USA Uranium Explores Comstock Royalty Plan and Pursues Additional Gold Properties
October 23 2009 - 11:47AM
Marketwired
USA Uranium Corp. (PINKSHEETS: USAU) (http://usauranium.com) CEO
Ken Berscht is pleased to announce, "Our recent trip to visit the
Comstock Lode in Nevada opens new areas of focus for USA Uranium as
we expand our former gold producer and the Net Smelter Royalty
(NSR) royalty acquisition model with strategic and early stage gold
development projects which fit our business model of exploration
and royalty development projects. The Comstock Lode Mining District
in Nevada provides huge opportunity with early and strategic
projects in the gold NSR royalty arena. The history and lore of the
Comstock lives today and USA Uranium is stepping out to expand into
this historic gold production area."
USAU also announces that following the Company's policy that
"gold is where you find it" it is proceeding with final
negotiations to acquire two former producing properties located in
southern California. In the early 1900s, throughout this area,
numerous mining operations were actively conducting both
underground and surface mining projects that produced tremendous
amount of gold. These properties were prolific producers and were
mined actively until WWII shut down production and then
sporadically after that. These properties produced in excess of
$300,000,000 of gold at today's prices. The Company plans to
utilize a consistent exploration program to attempt to identify
additional gold reserves in former California gold producers.
According to Ms. L. Skaer, Executive Director of the California
Northwest Mining Assn., a trade group that works with California
mining companies, "The advent of $900 [now well over $1060/oz]
gold, current economic conditions and printing of US dollars will
make formerly producing California gold mines one of the most
attractive gold mining opportunities in the world." Additionally,
gold "has been consolidating for the past 10 days," wrote Dennis
Gartman, an economist and editor of the US-based Gartman Letter.
"Next is advancement again and the weak and weaker US dollar shall
be the eventual catalyst for that to happen."
Karl Harz, President, said: "USA Uranium engages in the
evaluation, acquisition, and development of precious metals
exploration and royalty projects in Nevada and California gold
mining districts. Our Management team is working to identify
opportunities to improve the value of the company through review of
exploration and royalty projects in and around the Comstock Lode
Mining District as well as development of our California gold
projects."
John Perez, Director of Communications, said: "USA Uranium's
growth-focused exploration and new NSR royalty business model
creates significant shareholder value by providing considerable
leverage while mitigating the downside risks faced by traditional
mining companies. The royalty model was a natural expansion of a
good plan with gold reaching new highs and expected to reach
$1,200.00 per oz in the near term. Ken Berscht provides leadership
as well as vision to USA Uranium with this new step in the Comstock
Lode Mining District which expands our footprint in Nevada and
California gold projects. Our visit to the historic Comstock Lode
in Nevada provided excellent opportunities to view some of the
richest mines ever discovered in the United States while we move to
create a footprint in the Comstock Lode."
Contact: John Perez USA Uranium Corp. Director of Communications
949 280 4323 office 310-802-3871 e-fax usaupm@gmail.com