CEO to Discuss Latest Developments on June 29, 2012
DENVER, June 26, 2012 /CNW/ - Eastern Resources, Inc. (ESRI), a regional mining company engaged in the operation, exploration and development of mining properties containing precious and base metals, is pleased to announce that its Chairman and CEO, Patrick Imeson, will be appearing on FOX Business News, Markets Now, on Friday, June 29th, 2012, at 12 noon EDT.
Mr. Imeson will discuss the Company's ownership and development of three fully permitted mines in Montana.
About Eastern Resources, Inc.
Eastern Resources, Inc. is an early stage, U.S. public company which, though its two wholly owned subsidiaries, Montana Tunnels Mining, Inc. ("MTMI") and Elkhorn Goldfields, Inc. ("EGI"), is developing mining properties in the United States. The Company completed the acquisition of MTMI and EGI on April 6, 2012.
About Montana Tunnels Mining, Inc.
Montana Tunnels Mining, Inc., a Delaware corporation, owns the Montana Tunnels Mine which is a fully integrated, open-pit mining operation, which is seeking to recommence mining and milling operations. Currently, operations are limited to care and maintenance functions. Montana Tunnels Mine staff engineers, in association with outside, independent mining consultants, have designed a mine plan for the expansion of the existing mine. Montana Tunnels Mine has received favorable records of decisions to begin this pit expansion from the Montana Department of Environmental Quality and the Bureau of Land Management. This deposit incorporates a proven and probable mineral reserve of 37.8 million tons of ore containing 488,000 ounces of gold, 8.2 million ounces of silver, 358 million pounds of zinc and 124 million pounds of lead. Ore will be processed through Montana Tunnels Mine's 15,000 ton-per-day concentrating facilities.
About Elkhorn Goldfields, Inc.
Elkhorn Goldfields, Inc., a Montana corporation, owns the Elkhorn Property which is a property with four identified gold and gold-copper mineral deposits. At the time Elkhorn Goldfields, Inc. acquired the Elkhorn Property from Newmont Mining Corporation in 1998, a mineral resource of 1.6 million ounces of gold had been delineated on the property. Elkhorn Goldfields, Inc. has advanced the first of these four deposits – the Golden Dream deposit – to the point where it is fully permitted and underground development is underway. The Golden Dream mine deposit incorporates a probable mineral reserve of 1.17 million tons of ore containing 258,000 ounces of gold and 8.3 million pounds of copper. Ore Production from the Golden Dream operation will be trucked 35 road miles to the Montana Tunnels Mine for processing through a separate 1,000 ton-per-day mill located within the Montana Tunnels concentrating facility.
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of applicable federal securities laws. Such forward-looking statements may include, without limitation: (i) estimates and expectations regarding the Company's strategy and plans; and (ii) potential ounces or tons of reserves. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions at the Company's mine sites; (ii) permitting, development, operations and expansion of the Company's projects being consistent with current expectations and mine plans; (iii) political, social and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iii) certain price assumptions for gold, silver, copper, lead and zinc; (iv) the availability of expansion capital on terms favorable to the Company; and (v) the accuracy of our current mineral reserve and mineral resource estimates and exploration information. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the "forward-looking statements". Such risks include, but are not limited to: (i) gold and other metals price volatility; (ii) currency fluctuations; (iii) increased capital and operating costs and scarcity of, and competition for, required capital, labor and supplies; (iv) variances in ore grade or recovery rates from those assumed in mining plans; (v) political and operational risks; (vi) community relations, conflict resolution and outcome of projects or oppositions; and (vii) governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's Form 8-K, filed with the Securities and Exchange Commission on April 12, 2012, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk.
SOURCE Eastern Resources, Inc.
For further information:
Robert Trenaman, President and Chief Operating Officer, Eastern Resources Inc., +1-604-687-4450, [email protected]