On November 1, 2010, the Company announced that it had reached a settlement of its lawsuit, in U.S. District Court in Reno, Nevada, against the Estate of Nadean Bedford (the “Estate”), and certain of the Estate’s remaining beneficiaries. The Estate was the underlying owner of the Company’s Simon Mine property. Pursuant to the terms of the settlement, the Company acquired sole and exclusive ownership of 100% of the right, title and interest in and to the Simon Mine property. The Company holds 20 patented and 165 unpatented claims.
The Simon Mine is a former producing polymetallic mine, located in the Walker-Lane Trend south of Reno, Nevada. Shut down in the late 1960’s, this project now presents itself as an exploration and development play offering both size and grade potential for long-term mining. Historical records of ore shipped from the 905 drift (89 rail cars) indicate average grades of 12 oz Ag, 0.04 oz Au, 9% Pb, 5.7% Zn and 3% Cu. (These historic figures are considered relevant and demonstrate the potential of the property, but need to be verified by the Company.)
Location: 35 km Northeast of Mina, Nevada in Mineral County, Nevada
