Uranium Hunter Corporation (OTCBB: URHN)
is pleased to provide further details on the Eagle Nest Mining Property.
The Company recently entered into a Joint Venture Agreement to acquire
a 49% interest in the Eagle Nest Mining Property Claims ("Eagle
Nest") located in La Paz County, Arizona.
Mr. Reno Calabrigo, President stated
"The Company is excited about this venture into the Bouse Mining
District, which has a long established history of producing profitable
gold mining operations. We are in the process of evaluating the recent
available data on the Eagle Nest Mining Property and will release this
information shortly in conjunction with an announcement for an upcoming
work program. Mr. Calabrigo further stated "During the 1980's,
Cyprus Gold profitably mined the 500,000 oz Copperstone open pit resource,
located approximately 20 miles from Bouse, which based on today's gold
prices is valued at over $470,000,000."
The Bouse Mining District, where Eagle
Nest is located, is a mid-tertiary system of epithermal mineralization,
which was introduced into a stacked sequence of lithotectonic units
that are located on the northern side of the Plomosa Detachment Fault.
Complex epithermal gold, barite and fluorite mineralization is superimposed
on earlier copper-specularite mineralization. Gold occurs in laterally
extensive breccias and in steeply dipping amethystine-quartz veins.
These deposits are similar to the proven and mined Copperstone and Mesquite
deposits.
This District involves an important
type of Arizona gold deposit, called a "detachment fault"
deposit. Detachment fault deposits were first recognized as a separate
form of gold deposit in the 1980's. The best example of an Arizona detachment
gold deposit is Copperstone, which is about 20 miles from Bouse. It
was the biggest gold discovery in Arizona in at least 50 years. Cyprus
Gold profitably mined the 500,000 oz open pit resource during the 1980's.
The Bouse Mining District is an historic gold producer.
Uranium Hunter Corporation (OTCBB: URHN)
is an exploration company primarily targeting the uranium and precious
metal industries in the resource sector. Initially, the Company was
founded with the focus of developing a portfolio of quality uranium
exploration properties in East Africa. With the recent shift in economic
conditions, management has decided to diversity the Company's interests
to include the precious metals industry.
Company Overview
Uranium Hunter Corporation (OTCBB: URHN) is an exploration
company primarily targeting the uranium and precious metal industries
in the resource sector. Initially, the Company was founded with the
focus of developing a portfolio of quality uranium exploration properties
in East Africa. With the recent shift in economic conditions, Management
has decided to diversity the Company’s interest to also include
mining exploration and production in other precious metals sectors.
Uranium Hunter Corporation has entered into an agreement
on May 5, 2009 to acquire a 49% interest in the Eagle Nest Mining
Property (”Eagle Nest”) from Sparrowtech Resources, Inc.
Projects
The Eagle Nest Mining Property
The Eagle Nest claims include a previously producing
Au-Cu-Ag-Fe (Gold, Copper, Silver and Iron) mine located 10 miles
off Highway 95 in La Paz County, Arizona. Easy access to the mine
site and a good water supply will facilitate ease of construction
for a potential processing plant as well as expansion of the mine
site.
Mineralization previously documented on Eagle Nest
is very fine-grained to visible flaky gold, with oxidized copper ores
and staining, in a linear, lenticular ore body with a steeply dipping
fault zone cutting metamorphic Mesozoic, red, hematitic shale. Lenticular
ore body formed from oxidation and enrichment was also found in the
fault zone.
Previous workings include a 400 feet (121.92 meter)
deep shaft and about 170 feet of drifts on the 100 level with some
near-surface stopes. The previous mining operation on this property
recorded historic productions of 1,050 tons of ore averaging about
1.07 ounces per ton gold, 1.8% copper and 2.1 ounces per ton silver.
History of the Bouse Mining District
The Bouse Mining District, where Eagle Nest is located,
is a mid-tertiary system of epithermal mineralization, which was introduced
into a stacked sequence of lithotectonic units that are located on
the northern side of the Plomosa Detachment Fault. Complex epithermal
gold, barite and fluorite mineralization is superimposed on earlier
copper- specularite mineralization. Gold occurs in laterally extensive
breccias and in steeply dipping amethystine-quartz veins. These deposits
are similar to the proven and mined Copperstone and Mesquite deposits.
This District involves an important type of Arizona
gold deposit, called a “detachment fault” deposit. Detachment
fault deposits were first recognized as a separate form of gold deposit
in the 1980’s. The best example of an Arizona detachment gold
deposit is Copperstone, which is about 20 miles from Bouse. It was
the biggest gold discovery in Arizona in at least 50 years. Cyprus
Gold profitably mined the 500,000 oz open pit resource during the
1980’s. The Bouse Mining District is an historic gold producer.
Business Summary
Uranium Hunter Corporation (OTCBB: URHN) is an exploration
company primarily targeting the uranium and precious metal industries
in the resource sector. Initially, the Company was founded with the
focus of developing a portfolio of quality uranium exploration properties
in East Africa. With the recent shift in economic conditions, Management
has decided to diversify the Company’s interest to include the
precious metals industry.
Key Acquisition
Uranium Hunter Corporation recently entered into
an agreement to acquire 49% interest in the Eagle Nest Mining Property
(“Eagle Nest”) from Sparrowtech Resources, Inc. Eagle
Nest claims include a previously producing Au-Cu-Ag-Fe (Gold, Copper,
Silver and Iron) mine located 10 miles off Highway 95 in La Paz County,
Arizona. Easy access to the mine site and an ample water supply can
facilitate ease of construction for a potential processing plant as
well as expansion of the mine site.
Eagle Nest is located in the historic gold producing
Bouse District, which is home to an important Arizona gold deposit
called a “detachment fault.” One example of this type
of deposit is Copperstone, which is located about 20 miles from Bouse
and is the largest gold discovery in the State of Arizona in at least
the past 50 years. Eagle Nest is located favorably near these unique
gold deposits, which the Company believes can utilize concentration
techniques that boost gold extraction. Recent assay and concentration
testing results on Eagle Nest will be announced shortly.
Investment Highlights
• Bullish
Gold Sector – In times of economic turmoil, investors
increase their position in precious commodities like gold. Gold is
expected to stay above $1,000 per ounce through year’s end.
• Responsible Mining
– The Company plans to engage in socially and environmentally
responsible methods throughout the entire production and mining process
in all its projects.
• Experienced
Leadership - URHN is assembling an astute team of advisors
and technical experts.
• Rapid
Growth – The Company is currently reviewing additional
potential acquisitions in precious metal and uranium projects to further
enhance and diversify its portfolio.
Gold Futures
Here’s what the industry experts are saying
about the prospects and prices of mining for gold:
…“A continued global economic tsunami
and the increasingly urgent scramble for an investment lifeline will
combine to power gold prices ominously higher and into uncharted territory
later this year. This is the consensus of opinion among the CEO’s
of a dozen emerging to mid-tier gold mining companies who were recently
interviewed by BNW Business Newswire.
…“Gold will be trading in the $1,100
to $1,500 range by year’s end, they (the CEO’s) all agreed.”
- Commodity Online, March 21, 2009
…Investment in gold mining companies provides
leveraged exposure to underlying gold prices, with miners profiting
from stronger revenue and falling costs, according to ETF Securities
Ltd.
…The ETFS Russell Global Gold Fund (AUMCO),
which tracks the world’s biggest gold miners, has recorded 75%
growth since October 31, 2008. This compares to a 15% fall in the
MSCI World Index over the same period. High political and financial
uncertainty continues to drive investors to safe havens like gold.
