15for2
11 years ago
Thunder Mountain Gold Provides a Project Update at Their South Mountain Mine Joint Venture
Thunder Mountain Gold, Inc. (TSX-V: THM; OTCQB: THMG) (the Company), is pleased to provide an update for its South Mountain Project Joint Venture in Owyhee County, Idaho.
Excellent progress has been made at South Mountain. Underground miners, Widman Contractors, Inc., of Baker City, Oregon mobilized late in 2012 and commenced site work on the upper Laxey and lower Sonneman Levels. Widman’s nine-man crew completed construction of the steel portal sets and commenced expanding the size of the drift for future production, with the main Sonneman Level being enlarged to 12 ft X 12 ft. The expanded size accommodates mining with diesel rubber tired equipment. As of mid April, mining had advanced 300 feet on the Laxey Level, and 400 feet in the Sonneman Level. Despite high initial costs associated with winter weather and infrastructure construction, the development costs have now stabilized at $800 to $900 per foot of drift.
During the expansion on the Laxey Level, an extensive zone of polymetallic mineralization was intercepted, exposing a larger “halo” of potentially economic mineralization surrounding the historic ore zone that was mined from the 800-foot deep Laxey Shaft during World War II. This is very encouraging and could significantly enhance the economics of the South Mountain Mine.
In addition to the increased size of the historic Laxey ore zone, a new metal-rich mineralized zone was encountered in the Laxey at a distance of 231 to 241 feet. Approximately 50 tons of material was mined and stockpiled, and assays are pending. It is expected that this newly-encountered mineralized zone can be utilized for metallurgical testing for mill design.
The Company expects to reach the first significant historic ore zone on the Sonneman Level in May at about the 900 foot mark. This is where the first underground drill station will be developed as this historic ore zone is mined and stockpiled for additional metallurgical testing and processing later.
Underground drilling contractors are being selected for testing the historic ore zones between the Laxey and Sonneman Levels, a distance of about 320 feet. The down dip extension of the historic ore shoots will also be tested. It is anticipated that sufficient development work will be completed by mid-August to provide drill stations. In addition, surface drilling is planned for June after the snow has melted.
Additionally, the Joint Venture Project has engaged the following outside services to help with Project development:
FL Schmidt of Midvale, Utah has been engaged to provide bulk ore testing at their Midvale Utah laboratory, including metallurgical optimization for ore amenability, process development, flow-sheet layout and plant design.
Mine and Mill Engineering of West Jordan Utah has been retained to provide mill engineering and design services for the South Mountain Mill design.
Yanke Energy of Boise Idaho has been engaged to review and design the power needs and distribution to the South Mountain mine and millsite. The Project will require a 15-mile 69 kv powerline upgrade over the existing power line from the substation in Jordan Valley, Oregon.
Discussions are underway with various private land owners for acquisition of a millsite parcel. It is anticipated that a millsite will be acquired within the next 60 days, allowing geotechnical work to begin.
Other Corporate News:
The Company will hold its Annual Shareholder Meeting at 1 p.m. on Tuesday, April 30, 2013. The meeting location is Tablerock Brewpub, 705 Fulton St., Boise, ID 83712.
Qualified Person – Edward D. Fields is the Qualified Person as defined by National Instrument 43-101 responsible for the technical data reported in this news release.
About Thunder Mountain Gold, Inc.
Thunder Mountain Gold, a junior gold exploration company founded in 1935, holds a 100% interest in several U.S. gold projects. The Company’s principal assets are The South Mountain Project – a historic former producer of gold, silver, zinc, lead, and copper, located in southern Idaho, just north of the Nevada border, and their Trout Creek Project – a grass roots gold target in the Eureka-Battle Mountain trend of central Nevada, currently under Joint Exploration Agreement with Newmont Mining Corp. For more information on Thunder Mountain, please visit the Company’s website at www.Thundermountaingold.com.
U.S. Securities Act of 1933
This press release does not constitute an offer of any securities for sale or a solicitation of an offer to purchase any securities.
Forward-Looking Statements
This press release contains forward-looking statements that are based on the beliefs of management and reflect the Company's current expectations. The forward-looking statements are based on certain assumptions, which could change materially in the future. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that the Company may not fully advance the South Mountain Project contemplated in this press release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
Cautionary Note to Investors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The United States Securities and Exchange Commission (“SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.
For further information, please contact:
Thunder Mountain Gold Inc.
