InvestorsHub Logo
Followers 27
Posts 1200
Boards Moderated 0
Alias Born 01/05/2011

Re: BBseller post# 54245

Friday, 03/09/2012 11:57:13 AM

Friday, March 09, 2012 11:57:13 AM

Post# of 163006

Additionally, the Company is pleased to announce that it has initiated the funding of its JV as required by the terms and conditions of the Joint Venture Agreement. Management will be issuing mining updates as developments progress.

Lovito, continued, "We are pleased to have initiated the funding of our joint venture. This allows us to now move to the next steps with our mining partners. The development of mining claims is a process, not something that occurs overnight. This is a major step in that process. THE CLAIMS

The claims show Ore Reserves of 6.75 million cubic yards of ore. The average ore tenor is 0.025 oz/yd. or 168,750 total ounces of gold. An unusual and significant attribute of the Gold Star property is that the mineralized black sands, unlike most, appear to contain substantial gold values. Limited testing has shown these values to be fairly uniform across the claims.

According to the Jenkins Technical Summary: "If the hi-bar deposits contain (mineralized black sand) gold values throughout, the potential may be staggering, and could far outweigh the free gold placer material."