Mining Stock Inception Mining (OTCQB:IMII) Reports Deal to ACQUIRE 16,000 NET ACRES in Getchell Trend Acreage, Adjacent to Turquoise Ridge Property-Joint Holding of Barrick (NYSE:ABX) and Newmont (NYSE:NEM)
SALT LAKE CITY, UTAH - September 17, 2013 (Investorideas.com Mining stocks newswire) Mining stock alert- Inception Mining Inc. (OTCQB: IMII) reported that it has entered into an agreement in principal with Crawford Cattle Company ("Crawford") to acquire over 16,000 net acres of mineral rights in Humboldt and Elko Counties, Nevada, approximately 70 miles north of Winnemucca, Nevada. The acreage lies in or is adjacent to the historic Getchell Trend which is part of the property now under contract to be purchased. Assuming the due diligence and other covenants are satisfied, the acquisition is expected to close no later than the second quarter 2014 of which there is no guarantee.
According to the Company's CEO, Michael Ahlin: "We believe the lands to be acquired are deemed highly prospective given their general location in the Getchell Trend. Specifically, we are under contract to acquire sections of lands that are adjacent to the Turquoise Ridge Property, the Pinson Mine and a lesser amount of acreage near the history Midas Gold Property. The Turquoise Ridge Property is a joint holding of Barrick Gold Corporation (NYSE:ABX) and Newmont Mining Corporation (NYSE:NEM).” At this stage, the Company has not determined or committed to a plan of development and is just now beginning its resource evaluation and long term potential.
The Company is focused on identifying certain historical mining claims that fit strict parameters of proven recoverable grades of minerals, minimal permitting issues, deeded or protected claims, access, acquisition costs that fit our profile and potential refining needs requiring minimal CAPEX or possible toll processing. While the above potential acquisition is a departure from our stated objectives, the opportunity presented must be explored and evaluated as a possible addition to our portfolio of properties.
About Inception Mining Inc . (OTCQB: IMII) We are a mining exploration company engaged in the acquisition, exploration, and development of mineral properties, primarily for high grade gold deposits, from owned mining properties. Our primary target properties are those that have been the subject of historical exploration and have supporting data. Most large visible surface gold mineralized prospects have been explored, mined. What remains are the smaller high-grade mines and prospects previously ignored. www.inceptionmining.com
The Turquoise Ridge property is located about 70 kilometres northeast of Winnemucca, Nevada, USA. Barrick is the operator and 75% owner of the mine with Newmont owning the remaining 25%.
Turquoise Ridge uses underhand cut-and-fill mining methods due to the relatively low rock quality in the ore zones. Ore is transported to Newmont's Twin Creeks mill for processing. The refractory gold ore is treated by pressure oxidation technology and gold is recovered using conventional carbon-in-leach technology.
In 2009, Turquoise Ridge's production totaled 177koz ounces of gold at total cash costs of $570 per ounce1. Proven and probable mineral reserves as of December 31, 2009 are estimated at 5.47moz of gold.
Source - http://www.infomine.com/minesite/minesite.asp?site=turquoise
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements with respect to the potential mineralization and geological merits of the Company property. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2013 exploration programs will proceed as planned and within budget. Inception Mining, Inc. expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
SOURCE Inception Mining, Inc.
5320 South, 900 E. Suite 260
Salt Lake City, Utah 84106
Michael Ahlin CEO
(801) 312-8113 Ext 102
More info on Turquoise Ridge
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Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.