DGAP-News: United Mining Group Extends Contract at Galena Mine
(firmenpresse) - DGAP-News: United Mining Group / Key word(s): Contract
United Mining Group Extends Contract at Galena Mine
24.02.2011 / 16:54
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Vancouver, British Columbia: United Mining Group, Inc. (the 'Company'),
(TSX: UMG) (Frankfurt: UM8) (OTCQX: UMGZF) announces that the Company's
Mine Services Division has extended its agreement with U.S. Silver
Corporation ('the Agreement'), to provide contract underground mining
services at the Galena Mine located in Silver Valley Idaho, in the Coeur
d'Alene Mining District. The total value of the contract is estimated at
approximately US$ 6.0 million and extends the original contract by 18
months, through to August 2012.
The Agreement calls for UMG to provide the necessary manpower and oversight
to perform contract mining for U.S. Silver Corporation, primarily at their
Galena Mine, with a focus on expanding production from existing operations.
The Galena mine ranks as the second largest primary silver mine in U.S.
history, with 2010 production of approximately 2.3 million ounces of
silver, 5.6 million pounds of lead and 1 million pounds of copper. As part
of the normal course of business under its Mine Services Division, UMG
actively pursues new opportunities to provide contract mining services on
an ongoing basis.
ABOUT UNITED MINING GROUP
United Mining Group is a vertically integrated mining company with
operations in Idaho, USA. The Company is currently earning, through
development and operations, an 80% interest in the Crescent Silver Mine
project in Idaho's prolific Silver Belt - directly between two of the
world's historically largest silver producing properties, the Sunshine and
Bunker Hill mines. The Crescent Mine has historically produced 25 million
ounces of silver at an average grade of 27.3 opt (SRK Consulting 43-101
report, March 1, 2010). The Company also offers a full suite of mining
services including contract mining and mine machine repair and fabrication
services to silver miners in the district. UMG is committed to building a
senior silver-producing mining company based on aggressive exploration and
development of the highly-prospective current land position at the Crescent
Silver Mine project and through the acquisition of additional precious
metals interests. The Company trades on the Toronto Stock Exchange under
the symbol 'UMG'.
For more information about the Company, please visit:
www.unitedmininggroup.com.
ON BEHALF OF UNITED MINING GROUP, INC.
'Charles Pitcher'
Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Greg Stewart
Chief Operating Officer
Tel: +1 208.682.9018
Email: gstewart(at)unitedmininggroup.com
FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements, which address future events and conditions, which are subject
to various risks and uncertainties. Forward looking statements in this
press release include that the contact with U.S. Silver is worth $6 million
over the next 18 months, that we may obtain new mining service contracts,
that we are building a senior silver-producing mining company, that we will
have aggressive exploration and development of our current land position
at Crescent, that our land is the highly-prospective for mining and that we
will make acquisitions of additional silver interests. The Company's actual
results and financial position could differ materially from those
anticipatedin such forward-looking statements as a result of numerous
factors, some of which may be beyond the Company's control. These factors
include: results of exploration activities and development of mineral
properties, our competitors providing cheaper or better mine services,
fluctuations in the marketplace for the sale of minerals, the inability to
implement corporate strategies, the inability to obtain financing, currency
fluctuations, general market and industry conditions and other risks
disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The
assumptions used in the preparation of such statements, although considered
reasonable at the time of preparation, may prove to be imprecise and, as
such, undue reliance should not be placed on forward-looking statements.
The Company expressly disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of the content of this news release.
End of Corporate News
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113430 24.02.2011
Datum: 24.02.2011 - 16:54 Uhr
Sprache: Deutsch
News-ID 33299
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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