Colorado Goldfields acquires Silver Wing Mine with $200 mln estimated total resource

Coloradmay san xuat bot barite cua trung quoco Goldfields on Wednesday announced that on May 16, 2011 it entered into a Purchase Agreement to acquire Silver Wing Mine. The properties consist of 10 patented mining claims across 70 acres in San Juan County in southwestern Colorado known as the Silver Wing Mine.

"A thorough study of geological structures, past production, core drilling and extensive underground sampling records indicates that the total resource of the Silver Wing Mine could exceed $200 million with approximately 80% of the resource value composed of silver and copper minerals," stated Lee Rice, President & CEO for Colorado Goldfields. The mine's poly-metallic ore contains recoverable metal values in gold, silver, lead, copper and zinc. Colorado Goldfields will develop a mining and milling operation and produce approximately 14,500 tons annually of gold, silver, copper, lead and zinc concentrates. After 1-year of ramp up work, production could reach 180 tons per day with full production of 360 tons per day achieved after two years. The initial ore discovery and location for the first Silver Wing Mine was made in 1874 on the Silver Wing claim itself...