Eric Jones, President and C.E.O.
Email: eric@thundermountaingold.com
Phone: (208) 658-1037
Jim Collord, Vice President and C.O.O.
Email: jim@thundermountaingold.com
15for2
11 years ago
Thunder Mountain Gold Appoints Two New Board Members
Today : Friday 18 January 2013
Effective January 8, 2013, Thunder Mountain Gold Inc. (TSX-V: THM; OTCQB: THMG) (the Company) has appointed Gary Babbitt and Larry Kornze to the Company's Board. Both new members bring a wealth of experience and knowledge to the Company.
Gary Babbitt is currently a director of U.S. Antimony (NYSE Amex: UAMY). Mr. Babbitt currently serves as Chair of the UAMY Audit Committee, Compensation Committee, Governance and Nomination Committee, and Member of the Board Executive Committee. His experience also includes a Partnership at Hawley, Troxell, Ennis, and Hawley LLP from 1978 to 2010, while serving as Of Counsel from 2010-2012, with an emphasis in natural resources and environment law. Mr. Babbitt graduated with a Bachelor of Arts from the College of Idaho and a Juris Doctor from University of Chicago Law School.
Larry Kornze is a geological engineer with over 45 years experience in the precious metals industry, most notably as General Manager of Exploration and U.S. Exploration Manager for Barrick Gold Corporation (NYSE: ABX) from 1987 to 2001, on projects world-wide. Mr. Kornze has a B.Sc. Geological Engineering, Colorado School of Mines, and is a Professional Engineer of the Province of British Columbia. He also serves as a director of other Toronto Stock Exchange Venture listed mining companies, including Candente Gold Corporation (CDG.T), Duncan Park Holdings Corporation (DHP.V), Mexivada Mining Corporation (MNV.V, Dynasty Gold Corporation (DYG.V), Goldex Resources Corporation (GDX.V), and Mesa Exploration Corporation (MSA.V).
Robin (Sandy) McRae, a Director since April of 1978, has submitted his resignation effective January 8, 2013, deciding not to seek election at the next Annual Meeting. Sandy has been a foundation of the Company`s longevity, and the Company sincerely thanks him for his service on the Board.
Additionally, on January 8, 2013, the Company appointed Larry Thackery as its Chief Financial Officer. Mr. Thackery has a background in corporate planning, financial analysis, and financial reporting. He is an experienced accounting controller and operations manager for a variety of successful companies headquartered in the western U.S. including Mrs. Fields Cookies, the Snug, and Midwest Environmental Resources based in Fulton, Kentucky.
About Thunder Mountain Gold, Inc.
Thunder Mountain Gold, a junior gold exploration company founded in 1935, holds a 100% interest in several U.S. gold projects. The Company’s principal assets are The South Mountain Project – a historic former producer of gold, silver, zinc, lead, and copper, located in southern Idaho, just north of the Nevada border, and their Trout Creek Project – a grass roots gold target in the Eureka-Battle Mountain trend of central Nevada, currently under Joint Exploration Agreement with Newmont Mining Corp. For more information on Thunder Mountain, please visit the Company’s website at www.Thundermountaingold.com.
Forward-Looking Statements
This press release contains forward-looking statements that are based on the beliefs of management and reflect the Company's current expectations. The forward-looking statements are based on certain assumptions, which could change materially in the future. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that the Company may not fully advance the South Mountain Project contemplated in this press release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
Cautionary Note to Investors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The United States Securities and Exchange Commission (“SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.
To view this press release please click on the following link:
http://www.usetdas.com/pr/thundermountainjan182013.htm
15for2
12 years ago
Thunder Mountain Gold Commences Underground Work at Their South Mountain Mine Joint Venture
Thunder Mountain Gold, Inc. (TSX-V: THM; OTCQB: THMG) (the Company), is pleased to announce that it has received approval from the U.S. Mine Safety and Health Administration (MSHA) for its underground exploration and development work at its South Mountain Project Joint Venture called Owyhee Gold Trust LLC (OGT).
OGT will immediately proceed with its plans that will enlarge the underground mine workings in both the Laxey (upper) and Sonneman (lower) levels of the mine. In this initial phase, OGT will obtain bulk metallurgical samples of blended ore from several of the nine mineralized zones on the Laxey Level, and establish underground drill stations for further core drill testing of the down-dip extensions of the larger ore zones. The goal of the underground drilling program is to determine the depth and grade of these ore zones; verify the minable resource that can potentially be mined from the two levels; and expand the current 43-101 compliant resource. The bulk sampling program will provide samples for mill process and design that will suit the polymetallic ore.
