA. The Company is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines.
The Crescent Mine has historically produced 25 million ounces of
silver at an average grade of 27.3 opt
(SRK Consulting 43-101 report, March 1, 2010).
The Company also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district.
UMG is committed to building a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at
the Crescent Silver Mine project
and through the acquisition of additional
precious metals interests.
The Company trades on the Toronto Stock Exchange under
the symbol "UMG". For more information about the Company,
please visit: www.unitedmininggroup.com.
ON BEHALF OF UNITED MINING GROUP, INC.
"Charles Pitcher"
Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Greg Stewart
Chief Operating Officer
Tel: 208.682.9018
gstewart@unitedmininggroup.com
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release include that the contact with U.S. Silver is worth $6 million over the next 18 months, that we may obtain new mining service contracts, that we are building a senior silver-producing mining company, that we will have aggressive exploration and development of our current land position at Crescent, that our land is the highly-prospective for mining and that we will make acquisitions of additional silver interests. The Company’s actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control. These factors include: results of exploration activities and development of mineral properties, our competitors providing cheaper or better mine services, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company’s filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
United Mining Group (UMG)
1.06 ? 0.03 (2.91%)
Volume: 31,223 @ 1:58:32 PM ET
Bid Ask Day's Range
1.06 1.09 1.02 - 1.06
TSE:UMG Detailed Quote
I believe the warrants at .90, from an earlier funding should reached the "Acceleration Event" stage. But, i think they have to notify the holders, then give them time to exercise them. Probably hear that next?
Since they have made no mention of it, I can only assume they do not figure it is a big event for the company. Sad, yes, but not noteworthy?. They have pr'd two closings on deals that they had enacted. Not a word on the accident. They seem to be acting according to Sedar. I can only assume they are covered. I really do not understand the popularity of this company yet. Yes, I have a few shares, but their true value is in the future, imo.
United Mining Group (UMG)
1.16 ? -0.02 (-1.69%)
Volume: 160,173 @ 3:44:50 PM ET
Bid Ask Day's Range
1.16 1.19 1.16 - 1.2
TSE:UMG Detailed Quote
United Mine Service RE: employee,
the victim work for an UMG independent contractor?
If so...wouldn't that outfit be partially responsible?
I hope United Mining Group and US Silver does what's necessary to make things right
for themselves and for the miner.
I feel sorry for the young man's family.
The accident is a tragedy, but is common with accidents in mines.
e.g.,
In Sweden for instance the state of the art Kirunavvara iron ore
mine had two deaths this year and many more other years.
Mining is risky and if (I haven´t seen any report of any insurance
lawsuit and he was working for a separate mining contractor,
United Mine Service employee
who should have or often have insurance for their workers accidents?)
a court tests the case they will take that into consideration.
USSIF Silver should demand and may have demanded that
contractors doing work for them should have proper accidents
insurances for their workers?!!
- In the USA mining accidents; there were 67 people killed in
mines during 2007.
Sure every mine has it´s problems but mining is dangerous and
accident happens and that the risk we miners and all
working People often have to take at work and make sure our
family is covered by the insurance policy we often should
pay for!
US Silver believes that MSHA’s Report contains critical factual errors.
These errors have produced invalid conclusions as to the cause
of the accident.
For instance, there were scaling bars of proper length in the stope and the miners conducted their work underneath supported ground, which did not fail.
An independent examination by an eminent rock mechanics expert concluded
that the Company had completed everything that was required
of it to protect the miner.
US Silver shares this view.
It is the Company’s firm belief that the position of the victim relative to the rock fall location demonstrates that the accident was not caused by a failure of ground support or use of an improper tool.
As a result of the Report’s inaccuracies, the Company has provided to MSHA a detailed written objection with the assistance of experienced legal counsel.
US Silver has formally contested the citations issued by MSHA related to the accident.
Those citations will be litigated before an Administrative Law Judge for the Federal Mine Health and Safety Review Commission and the Company will vigorously defend its position.
A copy of US Silver’s full response can be viewed at the Company’s website at
http://www.us-silver.com\MSHAObjection\US_Silver_Response.pdf
US Silver’s number one priority is, and always has been, the safety of mine personnel.
The Galena community continues to be deeply saddened by the death of friend and co-worker Tim Bush.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiaries, owns
and/or operates the Galena, Coeur, Caladay and Dayrock silver-lead-copper mines in Shoshone County, Idaho, with the Galena mine being the second most prolific silver mine in US history.
Total silver production from U.S. Silver's mining complex has
exceeded 217 million ounces of silver production since 1953.
U.S. Silver controls a land package now totaling approximately 14,000 acres in the heart of the Coeur d'Alene Mining District.
U.S. Silver is focused on expanding the production from existing operations as well as exploring and developing its extensive Silver Valley holdings in the Coeur d'Alene Mining District.
btw.
it depends on how much trust we have for the 666 gov. agenciez
and their clownz?
I assume UMG is still the contractor and that both entities would carry liabilty insurance. I wonder if they are union. The report does not seem to be affecting UMG and they have not responded, that I have seen. We have seen strange trading with USA before. Mining is dangerous, that is a fact. I also want the family taken care of and I can't imagine that not happening in some way. How it will be remains to be seen. But, this is all in the Attorneys hands now.
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United Mining Group Commences Trading on Frankfurt Exchange Under Symbol "UM8"
02/24/2011 - United Mining Group Extends Contract at Galena Mine
02/22/2011 - United Mining Group Announces Changes To The Board
01/11/2011 - United Mining Group Completes Milling Agreement for its Crescent Silver Mine
Resource Clips ~ UMG 2.0 - Oct 13, 2010
Resource Clips ~ UMG Moves Ahead at Crescent Mine - Sept 13 - 2010
Watch UMG Ring the Bell at the TSX
http://www.shoshonenewspress.com/special_sections/
Gold and silver are higher this morning with the dollar, the British pound and commodity currencies falling in value. It is too early to tell whether the recent margin driven, paper sell off on the COMEX is over but physical supply remains limited while demand remains robust, particularly in China, India and wider Asia.
Dow Jones to Gold Ratio - 50 Years (Quarterly)
Griffiths was chief technical strategist with HSBC for over 20 years, has 44 years investment experience and now works for Cazenove Capital, one of the oldest investment houses in the world tracing its origins back to the 17th century. It manages money on behalf of blue blooded clients and is widely believed to manage some of the British Royal family's wealth.
Dow Jones Industrial Average - 50 Years (Quarterly)
Griffiths has previously said that not owning gold today is a form of insanity and "may even show unhealthy masochistic tendencies, which might need medical attention." (see here)
Meanwhile perhaps the leading commodity expert of our time, Jim Rogers, has said that silver was not and is not a bubble.
Toronto Resource Investment Conference
September 25-26
Toronto, Metro Convention Centre, North Building
Booth 315
Click here to register
Special Report Edition - Critical Milestone
The Wallace Street Journal: Will there be a happy ending for the Sunshine mine?
Resource Clips
Interviews with Greg Stewart, CEO and Dr. Larry Dick, Technical Advisor
Equedia May 2010 Silver Report
Midas Letter - United Mining Group Poised For Production in Idaho's Silver Valley
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