Blackrock Resources Enters into Letter of Agreement for Joint Venture in Gold Hill Mining District, Coloradoadmin
Blackrock Resources Inc. an independent mineral exploration company engaged in the acquisition, exploration and development of high-quality gold, silver, and copper properties in North and South America announce that it has signed a letter of agreement with Global Minerals Ltd., a British Columbia company, to enter into a joint venture to develop and exploit Global Minerals’ Front Range gold mining project located in the Gold Hill Mining District, Boulder County, Colorado.
Under the terms of the agreement, Blackrock will pay $100,000 to Global Minerals upon signing of a formal joint venture agreement on or before September 15, 2009. The joint venture will be owned 50% by Blackrock and 50% by Global Minerals. To date, Global Minerals has spent approximately $8,000,000 on developing this mining project.
The property has a mill on site that has historically processed 50 tons of ore per day. Through the means of the joint venture, Blackrock intends to increase the mill capacity to between 100 to 200 tons of ore per day, which would produce between 100 to 200 ounces of gold or gold equivalent per day, based upon previous production records. Blackrock believes it can produce these results by increasing the mining capacity within the known vein systems.
Global Minerals has indicated that the project has enough initial reserves to develop the mining capacity to feed a mill of between 100 to 200 tons per day of ore. Further details will be forthcoming as Blackrock’s management and consultants review all available information available on the property.