Fly,
There is probably much I could tell you in regards to mining. I find it incredible that after investing $10,000.00 in a company over the last year you are only now asking these questions. It doesn't pass the smell test. But, I will humor you.
A patented mine claim means that the Federal Government has passed title of the land to an entity making it private land, which means you own the land as well as the minerals.
An unpatented claim means an entity is leasing the right of possesion or the right to extract minerals contained on that land from the government.
If you look at the BLM site in Utah you will find that PHGI has appx. 40-50 unpatented mining claims surrounding the patented claims of the Saturday Night LLC (Saturday Star) that were purchased.
If you also did your DD on the Lucin District in Utah, specifically the past producing mines surrounding Saturday Night LLC and unpatented PHGI claims you would see that the MAJOR metals historically mined there are Lead, Copper, and Zinc. Gold and Silver are minor to trace elements.
Where the original report of the gold reserves came from or how it was generated is not clear to me. I have never found any drill results for that claim. They could well be sitting on a million ounces of gold or just traces. Until results of a drilling program proving up the resources is done/shown/found, to me, it is, and has been from the start, a crap shoot.
It seems that PHGI bought land with mineral rights that had a report stating there was a large gold deposit. After researching the area it seemed odd to me that there were no other "Gold" mines near by.
The new claims that PHGI filed were for two or more minerals. Now, if they found only small gold deposits, but a major copper, lead, silver, or zinc deposit it may prove to be worth while.
Take all this for what it is worth. GLTA
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