I received the below email from the management of Silver Buckle Mines on November 5th 2010 in response to my inquiry about the status of the company and the known mineral claims it has. As the this email shows all the mineral claims of the company are leased to U.S. Silver Corp that expires on 3/21/2017. The full details of the lease are provided in the email. Silver Buckle Mines in Wallace, Idaho is one of the oldest companies in the rich Silver Valley Mining District of Northern Idaho. The 87 mineral claims are prime silver deposits just waiting to be produced on. The 87 claims was formerly leased in 1997 to Coeur d'Alene Mines Corporation, the largest silver mine producer in the world. Coeur d'Alene in the years after the lease expanded so rapidly that it had to shed some of it's long term assets like the Silver Buckle lease to concentrate on the projects in current operation and thus the sale to U.S Silver Corporation.
With the rapidly rising demand and price for silver world wide it is reasonable to expect that attention will so be brought to the production on the claims. As the management says in the email, they will be inquiring into the future status of the lease activity. It is just a mater of time before this company takes off in price. As silver prices rise steadily as they have been and then go parabolic so will all companies involved. Silver Buckle Mines has no debt, no financial out put and a lease for all of their 87 mineral claims for production. Theirs is a total win situation and for investors who are in no rush. Buy this company now at such low prices and put it on your retirement shelf as it's stock price will ripen as the months and years go by.
U.S. Silver Corporation, the formerly private firm headquartered in Wallace, has completed its merger into Chrysalis Capital III Corporation, a publicly traded Canadian company. Shares are trading on the TSX under the new symbol “USA”. Last summer, the firm bought the Silver Valley properties of Coeur d'Alene Mines. This included one asset that’s now operating: the Galena Mine… and two that aren’t: the Coeur Mine and the 5,000-foot deep Caladay exploration shaft. U.S. Silver has said it plans to boost spending on exploration and development, but there’s no official word on expected production levels at the Galena this year. Outfits with property under lease around the Galena include American Silver (PinkSheets:ASLM)… Sterling Mining (OTCBB:SRLM)… and Silver Buckle Mines (PinkSheets:SBUM).
SILVER BUCKLE MINE EMAIL
I received you inquiry regarding Silver Buckle Mines, as you stated the Company has 87 unpatented mining claims near the Galena Mine and the Caladay shaft.
These claims were leased in 1997 to Coeur d'Alene Mines Corp, at that time the operator of the Galena Mine and owner of the Caladay. I think in 2006 Coeur d' Alene Mines sold this operation and the Silver Buckle lease to a new entity U.S Silver Corp (USSIF). Silver Buckle Mines does not have a web site. But, base on our communications with US Silver last year and in the first part of 2010, they had no intention of exploring on the Silver Buckle properties in the near future. At that time, they had limited funding, major repairs on going on their shaft and closer less expensive targets to explore. Since that time, silver prices and US Silver Corp's stock price and financial conditions have improved greatly. Our board will be visiting with U.S. Silver management soon to review their plans for our properties. Our lease with U.S. Silver Corp expires 3/21/2017. The lease provides for a minimum 20% net profits royalty, which increases based on the price of silver up to a 40% when silver is above $16.50 / ounce. The leaser also pays the annual BLM fees, pays a monthly advance royalty which is currently $600, and has to perform $125,000 of work on or for the benefit of our property every five years.
Dennis O'Brien-Silver Buckle Mines
