Expedition Mining Acquires Nevada Gold Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/06/12 -- Expedition Mining Inc. (TSX VENTURE: EXU) (the "Company") is pleased to announce it has entered into an option agreement with Nevada prospector, Larry McIntosh, to acquire a 100% interest in a gold property located within the Walker Lane Mineral Belt. The property is known as the Long Canyon Project, in Mineral County Nevada.
LONG CANYON PROPERTY
This property consists of 37 unpatented lode claims within two blocks, 10 claims form the Long Canyon South block and 27 claims comprise the Long Canyon North block. The two blocks cover approximately 83.5 and 225.4 hectares respectively, located 200 kms southeast of Reno and 16 kms southeast of the community of Mina, Nevada. Preliminary rock sampling has returned gold values up to 1.7g/t over 3 m, and up to 9.7g/t gold and 529g/t silver in grab samples. The south block hosts an extensive siliceous zone containing strongly anomalous mercury (to 155,000ppm), antimony (to 987ppm) and arsenic (to 2790ppm) values. The north block covers a NNW trending swarm of branching, anastomosing rhyolite dikes and two types of associated mineralization, i.e, low sulfide quartz-adularia epithermal veining and bleached, highly altered breccia with abundant specular to botryoidal hematite, barite and phosphates in the matrix. The composite north block zone exhibits mineralogical and geochemical patterns traceable over a strike length of at least three miles that are suggestive of a distal IOCG-type environment.
The Long Canyon project is situated in southeastern Mineral County and is flanked by several well known historical mining districts. The Pilot Mountains to the north have a long history of mercury production, followed by tungsten mining along the eastern edge of the range. The former producing Belleville Mine 8 kms north of Long Canyon reportedly produced around 100,000 ozs to 1939 from two quartz veins.
To the west the Douglas Camp area was dominantly a gold and silver camp which also contained abundant scheelite and produced over $1,000,000 of tungsten during and after WW1.
To the southwest the Candelaria District was known for high grade silver deposits which averaged 60oz/ton in the early days of mining. By 1999 over 68 million ounces of silver had been extracted from the mines in this district.
The Long Canyon Agreement
The Long Canyon Project Agreement (the "LC Agreement") with Larry L. McIntosh and Susan K. McIntosh (the "Owners") calls for lease payments and issuance of shares to be made as follows:
Date Payment Amount Shares
----------------- ---------------- ---------------
December 6, 2012 $ 15,000 50,000
December 6, 2013 $ 20,000 50,000
December 6, 2014 $ 25,000 0
December 6, 2015 $ 30,000 0
December 6, 2016 $ 35,000 0
December 6, 2017 $ 40,000 0
December 6, 2018 $ 40,000 0
December 6, 2019 $ 40,000 0
December 6, 2020 $ 40,000 0
December 6, 2021 $ 40,000 0
Under the LC Agreement, Expedition has the option to acquire 100% ownership of the mining claims, subject to a 2% NSR reserved for the Owners. Expedition may exercise the Option at any time before the expiration date of this Agreement. The Purchase Price shall be $300,000.
NSR
The Long Canyon property is subject to a 2% NSR. Expedition has the option to purchase at any time one-half (1/2) of the Royalty representing one percent (1%) of the Net Smelter Return for a purchase price of $1.5 million.
The transactions are subject to regulatory approval.
Expedition's disclosure of a technical or scientific nature in this press release has been reviewed and approved by James Chapman P.Geo, who serves as a qualified person under the definition of National Instrument 43-101.
Expedition Mining Inc. (TSX VENTURE: EXU) is a publicly held Canadian exploration company focused on acquiring, exploring and developing gold properties located in favourable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies. For additional information concerning Expedition Mining Inc. or its various exploration projects please visit Expedition's website at www.expeditionmining.com.
CAUTION REGARDING FORWARD LOOKING STATEMENTS:
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Expedition Mining to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of any properties, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold. Although Expedition Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Expedition Mining does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
ON BEHALF OF THE BOARD:
Ronald Atlas, President & Chairman of the Board
Standard & Poor's Listed
Issued Share Capital: 58,186,789
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Expedition Mining Inc.
William Galine
(604) 662-3903 ext 106
(604) 662-3904 (FAX)
bgaline@expeditionmining.com
www.expeditionmining.com