LAS VEGAS, Feb. 13, 2013 /CNW/ - Palmdale Executive Homes Corp. (OTC
Bulletin Board: PMDX) (the "Company") is pleased to announce the
following update on its past producing gold property in California
acquired in August 2011 by lease and option to purchase.
In December 2012, the Company conducted its initial on-site inspection
of the Providence group of mines.
From December 4 to December 8, Mr. Joseph Calpito, the Company's Vice
President of Geology, the vendor of the property, a mining consultant
with several years of exploration experiences with the Providence and
three workers conducted the Company's initial exploration activities on
site and discussed future plans.
The Providence consists of 65 acres of real property and 260 acres of
Bureau of Land Management ("BLM") mining claims situated on a hillside
in Tuolumne County, California, and has the following four mines:
the Consuelo Quartz Mine and Mill Site;
the Bonita Quartz Mine and Mill Site;
the Fair Play Consolidated Quartz Mine; and
the Good Enough Quartz Mine.
The exploration included the inspections of the following:
closed mining shafts on all four mine sites;
the large tailings dump on the Fair Play Mine located approximately half
way to the bottom of the property;
the cross-cut tunnel close to the bottom that connects all four mines;
the Consuelo stamp mill site at the bottom of the property by the creek
and the adjacent open area that was used for the mining camp.
Due to the narrow roads and the significant distance to be travelled, a
mining consultant joined the team to provide additional guidance as
well as a four wheel quad vehicle to transport people and equipment on
the property. Based upon his previous exploration and surveying
experiences on the property, he led Mr. Calpito to review several
quartz outcrops, approximately 1/3 of the distance down the 1300 foot
hillside, which had been documented as a "new discovery" approximately
a year and half earlier when the property was staked for the thirteen
surrounding BLM mining claims.
As part of the exploration, rock chip samples were taken at the new
discovery outcrops and inside the cross-cut tunnel. Several grab/soil
samples were taken from the top and the slopes of the Fair Play
tailings dump, as historical reports indicate that the dump is heavily
mineralized with as much as half an ounce of gold per ton but was
previously considered not economically viable before modern
The samples were sent to ALS Minerals in Reno, Nevada. The results are
currently being analyzed and interpreted by Mr. Calpito and will form
our next course of actions.
About The Providence Property
The Providence Gold Mine is located approximately 6 miles from the town
of Tuolumne which is in the East Belt of the Mother Lode Gold Belt one
of the most famous gold regions in California gold mining history.
This belt has produced some of the richest gold in the past and
produced over 125,000,000 ounces of gold. Experts estimate that the
produced gold represent 10% of the remaining gold left underground in
the Mother Lode Region. The Mine has been owned by the same family for
over two generations. There is an extensive array of very valuable
information regarding the early history of the mine including signed
declarations and important statements on the mines ability to produce
In August 2011, we entered into a three year Mining Lease and Option to
Purchase Agreement for 75% of the Providence group of mines - a past
producing gold mining property located in Tuolumne County, California.
The property consists of 65 acres of real property interests and 13
unpatented mining claims on adjoining 260 acres. Pursuant to the
Agreement, we are obligated to expend $150,000 per year of the lease
developing the property and make annual advance royalty payments of
$50,000 in year one, 50,000 in year two and $60,000 in the final year.
We must also pay a net smelter return royalty of 10% during the term of
the lease until expiry of the Agreement or the exercise of the option
to purchase. The advance royalty payments are credited against any net
smelter returns royalties payable during the term year in question. The
purchase price of the 75% interest is $2 million in cash plus the
ongoing payment of a net smelter return royalty of 2.5% to the seller.
If the property option is exercised all lease terms and related
obligations expire upon the closing of such sale.
Palmdale is a U.S.-based exploration company, focused on the acquisition
and development of gold and other precious commodity projects that are
economically viable. Palmdale is a fully reporting company quoted on
the OTCBB under the symbol PMDX.
This news release contains "forward-looking statements", as that term is
defined in Section 27A of the United States Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Statements in this
press release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future, including but not
limited to the completion of the Mining Lease and Option to Purchase
Actual results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among others,
the inherent uncertainties associated with mineral exploration. These
forward-looking statements are made as the date of this news release,
and we assume no obligation to update the forward-looking statements,
or to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe that
the beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no assurance that such beliefs,
plans, expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should also
refer to the risk factors disclosure outlined in our most recent annual
report for our last fiscal year, our quarterly reports, and other
periodic reports filed from time-to-time with the Securities and
SOURCE: Palmdale Executive Homes Corp.
For further information:
Matias Defensor, Director at 011-09-574-2687327