RENO, Nev., Sept. 8, 2009 (GLOBE NEWSWIRE) -- Black Mountain Resources Inc. (OTCBB:BCKR) today announced that the management of the Company has completed its review of the information and data supplied by Global Minerals Ltd. and now plans to close on the Joint Venture Agreement for the Front Range Gold JV Property, Gold Hill Mining District, Colorado, previously announced by the Company.
Black Mountain Resources has conducted joint management discussions with Global Minerals that have concluded that a program of ore development should be the first priority for the project.
This Program will include the straightening of the inclined shaft at the Cash mine, then drifting on veins under those that have gold reserves in the upper levels. These reserves include some 15,948 tons of 1.71 oz/ton gold, 14.8 oz/ton silver and 8,000 tons at 1.31 oz/ton gold and 10.1 oz/ton silver.
The Company plans to develop significant more reserves under these known reserves, thereby allowing the mill expansion initially envisioned. This mill expansion will be in the form of a new ball mill that will allow the milling capacity to increase to between 100 and 200 tons per day.
With the added milling capacity, the Company expects to develop other areas of the project under known reserves and thereby have reserves to continue to operate the mill at the new capacity.
The Joint Venture management meetings also will be looking at using a known chemical method of processing the concentrate to produce a Gold Dore bullion, thereby cutting shipping and handling costs and allow a faster return on investment as opposed to shipping to a smelter.
The Company expects to have significantly more information available in the near term.
The Company is still completing its name change to Black Mountain Resources Inc. and is currently awaiting approval by Finra. The Company's name change has now been approved by the Nevada Secretary of State. The Company is using the new domain name www.blackmountainresources.com, and has deactivated its old website.
About Black Mountain Resources
Black Mountain Resources is an independent mineral exploration company engaged in the acquisition, exploration and development of high-quality gold, silver, and copper properties in North and South America. The Company's objective is to seek high quality resource projects with good exploration and production potential. More information can be found about the Company at its website: http://www.blackmountainresources.com
Forward-Looking Statements
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will,'' "anticipates,'' "believes,'' "plans,'' "goal,'' "expects,'' "future,'' "intends,'' and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release.