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Friday, November 18, 2011 4:32:51 PM
Let's start with the mines WSRA owns or owned. This will give everyone an excellent history of the last 5 yrs. of WSRA.
WSRA Western Sierra Mining Announces Acquisition of Mining Properties in Arizona
Jul 10, 2008 9:00:00 AM
Copyright Business Wire 2008
Western Sierra Mining Corp. (Pink Sheets: WSRA - News) officially announced to shareholders today that the Company has successfully executed a definitive material agreement with GoldRiver Exploration, Inc, whereby Western Sierra has acquired exclusive mining rights to eight ore bearing properties in the Bradshaw Mountain region of Central Arizona.
The recently finalized acquisition includes noted properties with extensive mining histories and precious metal ore bodies that are geologically well documented, including The Sun Gold Group, The Big Chief Group, The Oro Cache Mine, The Eagle Mine and The Treasure Gulch Mine. Based on historic geologic assessments, collective proven gold reserves for the properties are estimated at 100,000 ounces (Au) with probable reserves of 400,000 ounces (Au), in additional to proven and probable reserves of silver totaling approximately 1,000,000 (Ag).
Together with the completion of this acquisition and the recent engagement of PCAOB member accounting firm of Moore & Associates, Western Sierra management is working to value the mine group acquisition for accounting and reporting purposes in accordance with Generally Accepted Account Principals (GAAP) and industry norms. It is anticipated that this valuation information will be completed and released to shareholders within the next week.
Michael Chaffee, CEO & President of Western Sierra Mining, commented, "We are thrilled to have formalized this transaction that will, when valuation calculations are completed, undoubtedly provide significant per share value to WSRA shareholders, significantly improve the Company's balance sheet and provide management with meaningful short-term production possibilities to propel the company into revenue generating status." He continued, "With the initial stake hold firmly in place, management will begin planning for preliminary exploration in the 3rd quarter while continuing to evaluate other properties that will expand total proven and probable reserves."
http://www.hotstockmarket.com/t/58361/wsra-western-sierra-mining-corp-gold
Western Sierra Mining Reports Valuation of Recent Arizona Mining Property Acquisition for Accounting and Reporting Purposes
Business Wire "US Press Releases "
LAKE HAVASU CITY, Ariz.--(BUSINESS WIRE)--
Western Sierra Mining Corp. (OTC: WSRA) announced today that the Company has determined the valuation of the Company's recent acquisition of eight ore bearing properties in Arizona and recorded this amount on the Company's books for accounting and future reporting purposes.
Despite proven gold reserves in excess of 100,000 oz - a gross value of approximately $80 million based on a discounted spot gold price of $800/oz and 590,000 oz of proven silver reserves - a gross value of approximately $8 million based on a spot silver price of $12/oz - Western Sierra Mining Corp. has elected to record the recently finalized acquisition on the Company's books at the significantly discounted valuation amount of approximately $18 million equal to $.08 per common share on a fully diluted basis. Management has also elected not to include in the valuation nor record on the books the probable/indicated gold reserves in excess of 400,000 oz - a gross value of approximately $330 million based on a discounted spot gold price of $800/oz, nor the probable/indicated silver reserves in excess of 360,000 oz - a gross value of approximately $6 million based on a silver spot price of $12/oz. Management has furthermore applied various discounts in calculating the valuation in order to arrive at a conservative amount.
Michael Chaffee, CEO & President of Western Sierra Mining, commented, "Our CFO Dennis Atkins has worked diligently with management to value the acquired properties in what could only be characterized as an 'ultra conservative' manner. The full face-value of the proven reserves - even at below prevailing market prices - would be approximately $80 million or $.36 per share of book value for the proven gold reserves, approximately $320 million or $1.45 per share for the probable/indicated gold reserves and roughly $6 million or an additional $.03 per share for the probable/indicated silver reserves." He continued, "The recorded value of $18 million for these properties is testament to our financial conservatism. We believe it is in the best interests of all shareholders when management is committed to a set of rigorous financial controls and standards which to allow the market to value the Company properly, and we are firmly committed to holding to this standard as we continue to acquire and develop high-quality ore-bearing properties going forward."