The underground development work is being done by Widman Contractors, Baker City, Oregon. Widman has extensive underground mining experience throughout the western U.S., including work for Newmont Mining, Barrick, Independence and others in Nevada. They will be driving a minimum 10-foot by 10-foot dimension tunnel along the Laxey and Sonneman Levels. They currently have a crew of eight miners at South Mountain.
Additionally, the Company`s JV has hired Michael S. Smith, P.E. as Chief Engineer and Project Manager. Mike is a professional engineer with certifications in civil engineering, mine engineering, and land surveying, and has 35 years of experience in mining projects throughout Nevada including the Jerritt Canyon Mine; The Cortez Gold Mines; The Phoenix Property; The Getchell Mine; and The Coeur Rochester Mine.
Eric Jones, President and CEO of Thunder Mountain Gold said of the hire, “Thunder Mountain is excited to move forward with the underground work and fortunate to have an engineer of the caliber as Mike to help with management of the JV project. His experience and knowledge adds a lot of value to our South Mountain Project and will help in moving the project toward production.”
Qualified Person – Edward D. Fields is the Qualified Person as defined by National Instrument 43-101 responsible for the technical data reported in this news release.
About Thunder Mountain Gold, Inc.
Thunder Mountain Gold, a junior gold exploration company founded in 1935, holds a 100% interest in several U.S. gold projects. The Company’s principal assets are The South Mountain Project – a historic former producer of gold, silver, zinc, lead, and copper, located in southern Idaho, just north of the Nevada border, and their Trout Creek Project – a grass roots gold target in the Eureka-Battle Mountain trend of central Nevada, currently under Joint Exploration Agreement with Newmont Mining Corp. For more information on Thunder Mountain, please visit the Company’s website at http://www.Thundermountaingold.com.
U.S. Securities Act of 1933
This press release does not constitute an offer of any securities for sale or a solicitation of an offer to purchase any securities.
Forward-Looking Statements
This press release contains forward-looking statements that are based on the beliefs of management and reflect the Company's current expectations. The forward-looking statements are based on certain assumptions, which could change materially in the future. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that the Company may not fully advance the South Mountain Project contemplated in this press release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
Cautionary Note to Investors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The United States Securities and Exchange Commission (“SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.
To view this press release as a webpage, please click on the following link: http://www.usetdas.com/pr/thundermountaindec122012.htm
15for2
13 years ago
Thunder Mountain Gold Clarifies Letter of Intent to Acquire Green River Energy Corporation and Announces Private Placement
BOISE, Idaho, Dec. 12, 2011 /PRNewswire/ -- Thunder Mountain Gold, Inc. (the Company) (TSX-V: THM; OTCBB: THMG), a U.S.-based precious metals exploration company focused on discovering and defining high quality precious and base metal resources, is pleased to announce that on November 7, 2011 it entered into a non-binding letter of intent (the "Letter of Intent") to acquire Green River Energy Corporation ("Green River") with the Hess Group, the principal shareholders of Green River (the "Acquisition"). Green River is a privately-held oil and gas company based in Salt Lake City, Utah with current oil and gas production from the Uinta Basin in Utah. Green River's current revenue is from a working interest of 0.15854% in approximately 108,000 acres in the Monument Butte oil field, operated by Newfield Exploration Company. Green River also has additional working interest rights of up to 90% in over 4,000 acres of oil and gas leases within the highly productive oil & gas region of the Uinta Basin, with additional opportunities available.
"This is an exciting potential acquisition for us." Eric Jones, President and CEO of the Company said. "When completed, it will provide our shareholders with diversity in the resource sector and additional opportunities to grow our cash flow in the short term, while we continue to pursue precious metals exploration and development on our high quality metal properties."
