Osceola Gold pays bond to start mining in Nevada
STEUBENVILLE, OH–(Marketwired – Aug 5, 2015) – Osceola Gold Incorporated (OTC PINK: PYHH) is pleased to announce that the Company has completed payment of the necessary bond that enables the Company to move forward with the mining operation.
As a result of the mining taking place on government land, Osceola Gold Inc. was required to pay a reclamation bond to the Bureau of Land Management (BLM) of $476,500. The funding of this bond has now given the Company the authority to commence production on the property.
Osceola has also completed all requirements necessary to be in full compliance with the Nevada Department of Environmental Protection(NDEP), and is sending the Management team to Osceola for the initiation of Operations, authorized by the Bureau of Land Management.
"We are very excited to be moving forward. We have worked hard to get to this point, and look forward with great anticipation to what we will be able to soon report. Shareholders will be kept fully updated," stated Chris Tarquino, Chief Executive Officer, Osceola Gold Inc.
The Company recently announced the completion of a Mining Rights Stock Purchase Agreement Incident to Reorganization with Osceola Gold Incorporated. Having commenced trading as Osceola Gold Incorporated, the Company has now emerged as a gold mining operation focused in the famous Osceola Mining District of White Pine County, Nevada. Osceola Gold Inc. has retained all mineral rights for all precious metals, including gold deposits, on their leased land; an over 20 acre expanse of gold mining claims known as Mav G.
Geological reports prepared by Skookum Geological places the value of Mav G at $300-500 million. Historical reports have an average value to a FALSE bedrock at $132.00 per cubic yard. All permits and bonds have been put into place for the mobilization of this project.
Mining in the Osceola District, White Pine County Nevada, was launched in the 1870s and continues to this day. Major efforts were put forth in the late 1800s, 1930s and 1970s with both lode and placer mining striking success with the removal of considerable amounts of gold. Studies conducted throughout these periods indicate economically viable amounts of gold in both the bedrock and in particular, the placer deposits that remain. For more information visit: http://www.nbmg.unr.edu/
The Company has applied for a corporate name and symbol change. As Finra concludes due process yielding a final approval, the new name and symbol are expected to go immediately into effect.