Azco Mining Becomes Current with SEC Financial Reporting; Company Eligible to Return to OTCBB
Azco Mining Inc., a U.S.-based mining and exploration enterprise focused on gold, silver, copper and industrial minerals recently filed a 10KSB and two 10QSBs, bringing the company current in its financial reporting. The company will seek to have its securities quoted on the Over-the-Counter-Bulletin- Board.
Dr. W. Pierce Carson, CEO of Azco Mining, said, “With the filing issue now behind us, we intend to focus on our strategic agenda of maximizing value from our precious and industrial minerals projects, for the benefit of share holders. Recently, we also reduced debt significantly. The company is now in a position to move forward and capitalize on its precious metals projects, especially in the present exciting investment climate of elevated silver and gold prices.”
Feasibility work on the company’s Summit silver-gold project is nearing completion. This work, under the coordination of an independent engineering firm, will provide an estimate of capital and operating costs and a budget and schedule for project development. Based on the results, the company expects to decide how to proceed with production. Azco Mining purchased the Lordsburg Mining Company in May 2006 in order to acquire the Summit silver-gold deposit located in Grant County, N.M. At today’s metal prices, in-ground values are believed to exceed $250 million.
“The Summit silver-gold project remains our top priority,” Carson said. “The independent engineering study, which addresses all major aspects of the project’s development, is nearing completion. The report will serve as a sound basis upon which we will be able to plan the project’s advancement. We are confident that under current prices of silver and gold, development of a new mine at Summit would yield an attractive return on investment.
“Once in operation, we anticipate that cash flow from Summit will serve as an important basis for Azco’s continued growth. Following Summit, our Ortiz gold project is the next in the precious metals pipeline and we continue to carry out engineering and resource work there. We also are evaluating other precious and base metal opportunities for acquisition and are considering a joint venture for development and operations at Black Canyon.”
In November 2006, Azco Mining began trading on the Pink Sheets pending the filing of current financial reports. The delay in filing was due to the extra time required to audit the 2004 and 2005 financial statements of the Lordsburg Mining Company. These financial statements had to be incorporated into the consolidated financial statements for Azco Mining commencing the fiscal year ended June 30, 2006.
About Azco Mining Inc.
Azco Mining is a U.S.-based mining and exploration company focused on acquiring and developing gold, copper and industrial mineral properties. The company owns the Summit gold-silver property and a mill site and processing equipment in southwestern New Mexico; mineral lease rights to the Ortiz gold property in north-central New Mexico, believed to contain 2 million ounces of gold; a high-quality mica mine and processing facility near Phoenix; and a large resource of micaceous iron oxide (MIO) in La Paz County, Ariz. Azco intends to build a portfolio of high-quality, diversified mineral assets with an emphasis on precious metals. To learn more about Azco Mining Inc., visit http://www.azco.com.
An investment profile about Azco Mining may be found at http://www.hawkassociates.com/azmnprofile.aspx.
For investor relations information regarding Azco Mining, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com. An online investor kit including press releases, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com.
The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a “forward-looking statement” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
Source: Azco Mining Inc.
