Great Western Mining Corp. plc
09 August 2016
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
Huntoon Mine Area Cooperation Agreement
Great Western Mining, the AIM (AIM: GWMO) and ESM quoted mining company is pleased to announce the signing of a cooperation agreement for the initial development of its M1 Copper-Gold prospect in Mineral County, Nevada. The agreement is with neighbouring interest holder Crown Point Gold & Silver Mining Co. LLC ("Crown Point") and includes 34 of the Company's claims in the immediate vicinity of the historic Huntoon Mine. Crown Point holds 6 adjoining claims.
A summary of the agreement is as follows:
· GWM and Crown Point will share resources and cooperate in exploiting the potential of the Huntoon Mine Area including shared use of existing access roads
· The initial period of the agreement will be 3 years, extendable by mutual consent
· Crown Point will be permitted to follow commercially exploitable veins originating on its own ground into GWM's claims with profits shared between the parties.
· Any farm-out or sale of acreage will be conducted as a joint operation with the benefits accruing to both parties.
Chief Executive, David Fraser commented:
"This agreement represents a significant milestone in the potential commercialisation of M1. Crown Point has already recovered encouraging grades of Gold from its 6 Huntoon Area claims, the potential of which extends into GWM's claims. Crown Point's success can be correlated with the anomalous Gold readings which GWM has established over a wide area. We look forward to working with Crown Point on the development of the area around the Huntoon Mine and will update shareholders as work progresses."
About Crown Point:
Crown Point is a private Nevada corporation which holds six patented mining claims in the vicinity of the Huntoon Mine. The managers of Crown Point have an operating history in Nevada, Arizona, Colorado and other US jurisdictions and enjoy close working relations with the local mining authorities. Crown Point has undertaken a major programme to improve the roads and infrastructure around the Huntoon Mine and is in the process of applying to the Nevada Division of Environmental Protection ("NDEP") for a mining and milling (physical separation) licence to establish an on-site mill with an annual capacity of 36,500 tons in respect of its 6 patented claims.
About M1:
The M1 prospect is on the west side of The Huntoon valley and consists of 164 full and 12 fractional unpatented claims. In 2015 the Great Western field team carried out a programme of work which included a total of 133 soil samples and 34 rock chip samples taken along the strike of a north-east to south-west trending magnetic anomaly identified by prior aero-magnetics and ASTER satellite surveys carried out by the Company. The soil samples revealed widespread anomalous mineralisation with gold showing readings of up to 248 ppb Au spread over a large area.
There were also anomalous readings of Copper (Cu),with a high reading of 2467 ppm Cu, and other minerals.
In the spring and early summer of 2016 the GWM field team conducted a further sampling programme on M1 consisting of approximately 120 soil and rock chip samples. The results from this field work is expected shortly.
ENQUIRIES:
Great Western Mining Corporation Plc David Fraser, Chief Executive |
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+44 207 933 8795 |
Davy (Nomad, ESM Adviser & Joint Broker) John Frain Roland French |
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+353 1 679 6363 [email protected] [email protected] |
Beaufort Securities Ltd (Joint Broker) Jon Belliss Elliot Hance |
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+44 207 382 8300 |
Walbrook (UK PR and IR) Paul Cornelius Nick Rome Gary Middleton |
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+44 207 933 8795 [email protected] |
