Silver Verde May Mining Announces Letter of Intent to Acquire Golden Eagle Mining Co., Inc.admin
Friday, August 15th 2008
Silver Verde May Mining Company announce that it has signed a letter of intent to acquire all of the issued and outstanding shares of Golden Eagle Mining Co., Inc.. Upon completion of due diligence and further director approvals, Verde May will issue 14,287,680 of its common shares to acquire all of the shares of Golden Eagle. Golden Eagle is an Idaho corporation incorporated in 1968.
Golden Eagle controls 204 claims (4080 acres) in the Coeur d’Alene Mining District, which have been assembled over the last decade. Of these claims, 31 patented claims and 5 unpatented claims are controlled through a long-term mining lease with Alice Consolidated Mining controlling the historically productive Alice Mine as well as surrounding areas. Golden Eagle also controls 12 claims immediately north of Hecla Mining Company’s Gold Hunter Project, and 14 claims immediately south of claims held by Independence Lead Mines. Additionally, the Company holds 80 claims located south of and abutting the historic Star-Morning Mine, the second most productive mine (by tonnage produced) in the history of the Coeur d’Alene District.
In other geographic areas the Company controls 40 claims in Central Idaho consisting of 16 claims in the Carmen Creek Mining District and 24 claims in the Alder Creek Mining District in close proximity to the historically productive Empire Mine, Mackay, Idaho. In Utah the Company controls 82 claims and a state lease of 640 acres in the West Tintic District covering a copper-moly porphyry and jasperiod gold target as well as 40 claims and a state lease of 670 acres in Western Utah covering a 3km long anomalous gold target. Detailed information on all of these properties will be forthcoming in future news releases.
The acquisition of Golden Eagle also brings highly experienced exploration professionals to the Verde May team. Greg Schifrin, President of Golden Eagle has over 25 years of experience in mineral exploration and has worked with numerous companies in discovering and advancing mining projects throughout North America. Mr. Schifrin is a registered geologist in Washington and earned a BS in Geology from the University of Idaho and did graduate studies at the University of Montana. Mr. Schifrin is the founder of and a principal of Minex Exploration of Sandpoint, Idaho.
Peter Maciulaitis serves on the Board of Golden Eagle. He earned a professional degree in geological engineering from the Colorado School of Mines in 1967, returning in 1986-1988 for graduate studies in mineral economics. In four decades working in the minerals industry, he has searched for silver, uranium, molydenum, antimony, barite, and gold in Mexico, Columbia, France, Scotland, Ireland, Canada, and the USA. More than half of his career has involved generative work in gold exploration, particularly in the Great Basin region of the western USA. He has served as a consultant for and employee of two junior companies that went from start-up ventures to major gold-mining concerns (Franco-Nevada Mining Corp. and Euro-Nevada Mining Corp.). He has been involved in the initial discoveries of the Sprute Split vein at the Star-Morning Mine near Burke, Idaho, the Ken Snyder Mine, at Midas, Nevada, as well as, the DarkStar and Doby George gold projects, Elko County, Nevada.
Mike Lavigne, CEO of Golden Eagle stated, “We are very excited about combining our efforts to advance our properties in Idaho’s Silver Valley with the long time efforts in this area of Verde May. We believe this acquisition allows us to develop a platform for advancing intensive exploration in the Coeur d’Alene District as well as our properties in Central Idaho and Utah. We are also pleased to be able to operate the Company from offices located in Wallace, Idaho and generate additional local employment opportunities for people in the area.”
Silver Verde May Mining Company is a historic North Idaho exploration and development company which was incorporated in 1906 and has held the four Verde May claims in the Canyon Creek area for the last five decades. The Verde May claims are adjacent to the historic Canyon Silver Mine which last produced in the late 1960′s. The ore shoots in the Canyon Silver, according to historic records available to the Company, were believed to have extended onto the Verde May claims. Part of the exploration program of the Company going forward will be to gather further historic data on these claims, undertake mapping and sampling in the area, and begin an assessment of the economic potential of the claims.