The Letter of Intent contemplates that the Company would acquire Green River in an all stock transaction with the following material terms:
the Hess Group will assist the Company to complete a private placement offering to European investors for proceeds of $1,000,000 prior to the completion of the Acquisition (the "Company Private Placement"),
additionally, the Hess Group will pursue a private placement offering of Green River shares to European investors for proceeds of a minimum of $4,000,000 (the "Green River Private Placement"),
the proceeds of the Green River Private Placement will be held in escrow pending completion of the Acquisition and available to the Company upon completion of the Acquisition,
the Company Private Placement and the Green River Private Placement would be completed by January 31, 2012,
completion of the Green River Private Placement would be a condition to the Company's completion of the Acquisition,
the Company will issue shares of the Company to the shareholders of Green River based on an exchange ratio that will result in pre-Acquisition shareholders of the Company owning 25% and shareholders of Green River owning 75% of the Company following completion of the Acquisition,
the Company will change its name to "Thunder Mountain Resources, Inc." upon completion of the Acquisition,
existing Thunder Mountain Gold Management will continue to run the Company post-acquisition, and the majority of the board will be comprised of Thunder Mountain Gold directors,
the Company will pursue both the exploration and development of the Company's existing mineral properties and the Green River oil and gas properties following completion of the Acquisition, and continue to seek both mineral and oil and gas opportunities.
The Acquisition would be subject to receipt of all required approvals, including approval of the TSX Venture Exchange and the shareholders of the Company. Completion of the Acquisition will be subject to negotiation and execution of a definitive agreement with Green River and the Hess Group. The parties will work together to structure and complete the Acquisition in a manner that addresses applicable tax, corporate and securities laws. The Company anticipates that approval of its shareholders will be required should a definitive agreement be concluded, and that it would prepare and circulate to its shareholders a proxy circular that would be prepared in accordance with the requirements of both the Securities and Exchange Commission and the TSX Venture Exchange. The Acquisition will be subject to receipt of all required regulatory approvals, including approval of the TSX Venture Exchange and the shareholders of the Company.
If a definitive acquisition agreement is concluded, the acquisition of Green River will constitute a "reverse takeover" under the policies of the TSX Venture Exchange. Accordingly, completion of the Acquisition will be contingent upon the Company complying with the reverse takeover policies of the Exchange, which will require the completion and filing of a NI 51-101 compliant report with respect to the material oil and gas properties of Green River. The directors and officers of the Company and certain principal shareholders of Green River have entered into pooling agreements whereby they have confirmed their agreement not to trade in any securities of the Company pending the earlier of completion of the Acquisition or termination of the Letter of Intent. Investors are cautioned not to rely on the statements of the Company in its December 9, 2011 news release regarding projected production from the Monument Butte oil field as these projections are not supported by a NI 51-101 compliant report. Accordingly, these projections should not be relied upon by investors.
When the Acquisition is completed, the new capital raised for the combined company is anticipated to be deployed both on the Company's existing mineral exploration work plans, and for direct investment to increase oil and gas production of Green River's properties in the Uinta Basin. Investment in the Uinta Basin will be focused on acquiring additional working interests in existing wells or drilling new wells for the company, with the objective of increasing the cash flow to the Company. Mineral exploration is planned to advance the South Mountain, Idaho project toward feasibility and to initiate drilling at the Trout Creek gold project in Nevada, a joint exploration agreement with Newmont Mining Corporation.
Private Placement
The board of directors has approved a private placement offering by the Company of up to 2,500,000 shares of common stock at a price of $0.20 per share for total proceeds of up to $500,000. The proceeds of the offering would be used for the following pending completion of the Acquisition;
exploration on the newly completed option on the Iron Creek cobalt gold project,
initiation of exploration on the Thunder Mountain Gold/ Newmont Mining Trout Creek joint venture, and
Professional and other expenses relating to the negotiation of a definitive agreement for and the completion of the Acquisition.
Finder's fees may be payable on a portion of the private placement in accordance with the policies of the TSX Venture Exchange. The common shares issued in the private placement will be subject to a four-month hold period in accordance with the policies of the TSX Venture Exchange and applicable securities legislation. In addition, the common shares will be "restricted securities" under the 1933 Act. The private placement remains subject to the approval of the TSX Venture Exchange.
U.S. Securities Act of 1933
This press release does not constitute an offer of any securities for sale or a solicitation of an offer to purchase any securities. The securities to be issued in connection with the Acquisition have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") and may not be offered or sold in the United States absent registration under the 1933 Act or pursuant to an available exemption from the registration requirements of the 1933 Act. In addition, neither the securities of the Company or the securities of Green River to be issued in connection with the private placements contemplated in this press release have been or will be registered under the 1933 Act and may not be offered or sold in the United States absent registration under the 1933 Act or pursuant to an available exemption from the registration requirements of the 1933 Act.