Western Sierra Mining also released an up-to-date capital structure for the benefit of shareholders. As of Tuesday, July 15, 2008, the Company has 300,000,000 common shares authorized and 220,000,000 common shares issued and outstanding, of which approximately 21,000,000 are either freely trading or free trading eligible common shares in the DTC system.
http://www.hotstockmarket.com/t/58361/wsra-western-sierra-mining-corp-gold/20
Western Sierra Signs Agreement to Acquire the Blue Bell and De Soto Mines in Arizona
LAKE HAVASU, Ariz., Oct 02, 2008 (BUSINESS WIRE) -- Western Sierra Mining Corp. (WSRA:western sierra mng corp com new
WSRA 0.04, -0.01, -20.0%) announced today that it had signed a contract for a two-year lease with a fixed price option to purchase both the Blue Bell and De Soto mines, located near Crown King and Mayer, Arizona. Both mines have historically produced large amounts of silver and copper; the production cons also carried some gold. The two mines rest on approximately 550 acres of patented property.
Both the Blue Bell and De Soto mines produced substantial amounts of copper through the 1930s. The gold produced was a by-product of mining activities. The Blue Bell produced some 53 million pounds of copper during its operating lifetime.
The Blue Bell also produced silver from the late 1880s, with operations suspended in 1946. Exploration has continued through 1990 by outside mining companies. Both mines have shaft exposure below the 1300-foot level with in excess of 30,000 feet of lower workings.
Commenting on the agreement, the Company's president, Michael Chaffee, said, "We will shortly initiate a complete geological evaluation of the two mines beginning with a review of all existing historical data. During this period, we will also evaluate the merits of constructing a small hard-rock-free gold recovery plant to act as a test facility for both the De Soto and Blue Bell mines and to provide a local testing facility for other mines the Company owns in the area such as the Sun Gold, Oro Cache, Eagle and Treasure Gulch."
http://www.hotstockmarket.com/t/58361/wsra-western-sierra-mining-corp-gold/20
Western Sierra Completes Infrastructure Improvements at the Gold BasinMine
PRESCOTT, Ariz., Oct 21, 2008 (BUSINESS WIRE) -- Western Sierra Mining Corp. (OTC: WSRA) announced today that it has completed all infrastructure improvements to the Gold Basin mine necessary prior to initial production. Work will begin next week to begin preliminary excavation of the proven reserves to stockpile and ready the ore for production scheduled to begin in November.
Michael Chaffee, CEO & President of Western Sierra Mining, commented, "We are pleased that we brought the project in within budget with only minor delays. First excavation has already begun and will last through the end of the following week. Initial testing will also be conducted as we finalize the first production schedule and work to complete the mine development plan."
At that point the Gold Basin was listed FOR SALE but work continued.
PRESCOTT, Ariz., Oct 23, 2008 (BUSINESS WIRE) -- Western Sierra Mining Corp. (OTC: WSRA) announced today an update on its progress to list the company on the OTC Bulletin Board. Western's accountants have completed audits and reviews of the Company's financials through the period ended June 30, 2007. All filings up to and including the period ended March 31, 2007 have been filed with the SEC; the remaining audit for the year ended December 31, 2007 and reviews through the quarter ended June 30, 2008 should be completed and filed next week. Additionally, the Company is current with its required filings for the Pink Sheets. Once these financials are filed, the Company will be current with all of its audited and reviewed financials required for a listing on the Bulletin Board.
Michael Chaffee, CEO and President of Western Sierra Mining, commented, "The completion of the requirements for listing on the Bulletin Board has been a primary focus of ours for quite some time now. While the Company has recently increased its mining portfolio with the addition of eight mining claims in the Bradshaw Mountains of Arizona with total reported proven, probable and indicated gold reserves of approximately 500,000 ounces and 950,000 ounces of silver in addition to the Gold Basin property, it has recently optioned containing a total of approximately 550,000 ounces of proven, probable and indicated gold reserves, the successful upgrade to a fully reporting company would allow us to potentially access pools of investment capital and investors previously unavailable to WSRA. We look forward to keeping our shareholders informed of the exciting developments taking place in their company."
