Unico, Inc. Announces Initiation of Process to Complete Purchase of the Deer Trail Mine
32 Patented Mining Claims and 171 Unpatented Mining Claims Are Subject to the Purchase Agreement
SAN DIEGO, CA, Jun 06, 2007 (MARKET WIRE via COMTEX) -- Unico, Incorporated (OTCBB: UCOI), a natural resource company in the precious metals mining sector, today announced that the process of transferring ownership of the Deer Trail Mine from Crown Mines, LLC has been initiated and the company expects to complete the purchase of the property once the necessary agreements have been executed.
Legal representatives from Unico, Inc. and Crown Mines, LLC are working to complete several necessary documents related to the purchase, including a purchase agreement, a bill of sale and a quitclaim deed to effect the transfer of ownership of the Deer Trail Mine property.
The mining lease and option to purchase between Unico, Inc. and Crown Mines, LLC, dated December 12, 2001, was adjusted through a first modification of mining lease and option to purchase, dated May 31, 2004, a second modification of mining lease and option to purchase, dated April 21, 2006, a third modification of mining lease and option to purchase, dated November 1, 2006, and a fourth modified lease and option to purchase agreement in April 2007, which provided for a due date of May 31, 2007 for Unico, Inc. to exercise its purchase option.
Under the agreement, Deer Trail Mining Company, LLC has the right to acquire the mining claims located in Marysvale, Utah, which consist of 32 patented mining claims and 171 unpatented mining claims, as well as mill sites, dumps and other transferable rights contained in the agreement.
The claims covered in the purchase agreement total approximately 3,275 acres, or 5.12 square miles, and include workings known as the Deer Trail Mine, the PTH Tunnel and the Carisa and Lucky Boy Mines. The PTH Tunnel penetrates more than 10,000 feet, with a developed network of tunnels, shafts, stopes, and raises at the 3,400-foot-area and at the 8,000-foot-area, and was mined by prior owners for gold and silver. The initial Deer Trail claims date back to 1870.