About Thunder Mountain Gold, Inc.
Thunder Mountain Gold, founded in 1935, holds a 100% interest in several U.S. gold projects. The Company's principal assets are The South Mountain Project – a historic former producer of polymetallic ore located in southern Idaho, just north of the Nevada border, and their Trout Creek Project – a grass roots gold target in the Eureka-Battle Mountain trend of central Nevada, currently under Joint Exploration Agreement with Newmont Gold. For more information on Thunder Mountain, please visit the Company's website at www.Thundermountaingold.com
Forward-Looking Statements
This press release contains forward-looking statements that are based on the beliefs of management and reflect the Company's current expectations. The forward-looking statements in this press release also include information relating to the intention of the Company to complete the Acquisition and the completion of the private placements contemplated in connection with the Acquisition and disclosed in this press release. The forward-looking statements are based on certain assumptions, which could change materially in the future, including the assumption that the non-binding Letter of Intent will lead to a definitive agreement, that the transactions contemplated in the Letter of Intent will be completed, and that the Company will successfully complete the Acquisition. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that the Letter of Intent may be terminated, that the transaction contemplated in the Letter of Intent may not result in a binding definitive agreement and any agreement may have terms and conditions different from those contemplated in the Letter of Intent, that the Acquisition and contemplated private placements may not be completed and that Company may not expend its available funds following completion of the Acquisition in the manner contemplated in this press release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
Cautionary Note to Investors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The United States Securities and Exchange Commission ("SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.
For further information, please contact:
Thunder Mountain Gold Inc.
Eric Jones, President and C.E.O.Email: eric@thundermountaingold.comPhone: (208) 658-1037
Jim Collord, Vice President and C.O.O.Email: jim@thundermountaingold.com
SOURCE Thunder Mountain Gold, Inc.
15for2
13 years ago
Thunder Mountain Gold Enters Into Letter of Intent to Acquire Green River Energy Corporation and Announces Private Placement
BOISE, Idaho, Dec. 9, 2011 /PRNewswire/ -- Thunder Mountain Gold, Inc. (the Company) (TSX-V: THM; OTCBB: THMG), a U.S.-based precious metals exploration company focused on discovering and defining high grade, high quality precious and base metal resources, is pleased to announce it has entered into a non-binding letter of intent (the "Letter of Intent") to acquire Green River Energy Corporation ("Green River") with the Hess Group, the principal shareholders of Green River (the "Acquisition"). Green River is privately-held oil and gas company based Salt Lake City, Utah with current oil and gas production from the Uinta Basin in Utah. Green River's current revenue is from a working interest in over 100,000 acres, and up to 22,000 Barrels of Oil Per Day, with long term projections of 100,000 barrels per day in the Monument Butte oil field, operated by Newfield Exploration Company (NYSE: NFX). Green River has additional working interest rights in over 4,000 acres of oil and gas leases in producing fields within the highly productive and reliable oil & gas region of the Uinta Basin, with additional opportunities available.
Eric Jones, President and CEO of the Company, said, "This is an exciting potential acquisition for us. When completed, it will provide our shareholders with diversity in the resource sector and additional opportunities to grow our cash flow in the short term, while we continue to pursue precious metals exploration and development on our high quality metal properties"
The Letter of Intent contemplates that the Company would acquire Green River in an all stock transaction with the following material terms:
the Hess Group will assist the Company to complete a private placement offering to European investors for proceeds of $1,000,000 prior to the completion of the Acquisition (the "Company Private Placement"),
additionally, the Hess Group will pursue a private placement offering of Green River shares to European investors for proceeds of a minimum of $4,000,000 (the "Green River Private Placement"),
the proceeds of the Green River Private Placement will be held in escrow pending completion of the Acquisition and available to the Company upon completion of the Acquisition,
the Company Private Placement and the Green River Private Placement would be completed by January 31, 2012,
completion of the Green River Private Placement would be a condition to the Company's completion of the Acquisition,
the Company will issue shares of the Company to the shareholders of Green River based on an exchange ratio that will result in pre-Acquisition shareholders of the Company owning 25% and shareholders of Green River owning 75% of the Company following completion of the Acquisition,
the Company will change its name to "Thunder Mountain Resources, Inc." upon completion of the Acquisition,
existing Thunder Mountain Gold Management will continue to run the Company post-acquisition,
the Company will pursue both the exploration and development of the Company's existing mineral properties and the Green River oil and gas properties following completion of the Acquisition,