PRESCOTT, Ariz., Oct 28, 2008 (BUSINESS WIRE) -- Western Sierra Mining Corp. (OTC: WSRA) announced today that it has initiated pre-production testing for the Gold Basin placer mine, located near Wilhoit, Arizona. Total proven gold reserves for the mine exceed 150,000 ounces, with additional probable and indicated gold reserves of 400,000 ounces.
The Gold Basin Placer Mine is currently being operated under a lease option from Pine Creek Mining.
Western Sierra has an option to purchase the mine which it may pursue pending results of the testing and financing opportunities currently being explored by the Company. The testing, expected to take two to three weeks, is being done in conjunction with previous documented data collected and reported by outside and independent geologists over a sixty-year period in order to provide the Company with direction for initial production. Management intends to update shareholders as new data becomes available.
Michael Chaffee, CEO & President of Western Sierra Mining, commented, "We have finished the excavation work opening up some 40 sites and exposing in excess of 1000 feet of the ore body at both the Gold Basin and Red Hill locations. Processing the test site material has begun to confirm past historical work as well as providing direction for the first large scale production program."
PRESCOTT, Ariz., Nov 10, 2008 (BUSINESS WIRE) -- Western Sierra Mining Corp., (OTC: WSRA) announced today that it has completed the initial excavation phase of the proven reserves at the Gold Basin mine. Historical data indicates Possible and Indicated Reserves exceeding $400 million at $750 per ounce gold, with much of the ground with the same or similar geology untested at this point.
Michael Chaffee, CEO & President of Western Sierra Mining, commented "Our initial findings corresponded well to historical data. We have now completed the testing necessary to develop our production/mine operating plan so that we may process the ore with the highest gold content to maximize our gold production per hour, and we will release data as it becomes available.
Mr. Chaffee further stated "The Gold Basin Mine is one of three mines WSRA intends to simultaneously operate during Phase I of our Gold and Silver mining operations. Western has invested over $800,000 of its own funds to prepare these mines for operations".
PRESCOTT, Ariz., Nov 14, 2008 (BUSINESS WIRE) -- Western Sierra Mining Corp. (OTC: WSRA) announced today that all filings have been completed with the SEC so that WSRA is now current on the pink sheets and investors are able to access real time level 2 quotes on our stock. We are in the process of identifying a market maker to complete the necessary paperwork for a listing on the Bulletin Board, and as we are now putting our recent acquisitions into production we hope to make the transition from an acquisition and exploration company to a revenue based gold and silver production company, with an eventual eye towards a senior exchange.
Dennis Atkins, CFO of Western Sierra Mining, commented, "Over the past six months we have raised funds internally to initiate acquisitions, complete audits and commence production. Specifically, we have concluded an acquisition of the Gold River Mine ($400M in reserves), entered into a lease/option for Gold Basin ($600M in reserves) and completed four years of audits and filings. Final pre-production testing is on-going the Gold BasinMine, and we have entered into a lease/option for 550 acres of patented claims and two mines (Bluebell and DeSoto) that we believe contains significant gold, silver and copper reserves. These mines form the basis of our Phase I Production Program, and we will release more data as it becomes available."
LAKE HAVASU CITY, Ariz., Nov 24, 2008 (BUSINESS WIRE) -- Western Sierra (OTC: WSRA) announced today that it has completed 95% of the preparation necessary to begin production at the Gold Basin Mine. "Phase 1 and Phase 2 ore conformation is now complete and major portions of the Gold Basin mine site have been prioritized for delivery to the initial processing plant. We anticipate commencing Phase One Recovery Operations immediately after the Thanksgiving holiday," stated Michael Chaffee, CEO & President of Western Sierra Mining.
