momo play news > 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
PR Newswire
DALLAS, May 14
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.
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. In connection with the "safe harbor" provisions of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, important factors that, among others, could cause or result in actual results and experience to differ materially from the Company's anticipated results, projections, or other expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.
Investor Contact:
CSIR Group, LLC
Christine Petraglia
212-386-7082 212-386-7082
info@csirgroup.com
SOURCE Southwest Resources, Inc.
