International news within the industry of mining and metal, Nov, 24 2017
Latest News

American Pacific Resources, Inc. to Acquire Majority Interest in 400-Acre Mining Claims

Has signed a Letter of Intent

Photo: Pixabay
Photo: Pixabay
Published by
Peter Höök - 04 Sep 2017

PHI Group, Inc., a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture, healthcare and special situations, announced today that its wholly owned subsidiary American Pacific Resources, Inc. (“APR”) has signed a Letter of Intent to acquire a 51% interest in Twenty-One Mining Claims over an area of 400 acres in Granite Mining District, Grant County, Oregon (“the Claims”).

According to the LOI, APR will enter into a definitive purchase and sale agreement within thirty days to acquire a 51% interest in the Claims in exchange for twenty-five million dollars to be paid by a combination of preferred stock, cash and other mutually acceptable considerations.  The Company intends to promptly close this transaction and start mining of gold and precious metals from the Claims in four to six months.

The Company will utilize innovative Korean-invented HYMAX HD processing technology to recover precious metals from otherwise non-economically feasible stock.

Based on an independent third-party valuation study by Madison-Ross Holding, LLC, the estimated precious metals that can be recovered from the Claims could reach 6,770,000 ounces, which would be worth over a billion dollars at current prices.

Henry Fahman, CEO of PHI Group, said, “We will quickly enter into a definitive purchase and sale agreement in order to close this transaction and start production as soon as possible.  In the meantime, we also expect to generate revenues from sale of concentrated tailings to our processing partner in the next few months.”

Hazelton samples. Hazelton -formally Price Creek-, Jaxons flagship project, spans 44,482 ha and is prospective for Eskay Creek and Equity Silver style mineralization. Widespread soil anomalies and surface showings up to 3,397 g-t Ag, 12.7 g-t Au, and 22.29% Zn have been found on this advanced exploration project and a number of features suggest that the property has considerable potential.  Photo: Jaxons Inc.
Hazelton samples. Hazelton -formally Price Creek-, Jaxons flagship project, spans 44,482 ha and is prospective for Eskay Creek and Equity Silver style mineralization. Widespread soil anomalies and surface showings up to 3,397 g-t Ag, 12.7 g-t Au, and 22.29% Zn have been found on this advanced exploration project and a number of features suggest that the property has considerable potential. Photo: Jaxons Inc.

Jaxon starts to drill at Hazelton in Canada

"13 drill holes"

Jaxon Inc. is pleased to announce that it will be commencing its Phase 1, 2,000-metre diamond drilli...