Through an extensive testing program over the last several weeks, guided by historical data, we have been able to "grade" several portions of the Gold Basin claims in preparation to provide the highest value ore values to be processed on the smaller gravity trommel. Each of initial 100+ sample sites provided information with respect to grade and tonnage and allowed us to develop a mine plan for the smaller 10 yard plant as well as the anticipated 20 yard and eventually a 50 yard/hr water gravity concentration facility.
The Gold Basin Mine has in excess of 500,000 oz. of total gold reserves valued at over $400,000,000 with anticipated margins of approximately 50%.
PRESCOTT, Ariz., Dec 02, 2008 (BUSINESS WIRE) -- Western Sierra Mining Corp. (OTC: WSRA) confirmed today that it has begun production at the Gold Basin Mine. The Gold Basin Mine has in excess of 500,000 oz. of total gold reserves valued at over $400,000,000.00 with anticipated margins of approximately 50%. While initial yearly cash flow of Phase I Production at this mine alone is targeted at $2,000,000.00, Western hopes to leverage production and increase this level to $4,000,000.00 in less than 12 months.
Michael Chaffee, CEO & President of Western Sierra Mining, commented, "We started our initial production runs yesterday utilizing the equipment we have been installing over the past eight weeks. Initial production results correspond well to historical data, and we will release results as they become available."
Mr. Chaffee further stated, "The Gold Basin Mine is one of three mines WSRA intends to simultaneously operate during Phase I of our Gold and Silver mining operations. Western has invested over $800,000 of its own funds to prepare these mines for operations, and is currently exploring a private financing to accelerate the company's business plan. While the Phase I Plan allows for expansion to be financed through cash flow, the proposed financing would allow for the outright purchase of the Gold Basin Mine which is currently being operated on a lease option, as well as an acceleration of our production plan. No formal decision has been made concerning the financing proposal, but we will release more details to our shareholders as they become available."
Western Sierra (OTC WSRA) Reports Initial Production Results Targeting $400 Million in Reserves at Gold Basin Mine
2:22p ET January 8, 2009 (Market Wire)
Western Sierra Mining Corp. (PINKSHEETS: WSRA) today released preliminary ore refining data from production sites at the Gold Basin Mine currently being processed. Specifically, the initial production results from its "Site 76" at the Gold Basin Mine are producing .75 grams gold per yard of processed ore.
Michael Chaffee, CEO & President of Western Sierra Mining, stated, "We are pleased with the results from Site 76 and the gold recovery corresponds well with our previous testing programs. Production has been limited to date due to weather; we will continue to mine Site 76 for the next 2-3 weeks and move on to our Site 64 which has now been cleared and readied for ore production. Site 76 represented the third best probable resource during the initial testing program with Site 64 being our second target. Our best deposit remains Site 56 which has also been cleared with ore stockpiled and readied for delivery to the production pad."
These preliminary results are consistent with historical data and company expectations; the Gold Basin Mine has in excess of 500,000 oz. of total gold reserves valued at over $400,000,000 with anticipated margins of approximately 50%.
PRESCOTT, Ariz., Aug 06, 2010 (BUSINESS WIRE) -- Western Sierra Mining Corp. (OTC: WSRA) has reached an operational milestone in its long-range development plans. Western has now had two consecutive quarters of positive earnings and expects to remain in positive territory through the remainder of the year. The Company has also filed its Initial Disclosure statement with Pink Sheets and moved up to the Current Information reporting level.
Mr. Dennis Atkins, Chief Financial Officer, when asked about the current status of the company, said, "It is gratifying to see initial results from our long-term objectives set out in 2009. We have been able to significantly enhance the balance sheet and create positive cash flow through our mine sale/lease programs. We have also completed our move up to the Current Information status on Pink Sheets. We will use some of this positive cash flow to continue our aggressive acquisition program and bring selected other mine assets into production."
