Auric Mining Corp. (AUMY) Announces Agreement to Acquire Gold and Silver Mine in Colorado

By @ibtimes on

Friday after the closing bell, Auric Mining Co. reports announced it has signed an agreement with Homestead Colorado Gold Corp., located in Brighton, Colorado, to purchase its mining property known as “The Little Prince Mine” and a surrounding claim known as “Nettie Morgan” located near Leadville, Colorado.

Auric Mining has agreed to a total purchase price and investment of $1.5 million for the property over a 60-month period with no interest to be accrued. The purchase price for The Little Prince Mine and a 15-acre property known as Nettie Morgan located at the east end of the Big Six is $240,000. Payment will be in the form of $4,000 per month commencing on June 15th and continuing for 60 months. As part of the agreement, Auric has agreed to invest $1.26 million in the property in order to render the mine operational. Auric has also agreed to pay Cook and Cooper, LLC a 2% net smelter royalty for 10 years after the mine becomes operational.

The Little Prince Mine, originally part of the Big Six group, has been a haven for miners as a gold and silver producer with a long history of exploration and production since the late 1880s. The Little Prince Mine, originally part of the Standard Metals Group of mines, is situated on the Northwestern slope of Breece Hill, Leadville, located in the extremely rich silver belt in Colorado. Past production results and historical data indicate that the mine can be expected to produce between .005 – .27 per ounce of gold per ton, and from 1.8 to 14.7 per ounce of silver per ton, making it very attractive economically based on current prices of the metals.

Auric Mining Co. also announces that it has officially launched its new website at www.auricgold.com

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