The Acquisition would be subject to receipt of all required approvals, including approval of the TSX Venture Exchange and the shareholders of the Company. Completion of the Acquisition will be subject to negotiation and execution of a definitive agreement with Green River and the Hess Group. The parties will work together to structure and complete the Acquisition in a manner that addresses applicable tax, corporate and securities laws. The Company anticipates that approval of its shareholders will be required should a definitive agreement be concluded, and that it would prepare and circulate to its shareholders a proxy circular that would be prepared in accordance with the requirements of both the Securities and Exchange Commission and the TSX Venture Exchange. The Acquisition will be subject to receipt of all required regulatory approvals, including approval of the TSX Venture Exchange and the shareholders of the Company
When the Acquisition is completed, the new capital raised for the combined company is anticipated to be deployed both on the Company's existing mineral exploration work plans, and for direct investment to increase oil and gas production of Green River's properties in the Uinta Basin. Investment in the Uinta Basin will be focused on acquiring additional working interests in existing wells or drilling new wells for the company, with the objective of increasing the cash flow to the Company. Mineral exploration is planned to advance the South Mountain, Idaho project toward feasibility and to initiate drilling at the Trout Creek gold project in Nevada, a joint exploration agreement with Newmont Mining Corporation.
Private Placement
The board of directors has approved a private placement offering by the Company of up to 2,500,000 shares of common stock at a price of $0.20 per share for total proceeds of up to $500,000. The proceeds of the offering would be used for the following pending completion of the Acquisition;
exploration on the newly completed option on the Iron Creek cobalt gold project,
initiation of exploration on the Thunder Mountain Gold/ Newmont Mining Trout Creek joint venture, and
Professional and other expenses relating to the negotiation of a definitive agreement for and the completion of the Acquisition.
Finder's fees may be payable on a portion of the private placement in accordance with the policies of the TSX Venture Exchange. The common shares issued in the private placement will be subject to a four-month hold period in accordance with the policies of the TSX Venture Exchange and applicable securities legislation. In addition, the common shares will be "restricted securities" under the 1933 Act. The private placement remains subject to the approval of the TSX Venture Exchange.
U.S. Securities Act of 1933
This press release does not constitute an offer of any securities for sale or a solicitation of an offer to purchase any securities. The securities to be issued in connection with the Acquisition t have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") and may not be offered or sold in the United States absent registration under the 1933 Act or pursuant to an available exemption from the registration requirements of the 1933 Act. In addition, neither the securities of the Company or the securities of Green River to be issued in connection with the private placements contemplated in this press release have been or will be registered under the 1933 Act and may not be offered or sold in the United States absent registration under the 1933 Act or pursuant to an available exemption from the registration requirements of the 1933 Act.
About Thunder Mountain Gold, Inc.
Thunder Mountain Gold, founded in 1935, holds a 100% interest in several U.S. gold projects. The Company's principal assets are The South Mountain Project – a historic former producer of polymetallic ore located in southern Idaho, just north of the Nevada border, and their Trout Creek Project – a grass roots gold target in the Eureka-Battle Mountain trend of central Nevada, currently under Joint Exploration Agreement with Newmont Gold. For more information on Thunder Mountain, please visit the Company's website at www.Thundermountaingold.com
Forward-Looking Statements
This press release contains forward-looking statements that are based on the beliefs of management and reflect the Company's current expectations. The forward-looking statements in this press release also include information relating to the intention of the Company to complete the Acquisition and the completion of the private placements contemplated in connection with the Acquisition and disclosed in this press release. The forward-looking statements are based on certain assumptions, which could change materially in the future, including the assumption that the non-binding Letter of Intent will lead to a definitive agreement, that the transactions contemplated in the Letter of Intent will be completed, and that the Company will successfully complete the Acquisition. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that the Letter of Intent may be terminated, that the transaction contemplated in the Letter of Intent may not result in a binding definitive agreement and any agreement may have terms and conditions different from those contemplated in the Letter of Intent, that the Acquisition and contemplated private placements may not be completed and that Company may not expend its available funds following completion of the Acquisition in the manner contemplated in this press release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
Cautionary Note to Investors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The United States Securities and Exchange Commission ("SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.
For further information, please contact:
Thunder Mountain Gold Inc.