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Western Sierra Mining Corp. and Diversified Secure Ventures Corp. Open Formal Discussions Globe Newswire(Wed, Jun 1)
Western Sierra Begins Development of the Big Chief Mine Globe Newswire(Tue, May 3)
Western Sierra Announces State Approval for Its Exploration Permit for the Gold Crown Property Globe Newswire(Tue, Apr 26)
Western Sierra Confirms Agreement to Assist in the Development and Sale of the Silver Cord Globe Newswire (Tue, Feb 22, 2011)
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![](http://www.hotstocked.com/articles-img/small/Western_Sierra_Mining.jpg)
Apparently all those PRs were timed with a pump and dump promotion.
A stock promotion with moderate effects for Western Sierra Mining Corp. (PINK:WSRA, WSRA message board) is running since the end of last week, but WSRA moves in the range between $0.014 and $0.019. That holds for yesterday's session as well, despite the company's claimed almost $80 million in gold and silver reserves. WSRA.png
The session yesterday closed at $0.019, still delivering a substantial gain of 18.75% from the previous day. One million traded shares is half of the average daily volume for the past 30 days, but what is worse: the company's latest press release plus the first promo e-mail could all together not generate a daily volume higher than the average.
That can hardly be called a successful campaign.
According to our database, the promotions started last Thursday, just after WSRA announced that it will participate in a Joint Venture to develop the Silver Cord mine in central Arizona. Another three e-mails followed, coming obviously from one and the same promoting firm. Compensation was initially given as $20,000, yet it seems that only $15,000 have been actually received.
Possibly, a market value of $5.8 million for the stock of Western Sierra Mining is just enough to expect more share price jumps like the ones from April. WSRA has already climbed into a higher trading range a few times this year. Unfortunately, the circulating in press releases and promoting newsletters information about gold and silver reserves might suddenly turn out to be not that reliable.
In its "Annual Disclosure Statement" published on the OTC Markets homepage, WSRA claims to have gold reserves for over $70 million and silver reserves for $9 million, along with leases and joint venture agreements for additional mining properties. WSRA had, according to the same document, outstanding notes as of the end of 2010, convertible into 30 million new common shares.
The last financial report filed with the SEC in late 2008 also states substantial gold and silver reserves, yet in early 2009 WSRA terminated its registration and stopped filing any reports. Maybe, it was just the costs of being a diligent SEC filer that were too high and the company has actually nothing to hide about the subsequent events around its business.
http://www.hotstocked.com/article/8012/promotions-cannot-make-western-sierra-mining-corp.html
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Maybe someday, the gold fever from these days will be named "neo gold rush" or "virtual gold rush". Opposite to the huge migration of people moving to the areas with a dramatic discoveries of gold, today, the advanced technologies allow to be a part of the rush and to profit on gold from anywhere in the world.
The virtual "migration" of investor nowadays, makes possible to benefit from the gold rush without even making a big difference and put emphasis on the facts whether mineral properties are proven, probable or indicated.
Thus, considering the new form of participation in the "neo gold rush" and the number of investors virtually rushed, makes it probably even more dramatic than the old gold fever.
Probably, these days, some investors had the same thoughts, considering an investment in Wstn Sierra Mining Corp. (PINK:WSRA, WSRA message board). Although the fact that as of yesterday the company is not producing nor trading gold or silver, basically leaves it up to their slogan: "Over One Hundred Years of Gold and Silver Mining Heritage", to attract investor.
On Wednesday, in a press release, Wstn Sierra Mining Corp. announced that they have received an approval from the State of Arizona to lease approximately 430 acres in Skull Valley, Arizona. Although WSRA still needs to proceed with an application for an exploration permit, which requires time and efforts, the company's share price exploded.
In a colossal volume, which exceeded the average almost nine times, the price of WSRA spiked 51.43% just to pull back rapidly yesterday. Shares' closing at $0.0240 and the quick paced price correction of almost 10% expressed investors' cooled enthusiasm to support an upward trend of WSRA.
