Big TSHL news!!
Thursday, October 02 2008 10:02 AM, EST Tri-Star Holdings, Inc. Announces Company Has Signed a Letter of Commitment to Acquire Copper Mine Market Wire "US Press Releases "
FT. LAUDERDALE, FL -- (MARKET WIRE) -- 10/02/08 -- TRI-STAR HOLDINGS, INC. (PINKSHEETS: TSHL), a publicly traded company currently on the Over the Counter, announced the Company has signed a letter of commitment to acquire one of three copper mines in the Blue Jay claims of the Limhi Mountains in Idaho . Additional negotiations are also underway regarding the acquisition of the two nearby mines. These mines were briefly very rich producers of copper ore beginning in the late nineteenth century, but were shut down due to downtrends in the price of copper. Historical workings on the Blue Jay claims includes the Blue Jay Copper Mine (which is covered by the Blue Jay mining claims) and consists of a six stamp mill, several underground adits, shafts, and open pits. Mining began in the late 1800's and continued intermittently up to the 1930s.
Around 1950, Consolidated Mining & Smelting (CM&S) of Trail, British Columbia , contracted with Robert Chastain, mining engineer, to prospect the area. Mr. Chastain mined five 50-ton train car loads of ore for CM&S and delivered the ore directly to Anaconda Smelting and Mining for processing. Results of the processed ore yielded more than 2% copper. CM&S was excited about the copper values, however no additional resources were expended for exploration drilling since copper prices took a severe downturn almost immediately following that first shipment.
Today, the Blue Jay vein remains over 100 feet wide and approximately 4,000 feet in length. The three mines together are estimated to contain approximately $500,000,000.00 in copper minerals. While the acquisition remains pending until the execution of customary definitive agreements, management stated it will release further details regarding negotiations pertaining to the other two Blue Jay claims.
Safe Harbor Provision
This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Tri-Star Holdings, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, the availability of technical personnel, changes in technology and competition.
Contact: Anthony Mellone 954-772-2640 Email Contact
