HENDERSON, Nev., Aug. 24, 2011 /PRNewswire/ -- Fortune Oil and
Gas, Inc. (PINK SHEETS: FOGC) (http://www.fortuneoilandgascorp.com)
subsidiary Alta Mining advised on the potential of the silver
claims in BC, Canada, currently
pursued by Alta Mining (The shared numbers may not comply with
43-101 technical information, are strictly theoretically
structured, and for informational purposes only).
Area of the claim offers good road infrastructure, an operating
mill located less than 50 km from the property and access to
experienced labor. All these conveniences would lower operational
costs and allow Alta Mining to extend seasonal mining operations to
about 200 days/year.
Company based the following calculation on a sober and a very
rough estimate of producing only 5 ounces of silver per metric ton
(reported showings of silver in the area of the Alta Mining claim
show up to 80 ounces of silver per metric ton).
Estimated 5oz/ton would set the daily silver production at about
1,000 oz/day, and with the current price of silver this property
can potentially produce $50,000 in
daily revenues, and approximately $10
million in total annual revenues (these calculations are
based on production predictions totaling around 200 tons of ore
daily, and with secondary production of zinc and lead usually
sufficient to cover the whole silver mining production
expenses).
The company advises that these are just rough estimates based on
the location's historical productions, while the actual surveys are
yet to be executed. The management believes that geological and
structural features of the previously explored areas seemed to
indicate that the mineralized zones could be much more extensive
over already known silver bearing systems.
The company plans to continue to work on building a significant
position in the region and provide benefits for their
shareholders.
More updates on both subsidiaries to follow shortly.
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