WSRA_from_the_site.png Looks like, a short term and only virtual interest in company's stock was the main driving force of the gold rush. Afterwards, based on the due diligence done on the company, investor decided, that at this time, WSRA is maybe, not the best opportunity for a long term investment.
According some experts, shares of the "ancient" Wstn Sierra Mining Corp. are underestimated. Indeed, the market value of $6.85 millions as of yesterday looks modest for a company, operating in metals & mining industry.
Still, the question remains: "What stands behind this number?".
At the end of the last year, the gold WSRA had cash and cash equivalents of $87K, property and equipment of $22K and....... the impressive value of almost $21 million in mining property.
How fairly was the property evaluated remains an open question, since WSRA is de-registered from the SEC since April 2009. All the financial disclosures available are unaudited. Maybe, "the story" of the most valuable mineral property was also one of factors for the rapid roll down of share price yesterday.
In May, 2008, Wstn Sierra Mining Corp. acquired eight mining properties from Gold River Exploration Inc. in exchange for 56,555,166 shares of its common stock and $50K in cash. Then, the company determined that the acquisition should be valued and recorded on the books based on the discounted value of the reserves in accordance with SFAS 123. As a result, WSRA calculated the net value of reserves, net of estimated production costs, discounted over the recovery period and reflected uncertainties to be $18.5 million.
Two days ago, Nicholas Larkin from "Blumberg" posted: "Gold climbed to a record in London and New York for a fifth day, trading above $1,500 an ounce, as a weaker dollar and debt concerns boosted demand for the metal as an alternative investment. Silver rose to a 31-year high."
In this row of thoughts, there is nothing strange, that even shares of Wstn Sierra Mining Corp. succeeded to explode these days, though driven by the virtual interest in a gold.
http://www.hotstocked.com/article/5392/the-gold-rush-rushed-even-wstn-sierra-mining-corp.html
January 26, 2011
Western Sierra Completes JV Agreement With Gold Tech Engineering to Develop Several Mining Properties in Arizona GlobeNewswire (Wed, Jan 26)
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Western Sierra Files for Arizona State Land Lease
PRESCOTT, Ariz., March 7, 2011 (GLOBE NEWSWIRE) — Western Sierra Mining Corp. (Pink Sheets:WSRA) confirmed today that it had filed with the Arizona Department of State Lands to lease a mineral property in Skull Valley, Arizona.
The property is comprised of 430 acres located in the lower portion of Skull Valley, Yavapai County, Arizona. The property lies between two BLM claims controlled by Gold River Exploration and a significant piece of private property to the west. Western has also filed an Exploration Permit Application with the State on the property.
Assuming the lease and the exploration permits are issued to Western, and we see no reason why they would not be issued, Western will utilize the opportunity to expand its exploration activities in and around the Skull Valley area. Westerns interest is both placer and hard rock gold.
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What on earth went wrong with this deal?
(A.) On June 1, 2007 the Company (WSRA) entered into an agreement to acquire 78% of Pine Creek Mining Inc., a private company organized under the laws of the state of Organ. The sole asset of Pine Creek Mining is a placer gold property known as the Gold Basin Mine. The Gold Basin mine is located in the State of Arizona near the town of Wilhoit on the Hassayampa River.
On July 25, 2007, the Company made its final initial payment as required by the Acquisition agreement in the amount of $150,000. The total purchase price is $2.6 million to be paid over the next 18 months.
The Gold Basin Mine is fully permitted and has been in partial operation since January of 2007. The Company's intention is to develop the property by expanding the current operation to the maximum extent allowed by the current permits.
A copy of the Articles of Organization are on file at the office of the Company and available for review during normal working hours.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
http://www.hotstockmarket.com/t/58361/wsra-western-sierra-mining-corp-gold
Western Sierra Confirms New Production Agreement for the Gold Basin Mine Globe Newswire(Wed, May 18) Western had a deal with Pine Creek Mining, Inc. to develop the Gold Basin mine. No clue what happened to this deal as the Gold Basin is currently FOR SALE.