Eric Jones, President and C.E.O.Email: eric@thundermountaingold.com Phone: (208) 658-1037
Jim Collord, Vice President and C.O.O.Email: jim@thundermountaingold.com
SOURCE Thunder Mountain Gold, Inc.
MWM
13 years ago
Thunder Mountain Gold Enters Into Agreement With Newmont Mining to Advance Trout Creek Nevada Project
Date : 03/23/2011 @ 1:40PM
Thunder Mountain Gold Enters Into Agreement With Newmont Mining to Advance Trout Creek Nevada Project
Today : Wednesday 23 March 2011
Thunder Mountain Gold, Inc. (the Company) (TSX-V: THM; OTCQB: THMG), a U.S.-based exploration company focused on discovering and defining high grade, high quality precious and base metal resources, is pleased to announce it has entered into a strategic Agreement with Newmont Mining Corporation that will advance the Company's Trout Creek Project in Lander County, Nevada.
Jim Collord, President of the Company, said, "We are pleased to have this exploration agreement in place with Newmont on what I feel is one of the best remaining pediment plays in Nevada. The Trout Creek claims were staked in 2007 on a very positive regional geophysical target located in the Reese River Valley pediment, and our arrangement with Newmont substantially enhances our geologic target. The data package from Newmont substantiates our interpretation of the subsurface structural setting and will help guide our future drilling program."
With Newmont's private mineral package covering about 9,565 acres added to the 60 unpatented mining claims (1,200 acres) staked in 2007 by the Company within the thirty-square mile Area of Influence, the Trout Creek Project has been significantly expanded. The exploration area is situated on the Eureka-Battle Mountain trend in the Reese River Valley to the east of Newmont's operating Phoenix Mine and past producing Cove-McCoy Mines.
The data package made available as part of the Agreement provides additional geophysical information, as well as positive geochemical and drill data from previous Newmont exploration projects on either side of the Company's main target area. Jim Wright of Wright Geophysics has begun interpreting the Newmont data package and is recommending additional geophysical work to enhance the primary target area.
Under the terms of the Agreement, the Company is responsible for conducting the exploration program and is obligated to expend a minimum of $150,000 over the next two years, with additional expenditures possible in future years. Conducting drilling on Newmont lands is part of the work commitment, but the Agreement can be terminated after the minimum expenditure commitment has been made. The Agreement outlines the terms of a joint venture if the Company's program is successful in which Newmont can earn up to 70% of the project by expending 150% of the Company's expenditures up to the point that Newmont decides to form a joint venture. If the Company defines economic mineralization and Newmont decides not to joint venture, then the Company can obtain ownership of any or all of the Newmont lands within the Area of Influence and Newmont would retain three percent (3%) of net smelter returns (NSR) as royalty interest.
The work plan for 2011 and 2012 is to conduct additional geophysics that will help define important structural trends under the gravels, depth to bedrock and other important features of the valley fill. Interpretation of the geochemical and drill data provided by Newmont, in conjunction with the geophysics, will help guide the drilling program to be done over the next couple of field seasons.
Qualified Person – G. Peter Parsley, Professional Geologist, is the Qualified Person as defined by National Instrument 43-101 responsible for the technical data reported in this news release.
About Thunder Mountain Gold, Inc.:
Thunder Mountain Gold, founded in 1935, is an exploration company focused on discovering and defining quality, high grade precious and base metal projects, primarily in politically stable regions such as the Western United States. Thunder Mountain Gold performs its own natural resource exploration and generates value for shareholders by demonstrating the value of its properties through a comprehensive drilling program and then seeking strategic partners to move the properties into production. South Mountain, its flagship property located in Owyhee County, Idaho – just north of the Nevada border, is 100% owned/controlled with a mostly private land package of over 1,200 acres. The Company's other precious metals properties include Clover Mountain in Idaho, the Trout Creek and West Tonopah in Nevada, along with two properties in Arizona.
