Copper King Mining Corporation (OTC: CPRK) engages in the extraction and mining of ores bearing gold, silver and copper. The company has recently set its sights on "going green" and will employ the most environmentally friendly processes possible on a best efforts basis. The company currently owns approximately 1200 acres in the Drum Mountains of Utah, which are patent deeded mining claims. The company recently added to its holdings by filing 6 more claims on land which was inside their holdings, but not patent deeded.
Copper King Mine was rediscovered in 2007 by Wilf Blum, Dee Allred and Jack Rasmussen. The mine was originally deeded in 1937, at which time 65,000 ounces of gold were mined from the area. The mine consists of 62 claims filed and recorded in Juab and Millard counties, as the claims straddle the counties’ borders. The claims were patent-deeded and the deeds were purchased by Copper King Mining Inc., a Utah corporation, which shows Dee Allred as the only shareholder at this time.
Upon discovery of the ore bodies in the mining area, Allred had assays performed and contracted a company in Orem, Utah who provided geological survey work on the area.
George Harris, a senior geologist with Bullion Monarch Mining, a Utah consulting and mining firm, was contacted and spent several days going over the site. The site consists of several volcanic out-croppings and old mine shafts that have very large bodies of ore associated with them. The ore consists of copper, silver, and gold, plus several trace minerals of value.
The company’s immediate plans are to raise money to do a sonogram survey of the area. Based on those results, Bullion Monarch Mining has agreed to come in and provide a drilling program to prove reserves. Upon successful completion of the drilling program, Monarch and Copper King will joint-venture further development. The long-term goals are to sell the project to a major mining operation for shares in their company.
No definitive agreements have been entered into with a major firm, but several targets will be considered. The real advantage is that Monarch has a history of success in this type of venture.
Goals
2008
- Extraction method study
- Environmental study
- Begin permit process
- Hydrology study and water well dug
- Completion of exploration program
2009
- Mining / crushing / milling method designed
- Begin ground clearing (underground or open pit)
- Untility installation for ventilation, water, electricity
- Builing of onsite laboratory
- Site security & office buildings constructed
- Purchase of mining & milling equipment
2010
- Drilling of monitor wells
- Begin construction of processing plant
- Construction of leach pads for low grade materials
2011
- Continued construction
- Hiring of mining employees
- Comission of plant
Signed Letter of Intent
On January 15th, Copper King Mining announced that the company has entered into a letter of intent to purchase 100% of Western Utah Copper Company which is located in Milford, Utah. The strength of the transaction is based on a combination of factors which will bring the two companies together and provide for a change of management and board of directors to Copper King Mining Corporation.
The assets of Western Utah Copper Company are very extensive. The company holds approximately 90,000 acres of mining claims and a complete line of Caterpillar Mining equipment including their own processing mill which is near completion. The mill upon its completion is expected to process 2500 tons of ore per day, recovering 50-65,000 pounds of Copper per day plus Gold and Silver. The properties mineralization consists of Gold, Silver, Copper and other metals such as Tungsten and Molly.
Western Utah Copper Company currently employs upwards of 60 people including geologists, engineers, management, construction personnel and miners. The company is currently removing overburden from the ore body on several acres of their property. The company has removed a combined 1,600,000 tons of over burden and ore, and has stock piled 200,000 tons of ore in preparation of the completed mill. Upon the signing of the definitive agreement between the two companies, management will change and Mr. Mark Dotson of Western Utah Copper Company will become the President and CEO of Copper King Mining Corporation. Mr. Dwaine Allred will step aside and become a member of the board of directors.
Contiguous to Copper King Mining's acreage is approximately 1100 acres of claims filed by Western Utah Copper Company. As the companies explored the concept of a joint venture on the Drum Mountain properties, it was decided that a very viable consideration was to join the total assets of both companies.
The new company will keep the name Copper King Mining Corporation and the stock will not be reversed in this merger.
Purchase of Mining Claims Finalized
Copper King Mining announced in early January that company President Dwaine Allred had signed the final agreement to transfer the ownership of 62 patented mining claims into the name of Copper King Mining Corporation. The claims total +/- 1,100 acres and the company was issued title insurance on the deeds. The policy shows a clear chain of title of both the land and mineral rights.
Mr. Allred was quoted as saying, "This is a great day for our company, the simple fact that the title to these claims is now transferred to us and insured is a great asset to Copper King. The value of this area has long been overlooked, and we are excited to be the ones to rediscover it. This area was originally mined in the late 1800s and produced considerable gold. The copper was just left as most people were interested in gold back in those days. This area just sort of fell through the cracks in the 20th century, and we were lucky enough to get it."
Six More Claims
Shortly after, the company applied under a third party name for 6 more mining claims in adjoining areas to their already patent deeded claims. The new claims have been surveyed and recorded, but final approval is still pending. Upon final approval locations of the claims will be released.
This brings the total claims currently owned and/or applied for by Copper King to 68 and total acreage over 1200 acres all in the same location.
"Going Green"
Copper King Mining Corporation has set its sights on "going green" in its ore processing. The minerals which are mined in today’s world are the backbone of all industry and civilization. As the demand for copper, gold and silver increases worldwide, the natural concerns of the public turn to how these ores are processed.
Copper King Mining Corporation, on a best efforts basis, will employ the most environmentally friendly processes possible, in the extraction and mining of its ores. The decision to go green reflects conscionable concerns new management has from their many years of experience. As a result of these concerns and the desire of management to have the world know of its efforts in this regard, the company has entered into a contract with Clear Vision International based in Los Angeles, California, to represent the company in several areas of public relations. Clear Vision has been retained to develop an extensive public awareness program in National and International media, based in part on the earth-friendly efforts that the company is making in the development and production of its many assets.