SILA.OB Las Vegas Isn’t The Only Thing Glittering In The Nevada Desert!
Sunday, August 1st, 2010![]()
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Gold American Mining Corp. (SILA.OB) is a gold exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich precious metals production potential. Based in Reno, Nevada, Gold American has already developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations.
Gold American’s Keeno Strike Property is located in theGoodsprings/Yellow Pine Mining District, and consists of a continuous block of 12 unpatented, 20-acre lode miningclaims for a total of 240 acres. The claims could potentially contain 2.14 million ounces of gold equivalent resources accessible via open-pit bulk handling methods unavailable to the industry at the time these properties were initially developed.
According to a May 2008 report prepared by Mark See, Mining Engineer, when the gold equivalent resources are combined with those of additional mineral deposits of lead (~130,000 tons), zinc (~115,000 tons) and copper (~13,000 tons), the claims represent an estimated equivalent gross in situ value in excess of $3 billion. The estimated gold equivalent resources alone represent a total in-place gross value of ~$2.17 billion at current market prices (as of March 2010), as calculated in a March 2010 Evaluation Report by Parkinson Geologic Services, Inc. The property’s 240 acres lie in a mining district that had produced over 120,000 ounces of gold equivalent by the end of 1962.
A reconnaissance report prepared in 2008 determined that Gold American’s holdings represent sufficient resources to justify the next phase of the property’s expansion.
As announced in May 11, 2010, the Company entered into a $7.5 million equity financing agreement with a European institutional investment group that specializes in backing precious metals and mining ventures. Gold American is pleased to announce that, up to date, they have received funds in the amount of $300,000 in virtue of this agreement and still have a balance of $7.2 million that could be called upon to fund the Company’s exploration and acquisition strategy. During 2010, Gold American has received total equity subscription proceeds of $500,000.
The funding will be utilized by Gold American in its ongoing acquisition strategy and specifically in the further exploration and development of its existing Keeno Strike Property in Nevada, which could potentially contain ~1.1 million ounces of gold and ~69.0 million ounces of silver accessible via open-pit bulk handling methods, and its Guadalupe Property in Mexico, which is located approximately 5 miles north of the world’s richest underground silver mine, operated by the +$10 billion London Stock Exchange-traded company, Fresnillo plc.
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