PRESCOTT, Ariz., Jan 23, 2008 (BUSINESS WIRE) -- Western Sierra Mining (Pink Sheets: WSRA) announced today that it had signed an agreement to Joint Venture the development of the Gold Basin Placer Mine with the owners of the property.
The project is divided into two phases. Phase 1 will improve the current infrastructure and return the mine site to small scale production. Phase 2 will scale up the mine site to a commercially viable gold recovery operation.
Phase 1 is scheduled for completion by the end of March 2008 and Phase 2 completion date is scheduled prior to the end of the 2nd quarter 2008.
Under the terms of the agreement, Western will fund both phases of the project with an option to acquire the entire property at the end of Phase 1.
The property has estimated reserves of in excess of 200,000 ounces gold, and is fully permitted with sufficient and current infrastructure to support Phase 1 operation.
CONTACT: Western Sierra Mining
Michael M. Chaffee, 928-680-5513
Dennis Atkins, 405-330-8395
Web Site: westernsierramining.com
The Gold Basin claims are located on 332 acres in central Arizona, within the Hassayampa River Basin, some 20 miles south of Prescott and one mile north of Wilhoit at an elevation of 4,100 feet. The claims are near paved Arizona State Highway 89 and fully accessible using an unpaved forest service road to the site.
Over $500,000 has been spent on extensive surface and drill testing, bulk sampling and assays over the past 15 years. The claims contain at least 17-24 million tons of processable ore. Mineral Reserves are $1.27 Billion at $1,800 per ounce gold. Ore tenor is 0.055 ounces of gold per cubic yard. The average recoverable ore value is approximately $93 per yard. production costs are $9 per yard, leaving a net profit of $84 per yard. The current permit is for operations at 50 yards per hour At a forward looking long term production rate of 250 yards per hour and two 10 hours shifts per day, the projected net profit per day should be $336,000. The net profit per month should be $8,064,000; and pre-tax annual profit is projected to be $88,704,000.
The property is located on Prescott National Forest land, although the site is desert like with no merchantable timber. The Plan of Operations and Stipulations have been approved, and the Authorization to Commence Operations has been issued by the US Forest Service. A reclamation bond is in place. The production season is year around.
Water is available from two water wells drilled at the site and a river flowing through the claims. An existing deep pool on the shore of the river has a dock and pump in place with piping to the plant site recycling ponds. The existing permits allow for pumping from the river at this pond site.
Over $1,000,000 has been invested in infrastructure, development and equipment. Basic infrastructure development is complete including roads, pads, gates, water wells, ponds and camp/storage sites. Some equipment is included with the project. With minimal additional equipment, including a wash plant, the mine is ready for commissioning and operation at 50 yards per hour. A permit modification and additional equipment is required to attain 250 yards per hour.
From an old company website...
Western has executed a buy-sell agreement with the shareholders of Pine Creek Mining Inc. to acquire the majority interest in the Company. Western will expand the current facility to increase production to 50 yards per hour at a cost of $1 million. The upgraded facility will be ready for full operation in 90 days from securing adequate funding.
The mine life time is estimated to be in excess of 25 years.
First full year of operation will produce in excess of 5,200 ounces gold or $3.3 million @ $660/oz.) in cash flow. Production cost will approximate $200 per ounce.
“The Gold Basin Placer Project is viewed as one of the best placer projects in Arizona, from the standpoint of proven reserves through exhaustive testing, ore tenor, location and logistics, water availability and year around climate.”
The Gold Basin claims are located on 332 acres in central Arizona, within the Hassayampa River Basin, some 20 miles south of Prescott and one mile north of Wilhoit at an elevation of 4,100 feet. A Permit and Plan of Operations has been approved by the US Forest Service.
Western has a contract agreement to process 30,000 tons of mine dumps located at the Picacho mine in Sonora , Mexico . The Picacho mine has been in production for 15 years and has stockpiled the ore during the course of production. The stockpiled ore averages 0.15 ounces gold per ton. The processing of this material will take 12 to 14 weeks and will provide some $ 750,000 net to The Company.
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