INDY
16 years ago
NEWS 10/6/08
Thunder Mountain Gold Announces an Intercept of Sulfide Mineralization at Their South Mountain Property
BOISE, Idaho, Oct 06, 2008 (BUSINESS WIRE) -- Thunder Mountain Gold, Inc. (OTCBB:THMG) today announced that Thunder Mountain Resources, Inc., a wholly-owned subsidiary (Company), has completed their first core hole in its planned exploration program at their South Mountain Mine, Owyhee County, Idaho. The hole (DMEA 2) encountered a zone of mineralization from 656 feet to 705 feet with approximately 40 feet of the core consisting of massive sulfide consisting of sphalerite, chalcopyrite and pyrrhotite - similar in character to that mined on the Sonneman and Laxey Levels. The target for the hole was the down dip extension of this mineralization approximately 280 to 300 feet below the Sonneman Level. It is believed that the intercept proves that the mineralization extends well below the existing workings. The hole was drilled from the surface and was completed to a total depth of 785 feet. It was designed to test the down dip extension of the DMEA 2 and peripheral high-grade mineralization encountered on both the Sonneman and Laxey mine levels.
The intercept has not been analyzed as yet. Once the core has been split, it will be sent to ALS Chemex Labs in Elko, Nevada for analysis. It is expected that the analysis will be completed by early November, but Management believes that it will be similar in value to the DMEA 2 mineralized zone encountered on the Sonneman Level where a bulk sample test conducted in the mid-1980s by South Mountain Mines, Inc. had values of 22.87% zinc, 0.50% copper, 0.47 lead, 0.12 ounce per ton (opt) gold and 3.3 opt silver. The DMEA 2 zone on the Sonneman Level was extensively drilled by South Mountain Mines and a zone of massive sulfide approximately 75 feet by 50 feet was defined. This zone is within a broader zone of mineralization that was intercepted by the Sonneman Level tunnel and drilling that is approximately 300 feet long and locally 50+ feet thick.
The core rig is being moved to a second surface site to drill test the Texas mineralized zone approximately 300 feet down dip of the Sonneman Level. The Texas mineralization, located some 900 feet east of the DMEA 2 zone, was defined and partially mined by the underground mining conducted during World War II through the mid-1980s. This mineralized zone extends was mined from the Laxey Level to the surface, and has been encountered on the Sonneman Level, some 300 vertical feet below the Laxey Level. The total down dip mineralization of the Texas Ore Shoot has been identified over some 750+ feet from the surface to the Sonneman Level.
In addition to the drilling, the Company has completed the portal and tunnel rehabilitation of the Sonneman Tunnel. Access is now possible from the portal to a caved area near the Texas mineralized area. Confirmatory channel samples are planned for the DMEA 2 and other zones along the Sonneman Level.
Jim Collord, President of Thunder Mountain Gold, said of preliminary drill results, "We are excited by the intercept of what we believe is significant sulfide mineralization within the DMEA 2 drill hole. Subject to verification, it may well prove that the favorable host marble horizon and mineralization extends well below any high-grade mineralization encountered by the previous underground workings. We are guardedly optimistic that after the assay reports are analyzed the results could enhance the resource defined by previous operators. We are optimistic that the resources outlined in the Kleinfelder technical report can be expanded well below the 150-foot depth cut off below the Sonneman Level that was used for their resource calculation. We are anxious to verify our visual observation of the sulfide intercept with the upcoming analytical work."
EdF
18 years ago
Hi universaltrader,
I believe the company has already rec'd payment for the land. Per the last 10Q:
Mining Claims
Substantially all of the Company’s patented and unpatented claims in the Thunder Mountain Mining district were sold to the Trust For Public Land on September 1, 2005, for $5,500,000, netting the Company a gain on the sale of $2,576,112. The Company had entered into an agreement concerning the claims sold with Dewey Mining Company (“Dewey”) and certain other private parties that controlled Dewey and that were also major shareholders of Thunder Mountain. This agreement resulted in the payment of approximately $3,300,000 to the parties, $2,923,888 of which was for Dewey’s interest in the property sold and $376,705 was for the purchase of 1,883,525 shares of the Company’s common stock.
They currently have about 1.2M in cash which they are going to use towards acquiring a new claim/property. As it stands now, the book value is over .10 per share. I've been accumulating this for approx 6 months and it is a long term hold for me. I'm just waiting for them to put something together. Even if for some reason they did not pursue a mineral property, it is a very attractive shell stock.
As for other plays, I'm heavily in IPMG (.005/.007--gold/silver) and am anticipating some good news next month (October). May be worth checking out their recent PR and looking at the IHUB board. There are some solid players on this one and there is some good info on the board.
http://investorshub.com/boards/board.asp?board_id=3987
The OTC market is pretty slow right now so I'm mainly grabbing some cheapies in anticipation of the market picking up....eventually
All the best.
Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.
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