Oh My... 15 years Ago... nothing new here!Well I was in this Dog, 15 years ago and remember the story back then. Surprised to see the LACK of any real developement. Looks like these guys are living off the primary market and continue to BLUFF there investors on there Carlin Trend Play... What a JOKE. Oh My and what do we have here! CAUTION TO ALL!
Randsburg acquires 50% interest in Empire mine property
2007-07-23 17:42 ET - News Release
Mr. Michael Opara reports
RANDSBURG ACQUIRES 50% INTEREST IN THE EMPIRE MINE PROPERTY (IDAHO)
Randsburg International Gold Corp., subject to TSX Venture Exchange acceptance, has acquired a 50-per-cent lease interest in certain mining claims known as the Empire mine property from a private U.S. company. The Empire mine property, a former copper/gold/silver producer, is located on the east-facing slope of the White Knob Mountains, approximately three miles west of Mackay, Idaho. Historic work on the property, including drilling in 2004 and 2006, indicates the presence of polymetallic skarn mineralization containing copper, zinc, gold and silver. The property consists of 23 patented mining claims, six mill site claims and 21 unpatented mining claims situated in the Alder Creek mining district, Custer county, Idaho, United States. Under the terms of the agreement, the company will pay up to $400,000 (U.S.) and issue up to one million common shares, and make payments of $58,000 (U.S.) per year. The claims are subject to net production royalties of 4.5 per cent. The seller will remain the operator of the claims. Randsburg also guarantees the performance of the two underlying lease agreements, which includes the obligation to complete a bankable feasibility report and a mine plan, and spend at least $2.0-million (U.S.) on exploration and development of the property within 18 months from the date on which the owners receive a final judgment of quiet title.
The property is currently subject to legal proceedings with respect to the termination of previously granted lease interests in the claims. In spite of the proceedings, management of the company is of the opinion that the seller is able to convey the 50-per-cent lease interest to Randsburg. The resolution of this uncertainty will determine whether there is a loss or impairment of the company's mining interest in the property. As the outcome has yet to be determined, the company has not made any provision in its financial statement for any loss or impairment in the carrying value of the mineral property.