Patron Mining AG
Patron Mining Signs Letter of Intent to Acquire Pine Creek Mining
Patron Mining AG / Letter of Intent Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- PRESS RELEASE Patron Mining Signs Letter of Intent to Acquire Pine Creek Mining Geologist surveys prove over USD$600 Million in reserves May 15, 2008, Zurich Switzerland. Patron Mining AG today announced that it has signed a Letter of Intent to acquire 100% of Pine Creek Mining and its associated properties and mining claims in Arizona. The companies are expecting to complete the definitive agreement within the next 7 to 10 days. Pine Creek Mining is the sole owner of the Gold Basin Mine, located in Yavapai County Arizona in the Bradshaw Mountain Ranger District. The Gold Basin Mine is comprised of approximately 286 Acres. In a geological report, by US Certified Geologist and Mining Engineer Don L. Jenkins, dated January 15, 2008, the following findings were made: - The Hassayampa placer deposits are gold bearing. The deposits contain current values from $2 per yard to $50 per yard. - Gold deposits were discovered around the late 1800’s and have been actively surveyed and mined throughout the 20th century. - The Ore Reserve Summary concluded that there are over USD$600 Million in proven reserves. This parallels previously geology in the Nebeker Report, an extensive study undertaken in 1933, at current gold prices. The USD$600 Million in reserves is based on current gold prices. - The report concluded that ore reserves are currently economically viable and justify immediate development. Mining and testing at the Gold Basin Mine is in a preliminary stage. The acquisition of Pine Creek Mining also includes a number of mining equipment assets which will enable the mine to continue its current operations. Patron Mining AG is not acquiring any debt associated with this transaction. The Gold Basin Mine is currently permitted and ready for commercial development with all respective state and federal agencies. About Patron Mining Patron Mining is an international gold mining company, with a growing portfolio of currently mines and other advanced exploration and development projects located in Mexico and the United States with a reserve base in excess of one billion (USD$1,000,000,000) US dollars. The Company holds a pre-eminent position within the Small Cap gold mining industry. Patron Mining AG is a holding company based in Zurich, Switzerland. Kontakt: Patron Mining AG John Flanders info@patronmining.com 15.05.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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