BANGING ON THE TABLE HERE- PR:
Southwest Resources Executes Binding Memorandum of Understanding to Form Joint Venture for Arizona Mining Operation
Southwest Resources Executes Binding Memorandum of Understanding to Form Joint Venture for Arizona Mining Operation
May 14, 2010 (PR Newswire) --
DALLAS, May 14 /PRNewswire-FirstCall/ -- Southwest Resources, Inc. (Pink Sheets: SWRS) (the "Company"), a natural resources exploration, production, and mining company, today announced that its subsidiary, Southwest Mining & Metals, LLC, has executed a binding memorandum of understanding (the "MOU") to form a joint venture with Russell Jaffe to own and operate a placer mine located in southern Arizona.
An assay of the site was performed by an Arizona State certified laboratory in July 2009. The assay, which can be found on the Mining section of the Company's website, indicates the presence of over one million ounces of precious metals comprised mostly of gold and platinum. This assay utilized core samples from the site's surface to 10-foot depths, and management believes there is a likelihood that similar precious metals concentrations will exist well beyond 10 foot depths. The Company intends to utilize existing, proven technology to perform the mining operations.
Under the terms of the MOU, Mr. Jaffe will contribute his ownership of the mining claim to the new joint venture entity in exchange for Southwest Resources' payment of a total of $2.5 million over a twenty-four month period. The Company will be a 50/50 joint venture partner with Mr. Jaffe, and each will share the costs of constructing an onsite processing facility and its subsequent operations.
The Company's management expects the mining operations to commence by the third quarter of 2010.
About Southwest Resources, Inc.
Southwest Resources, Inc. is an energy and mining company engaged in the acquisition, development, exploration and production of natural gas, crude oil, placer deposits of precious metals such as gold and platinum, and other income-producing natural resources. The Company is currently pursuing oil and gas properties in Texas, Oklahoma, New Mexico and Arizona and has mining rights in Utah. For more information, please visit the Company's website: www.southwest-resources.com.
