Kalahari Greentech, Inc. Acquires Mining Lease on New Light Mine Project Located in Northern Washing
Kalahari Greentech, Inc. Acquires Mining Lease on New Light Mine Project Located in Northern Washington State
ATLANTA--(BUSINESS WIRE)-- Kalahari Greentech, Inc. (Kalahari) has acquired a mining lease on the New Light Mine project located in northern Washington State, which is a gold and silver project. The lease on the New Light Mine was acquired for an undisclosed amount of cash and restricted stock, along with a production royalty of 2% of net smelter returns.
The New Light Mine is a former producing mine in the Slate Creek Mining District. Previous production in the area occurred on what is now unpatented land administered by the U.S. Forest Service lying within the Wenatchee-Okanogan National Forest, in which the claims we acquired the lease on are located. Between 1895 and 1935 the mine was owned by several mining companies that mined gold, developed 8000 feet of underground workings, and constructed a ten-stamp mill. In 1935 a 50 ton per day mill was constructed onsite and underground development work had reached 13,150 feet of underground workings. From 1942 to 1965 mill capacity was increased to 120 tons per day and diamond drilling was conducted. In the 1980s an avalanche destroyed much of the above-ground infrastructure.
Kalahari has begun a review of historical material on the property and expects to utilize several consultants to develop an exploration plan. The initial exploration plan will include geologic mapping, surveying, review of environmental and permitting requirements, determining manner and cost of access to underground workings, determining whether our area of interest needs to be expanded, and review of former production records that are available.
''Acquiring the mining lease on the New Light Mine is an important development for Kalahari. Our goal is to explore the New Light property as quickly as possible,'' said David Kugelman President and CEO of Kalahari Greentech, Inc. ''We plan to acquire additional properties in order to take advantage of the recent weakness in the gold and silver market. As prices increase we can joint venture with a larger company, or sell the properties outright. We have hit several road blocks in the past year, but we are determined to build value in Kalahari for our shareholders.''
The lease gives Kalahari the exclusive right to prospect and explore for all ores and minerals of every kind, except oil and gas, on two unpatented mining claims in Whatcom County, Washington. The lease agreement has a term of 15 years from January 16, 2013, but it can be extended indefinitely if production is occurring.
SAFE HARBOR STATEMENT
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward looking statements are subject include, but are not limited to, the effect of government regulation, competition, adequate financing, and other material risks. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance, or achievements to be materially different from the statements made herein. Information on the New Light Mine is derived from prior operator and state reports. Exploration activities involve inherent uncertainties related to permits and determining economic feasibility.
Kalahari Greentech, Inc.
David Kugelman, 866-692-6847
KEYWORDS: United States North America Georgia Washington
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