Did everyone see the press release this morning?
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Tuesday January 6, 8:30 am Eastern Time
Company Press Release
Brush Creek Receives $700,000 from Sterling Mining LLC
GRASS VALLEY, Calif.--(BUSINESS WIRE)--Jan. 6, 1998--Brush Creek Mining and Development Co. Inc. (NASDAQ:BCMD - news; the Company) is pleased to announce that it has received its second payment from its partner, Sterling Mining LLC (Sterling), in the amount of $700,000.
As previously announced, Sterling has agreed to spend $9,000,000 over 30 months to earn 30% interest in the Company's current gold (but not diamond) properties, with an option to go to 49% for an additional $6,000,000.
Sterling Mining LLC is a private investment group. None of the directors or shareholders of Sterling are or have ever been officers, directors, employees of, or consultants to the Company.
The Company's development work has reached pillar 4 and drifted across the width of the pillar in the mariposite, confirming a width of 30 feet. We are now planning to raise from the mariposite into the gold-bearing quartz. In addition, further rounds taken at the 2428 level have continued to show visible gold.
Beside pursuing these targets, the Company, its technical staff and consultants are meeting with Sterling on the most effective long-term use of capital. Priorities include rehabilitating some or all of our nine historic mines and upgrading our 50 ton/day mill, as well as exploring for additional targets on our property.
Brush Creek controls nine historic mines in the Alleghany-Downieville gold district of Northern California, which produced more than 12 million ounces of placer and 2 million ounces of hard rock gold. It also controls more than 4,000 acres of potentially diamondiferous ground near La Porte, Calif.
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Contact:
Brush Creek Mining and Development Co. Inc.
Lionel Gosselin, 888/272-7335
Jim Chapin, 916/477-5961
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More Quotes and News: Brush Creek Mining & Development Inc (Nasdaq:BCMD - news)
Related News Categories: mining/metals
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