Elgin Mining Responds to Lincoln Mining Corporation's September 14, 2012 Press Release
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/14/12 -- Elgin Mining Inc. (TSX: ELG)(TSX: ELG.WT) ("Elgin Mining") has reviewed the press release issued by Lincoln Mining Corporation ("Lincoln") on September 14, 2012 entitled "Lincoln Mining Announces Elgin Agreement Update" and takes serious issue with Lincoln's characterization that the Letter Agreement of March 31, 2011 (the "Agreement") between Elgin Mining and Lincoln regarding the Oro Cruz and La Bufa properties (the "Properties") has been terminated and that certain obligations were not fulfilled by Elgin. Elgin Mining believes that the Agreement is in full force and effect and strongly disputes any claim that the Agreement has been terminated. In April 2012, Elgin Mining commenced arbitration proceedings in accordance with the Agreement as a result of Lincoln's position as to the status of the Agreement and Lincoln's failure to: (i) adhere to the agreed upon project budget and development schedule in the Agreement, including continued failure to obtain necessary permits; and (ii) properly account for expenditures on the Properties in accordance with the Agreement.
Elgin Mining Inc.
Elgin Mining is a Canadian based company focused on production at the Bjorkdal Gold Mine in Sweden, which surpassed its first millionth ounce of gold production in 2010, and the exploration and development of the Lupin gold mine and Ulu gold project, both located in Nunavut, Canada. In addition, Elgin Mining's portfolio includes a 37% interest in Auracle Resources Ltd., which is exploring the Mexican Hat property in Arizona, and an exclusive right and option to earn a 60% interest in Lincoln Mining Corporation's Oro Cruz (California) and La Bufa (Mexico) gold projects and to earn a 60% interest in North Arrow Minerals Inc.'s Contwoyto gold project located adjacent to the Lupin gold mine in Nunavut, Canada. Elgin Mining also selectively reviews opportunities to add advanced stage development projects to its portfolio. The Company has a strong balance sheet, generates cash flow from gold sales, and remains un-hedged.
For further information, please visit the Company's web site at .
Contacts:
Elgin Mining Inc.
Patrick Downey
President and Chief Executive Officer
(604) 682-3366
(604) 682-3363 (FAX)
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Datum: 15.09.2012 - 00:03 Uhr
Sprache: Deutsch
News-ID 183645
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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