Unico, Inc. Announces Completion of the Deer Trail Mine Purchase -
Purchase to Result in Immediate $4 Million Asset -
on the Company's Consolidated Financial Statements -
Unico, Incorporated -
(OTCBB: UCOI), a natural resource company in the precious
metals mining sector, today announced the completion of
the purchase of the Deer Trail Mine -
in Marysvale, Utah from Crown Mines, LLC.
With all the agreements now executed between -
Unico's wholly owned subsidiary,
Deer Trail Mining Company, LLC,
and Crown Mines, LLC and the transfer of the final payment
of $1.7 million to Crown Mines completed,
the purchase is expected to record in the next several days
and ownership fully conveyed to -
Deer Trail Mining Company.
The documents completed to execute the close of the purchase
of the Deer Trail Mine -
included an agreement,
bill of sale and water deed,
quitclaim deed,
water rights lease,
and assignment of contractual water rights -
for the property.
To fully exercise the purchase option of the lease,
the final payment of $1,700,000 was paid on July 30, 2007 -
and applied directly to the $4,000,000 purchase price of
the Deer Trail Mine lease and option to purchase.
In early September 2004, Unico made a payment of $1,000,000 to
Crown Mines, and an additional $1,000,000 in subsequent payments
since November 1, 2006, plus an additional $300,000 was paid
on April 30, 2007.
With the completion of the purchase, Unico -
is expected to book the Deer Trail Mine property -
as a $4 million asset of its future quarterly and -
annual financial reports.
The mining lease and option to purchase between Unico, Inc.
and Crown Mines, LLC, dated December 12, 2001,
was adjusted through a first modification of mining lease
and option to purchase, dated May 31, 2004,
a second modification of mining lease and option to purchase,
dated April 21, 2006, a third modification of mining lease
and option to purchase, dated November 1, 2006,
a fourth modified lease and option to purchase agreement
dated April 26, 2007, and a fifth modified lease and option
to purchase agreement dated June 29, 2007.
A final due date of July 31, 2007 for Unico, Inc. -
to exercise its purchase option was announced in a
mutual agreement by both parties in July 2007.
Under the mining lease and option to purchase agreement,
Deer Trail Mining Company, LLC -
had the right to acquire the mining claims
located in Marysvale, Utah, which consist -
of 32 patented mining claims
and 171 unpatented mining claims,
as well as mill sites,
dumps and other transferable rights -
contained in the agreement.
Included in the agreements executed between -
Deer Trail Mining Company -
and Crown Mines were the transfer of specified water rights
to Deer Trail Mining Company -
and the retention of a portion of those rights -
by Crown Mines.
The claims covered in the purchase agreement
total approximately 3,275 acres,
or 5.12 square miles,
and include workings known as the Deer Trail Mine,
the PTH Tunnel -
and the Carisa -
and Lucky Boy Mines.
The PTH Tunnel -
penetrates more than 10,000 feet,
with a developed network of tunnels,
shafts, stopes, and raises -
at the 3,400-foot-area and at the 8,000-foot-area,
and was mined by prior owners for gold and silver.
The initial Deer Trail claims date back to 1870.
"Completion of the purchase of the Deer Trail Mine -
is truly a major milestone in the history of Unico,
and we are extremely pleased to have paid -
the remaining balance to exercise the purchase option -
and executed the final documents -
for the transfer of ownership to our wholly owned -
Deer Trail Mining Company subsidiary,"
stated Mark A. Lopez, chief executive officer of
Unico, Inc.
"Not only do we have the immediate impact -
of a $4 million asset that we plan to include on future -
consolidated financial reports, but with the anticipated -
start-up of operations at the mill -
and processing facility -
at the Deer Trail Mine -
and future potential mining programs at the site,
the true long-term potential of this property -
is expected to extend well beyond -
the initial asset value."
Shareholders who would like to sign up
to receive information by email directly from Unico, Inc.,
including when new photo galleries are posted -
to the company website, are asked to visit -
the company's website at -
unicomining.com
and fill in the appropriate fields.
About Unico, Inc.
Unico, Inc.
(OTCBB: UCOI) is a publicly traded natural resource company
in the precious metals mining sector that is focused on
the exploration, development and production of gold, silver,
lead, zinc, and copper concentrates at its
three mine properties:
the Deer Trail Mine,
the Bromide Basin Mine
and the Silver Bell Mine.
The company has also announced agreements to acquire
over 70 additional mining claims.
For more information, please visit -
unicomining.com
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and such Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operation results to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors, which could materially affect the company and its operations, are included on certain forms the company files with the Securities and Exchange Commission.
Contacts:
Gemini Financial Communications, Inc.
A. Beyer
951-677-8073
Email Contact
OTC Financial Network
Rick McCaffrey
781-444-6100, x625
Email Contact
unicomining.com
otcfn.com
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