GEGI News Proven $110-$311 Million Gold Reserves!>
Genesis Electronics Group, Inc. Completes Lease Agreement for Nevada Gold Mine
RED BANK, NJ / ACCESSWIRE / March 31, 2015 / Management of Genesis Electronics Group, Inc. (PINKSHEETS: GEGI) announced today that they have finalized the lease and mining agreement for a 20 acre claim on the property known as "Mav5-E". Located in the Osceola Mining District in Nevada, White Pine County, approximately 29 miles southeast of Ely, the project consists of 985 acres is divided up in thirteen claims. The agreement includes all rights for mining, water usage from the NDEP and the air pollution permits as required. The Geologic Report estimates the value of the reserves of the claim to be from $103 million to $311 million.
The Osceola Mining District in Mary Ann Canyon has been historically one of the most prolific gold producing regions in Nevada. Mining in the District started in the 1870’s and continues through this day. Based on the geological report prepared by the geologists at Skookum Geological, the estimated recoverable reserves for the entire 985 acres is over $2.1 billion.
Mr. Raymond F. Purdon, President & CEO, commented, "We are very excited for the opportunity to enter the gold mining business at a time when prices
are at historical highs and the cost of production is less. The acquisition of the lease puts the Company in position to generate income and provide shareholder value."
The Company will operate the mine through its wholly owned subsidiary, Genesis Mining Corp: www.genesisminingcorp.com.
The Company has terminated the stock purchase agreement with Defense Technology Corporation (DTC), signed in January 2014.
About Genesis Electronics Group, Inc.
Genesis Electronics Group, Inc. is a holding company which makes acquisitions, investments, and enters into strategic business partnerships. The Company works with organizations that are looking for capital, management assistance, or help in reaching their target markets to realize their true potential. In May 2008, Genesis completed a merger with Genesis Electronics, Inc. a company that is engaged in the development of solar and alternative energy applications for consumer devices such as mobile phones device. www.genesiselectronicsgroup.com