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Post by Franko10 ™ on Jul 27, 2005 15:31:17 GMT -5
Oretech Enters Into Contract to Purchase the Silver Plume and Pittsburgh Mines in Colorado
Business Editors
PHENIX CITY, Ala.--(BUSINESS WIRE)--Sept. 23, 2003
Oretech Inc. (OTCBB:ORTE) today announced that the company has entered into an asset purchase agreement with Frontier Development, LLC to acquire the Silver Plume, and the Pittsburgh Group of mines located in Clear Creek County and Gilpin County, Colo.
The Silver Plume claim group acquired by Oretech is comprised of 105 owned claims, 17 partially owned claims and a total of 334 acres. Historical mining on these claims yielded silver, lead, gold, zinc and other strategic and precious metals, primarily from the late 1860s to about 1930.
The Pittsburgh Mine is located on the north side of lower Russell Gulch near Central City, Colo. The mine was opened prior to 1880 and was reportedly last worked in 1947. While in operation the USGS reports that the mine consistently produced high yields of both gold and silver.
Oretech staff has been performing tests on tailing samples and dump site samples from these three properties for over 16 months. These test results have consistently demonstrated to the company that the tailing and dump site raw materials are conducive to Oretech's processing technology and have consistently produced metal yields that indicate commercial production viability.
When asked to comment about the acquisitions, Oretech Inc. Chairman/CEO Stephen D. Cummins said, "These acquisitions are in line with our overall strategic growth plan. Oretech has a proven new standard setting processing technology. The long-term success of our technology and our corporation is directly tied to the quality and quantity of the feed stock inventory we have available to process. Our acquisition strategy is based upon acquiring mining properties that were opened in the 1800s and last worked in the early to mid 1900s. These properties were mined by sight. In other words, if the miner could see the metal, it was extracted and everything else was discarded into tailing and dump piles. These tailing and dump piles can still produce commercially viable yields utilizing our processing system. We targeted the Silver Plume, Pittsburgh and Calhoun Group of Mines only after we fully understood their historical production yields which, in each case, were strong in the late 1800s and early 1900s. We now have, what we believe, will prove to be an inventory of ore feed stock that will consistently produce profitable yields for this corporation and long-term value for our shareholder base. Oretech will continue to pursue additional acquisitions of mining properties in order to augment its feedstock inventory."
Oretech's mission is to build a solidly profitable company whose management is characterized by decisions reflecting integrity with a focus on building shareholder value. Oretech will execute this mission through continuing to build a strong administrative and technical team and profitably processing ore bodies and other feed stocks using its proprietary technology. Oretech's processing system will allow the company to achieve profitable yields from globally abundant metal yielding ore bodies and feedstocks.
This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events and the future financial performance of Oretech that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are referred to the documents filed by Oretech with the SEC, specifically the most recent reports on Form 10-K and 10-Q, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Among the important factors or risks that could cause actual results or events to differ materially from those in the forward-looking statements in this release are: business and economic conditions and growth trends in our industry in various geographic regions; global economic conditions and uncertainties in the geopolitical environment; variations in customer demand for products and services; variability of operational costs; variations in sales channels, product costs, or mix of products sold; the ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; dependence on the introduction and market acceptance of our technology and expansion into other industry segments; rapid technological and market change; litigation involving patents, intellectual property, stockholder and other matters; the ability to recruit and retain key personnel; financial risk management; our ability to raise capital to fund our operations and expansion plans; and potential volatility in operating results, among others.
COPYRIGHT 2003 Business Wire
COPYRIGHT 2003 Gale Group
Business Editors
PHENIX CITY, Ala.--(BUSINESS WIRE)--Sept. 23, 2003
Oretech Inc. (OTCBB:ORTE) today announced that the company has entered into an asset purchase agreement with Frontier Development, LLC to acquire the Silver Plume, and the Pittsburgh Group of mines located in Clear Creek County and Gilpin County, Colo.
The Silver Plume claim group acquired by Oretech is comprised of 105 owned claims, 17 partially owned claims and a total of 334 acres. Historical mining on these claims yielded silver, lead, gold, zinc and other strategic and precious metals, primarily from the late 1860s to about 1930.
The Pittsburgh Mine is located on the north side of lower Russell Gulch near Central City, Colo. The mine was opened prior to 1880 and was reportedly last worked in 1947. While in operation the USGS reports that the mine consistently produced high yields of both gold and silver.
Oretech staff has been performing tests on tailing samples and dump site samples from these three properties for over 16 months. These test results have consistently demonstrated to the company that the tailing and dump site raw materials are conducive to Oretech's processing technology and have consistently produced metal yields that indicate commercial production viability.
When asked to comment about the acquisitions, Oretech Inc. Chairman/CEO Stephen D. Cummins said, "These acquisitions are in line with our overall strategic growth plan. Oretech has a proven new standard setting processing technology. The long-term success of our technology and our corporation is directly tied to the quality and quantity of the feed stock inventory we have available to process. Our acquisition strategy is based upon acquiring mining properties that were opened in the 1800s and last worked in the early to mid 1900s. These properties were mined by sight. In other words, if the miner could see the metal, it was extracted and everything else was discarded into tailing and dump piles. These tailing and dump piles can still produce commercially viable yields utilizing our processing system. We targeted the Silver Plume, Pittsburgh and Calhoun Group of Mines only after we fully understood their historical production yields which, in each case, were strong in the late 1800s and early 1900s. We now have, what we believe, will prove to be an inventory of ore feed stock that will consistently produce profitable yields for this corporation and long-term value for our shareholder base. Oretech will continue to pursue additional acquisitions of mining properties in order to augment its feedstock inventory."
Oretech's mission is to build a solidly profitable company whose management is characterized by decisions reflecting integrity with a focus on building shareholder value. Oretech will execute this mission through continuing to build a strong administrative and technical team and profitably processing ore bodies and other feed stocks using its proprietary technology. Oretech's processing system will allow the company to achieve profitable yields from globally abundant metal yielding ore bodies and feedstocks.
This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events and the future financial performance of Oretech that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are referred to the documents filed by Oretech with the SEC, specifically the most recent reports on Form 10-K and 10-Q, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Among the important factors or risks that could cause actual results or events to differ materially from those in the forward-looking statements in this release are: business and economic conditions and growth trends in our industry in various geographic regions; global economic conditions and uncertainties in the geopolitical environment; variations in customer demand for products and services; variability of operational costs; variations in sales channels, product costs, or mix of products sold; the ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; dependence on the introduction and market acceptance of our technology and expansion into other industry segments; rapid technological and market change; litigation involving patents, intellectual property, stockholder and other matters; the ability to recruit and retain key personnel; financial risk management; our ability to raise capital to fund our operations and expansion plans; and potential volatility in operating results, among others.
COPYRIGHT 2003 Business Wire
COPYRIGHT 2003 Gale Group
