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Mission Mining Secures Rights to Move Ahead with El Dorado Mine
May. 28, 2013 06:44AM PST
Rare Earth InvestingMission Mining Company (OTCP:MISM) announced that it has executed an agreement with Colten Metals LLC that includes leasing, mining and operations at El Dorado Mine, located in California.
Mission Mining Company (OTCP:MISM) announced that it has executed an agreement with Colten Metals LLC that includes leasing, mining and operations at El Dorado Mine, located in California.
As quoted in the press release:
The El Dorado Mine is comprised of seventeen (17) contiguous Bureau of Land Management lode mining claims containing a total of three hundred forty (340) acres located in San Bernardino County, California. The term of the mining and operating lease is forty-nine (49) years, with provisions for Mission Mining Company to be granted an extension of the lease for the duration of the property’s productive life. Colten Metals LLC, will receive convertible preferred shares in Mission Mining Company with a capped value of USD $5,000,000 plus a nine percent (9.0%) Net Smelter Return Royalty in respect of all salable metals and other products resulting from the Company’s operations on the seventeen El Dorado Mine claims as compensation.
Mission Mining Company’s CEO, Carleton Wingett, said:
Securing the mining / operating rights for, along with the rights to the vast majority of potential profits to be generated from, the El Dorado Mine is akin to finding a treasure. It is a unique mining property, and based on previous testing and assaying results, may well comprise some of the largest known deposits of certain strategic metals.