The mine spanning over an area of 160 acre is valued based on 80% of $25 spot silver price and 80% of a $1,400 spot gold price.
The recently concluded independent geological report and valuation revealed that the mine can return 15 grams per ton – 16 grams per ton for years.
Even that maybe 5% of the potential gold reserve has been extracted, and 95% remains undisturbed, the company stated.
Further Gold Mining USA operations vice president Brian Jenkins was quoted by News4 as saying that the company is likely to commence operations during the latter half of 2013.
"Conservatively I’m saying within about 6 to 8 months," said Jenkins.
