NMCX 500 million Contract Payment
This contract is old news but note contract payment starts within 30 days of completed audit. They actually gave buyer extension of 60 days but most believe buyer will perform quicker. The audit was completed yesterday.
NMC, Inc. Announces Sale of 137,939 Tons of the Concentrated Ore Inventory in Skull Valley, Arizona
Wednesday December 22, 6:00 am ET
$500 million sale over 10 years represents 26% of Skull Valley tonnage
HENDERSON, Nev.--(BUSINESS WIRE)--Dec. 22, 2004--Michael D. Sheppard, chairman of the board and CEO of NMC, Inc. (Pink Sheets:NMCX - News), announced today that NMC, Inc. has sold 137,939 tons of concentrated ore "as is" in the storage pits (approximately 26% of its total Skull Valley concentrated ore inventory) to a private U.S. corporation. The irrevocable contract is valued at $500 million over 10 years. The Company has already received an initial payment of $700,000, and the remainder of an $11 million down payment is to be paid over 24 months. Under the terms of the agreement, the buyer will pay the remaining $489 million over a 10-year period calculated from the date on which the full down payment schedule is activated, which is 30 days after NMC receives its audited financial statements.
Sheppard further noted that financial statements for 1999 through 2003 will be posted on the Company's web site (www.nevadaminingcompany.com) as soon as they are received from Pannell Kerr Forster.
NMC, Inc., and its wholly owned subsidiary, Peeples, Inc., has interests in mining and ore processing. In addition to its Skull Valley operations, the Company owns 7 mining claims of 20 acres each in Mesquite, Nev. and 17 mining claims on 340 acres in San Bernardino County, Calif. In all of the above NMC, Inc. owns 100% of the mineral rights.
