Idaho General Mines, Inc. (OTCBB:IGMI):
Idaho General's President Robert L. Russell today announced that the Hall-Tonopah Option to Purchase was extended in order to allow the completion of a technical report and real-estate evaluation on the Nevada copper-moly deposit and its significant surface facilities. The property includes the former Hall molybdenum and copper deposit which was mined by open pit methods between 1982 and 1985 by the Anaconda Minerals Company and between 1988 and 1991 by Cyprus for molybdenum. Equatorial Tonopah, Inc. mined copper from 1999 to 2000 on this property. Much of the deposit was drilled but only partially developed and mined.
"Hall is being looked at closely as a potential location for our molybdenum roaster," explained Bob Russell. "It has a great deal of the infrastructure in place to reduce our overall capital cost on our planned roasting facility to process the Mt Hope molybdenum concentrates, and it would also spread out the socio-economic impacts on Eureka, Nevada of developing the very large Mt Hope molybdenum deposit. We are also considering alternative energy generation in this windy part of Nevada to make full use of the existing power and maintenance infrastructure not utilized by the molybdenum roaster."
"Hall also represents good, future exploration potential to add to its already known but only partially-mined deposits of copper," added Russell, "including a number of promising but untested copper and silver targets."
"This multiple-use approach to Hall being further studied as both a means of reducing our roasting facility capital, creating energy revenue, as well as for future copper exploration represents a low risk -- high potential approach to development," commented Russell. "It makes use of the same land package and surface resources, much like the plan we are now implementing to explore the adjacent zinc prospect at Mt Hope. (See press release January 18, 2006.) Against the backdrop of increasing metals prices and energy costs, we want to take the fullest advantage of the mineral properties we currently have in-house to maximize shareholder value," Russell emphasized.
Idaho General Mines, Inc. is an American mineral exploration company specializing in advanced-stage molybdenum projects. Idaho General holds the Mount Hope Project in central Nevada which contains one of the largest molybdenum-porphyry deposits in the world, 920 million metric tonnes of mineralized material that will produce about 1.3 billion pounds of recoverable molybdenum during its 53-year lifetime. The Idaho General portfolio contains additional advanced-stage, high-potential molybdenum, copper, and gold projects throughout the western United States. Idaho General is led by a highly-qualified technical and financial management team. Its stock trades on the OTC Bulletin Board under the symbol "IGMI," and its website is www.idahogeneralmines.com.
Statements made which are not historical facts, such as anticipated payments, production, exploration results and plans, costs, prices or sales performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, metals price volatility, volatility of metals production, exploration risks and results, political risks, project development risks and ability to raise financing. Refer to the company's Form 8-K, 10-QSB and 10-KSB reports for a more detailed discussion of factors that may impact expected future results. The company undertakes no obligation and has no intention of updating forward-looking statements. Cautionary Note to Investors -- The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms and statements in this news release that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the disclosure in our filings with the SEC. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.
Idaho General's President Robert L. Russell today announced that the Hall-Tonopah Option to Purchase was extended in order to allow the completion of a technical report and real-estate evaluation on the Nevada copper-moly deposit and its significant surface facilities. The property includes the former Hall molybdenum and copper deposit which was mined by open pit methods between 1982 and 1985 by the Anaconda Minerals Company and between 1988 and 1991 by Cyprus for molybdenum. Equatorial Tonopah, Inc. mined copper from 1999 to 2000 on this property. Much of the deposit was drilled but only partially developed and mined.
"Hall is being looked at closely as a potential location for our molybdenum roaster," explained Bob Russell. "It has a great deal of the infrastructure in place to reduce our overall capital cost on our planned roasting facility to process the Mt Hope molybdenum concentrates, and it would also spread out the socio-economic impacts on Eureka, Nevada of developing the very large Mt Hope molybdenum deposit. We are also considering alternative energy generation in this windy part of Nevada to make full use of the existing power and maintenance infrastructure not utilized by the molybdenum roaster."
"Hall also represents good, future exploration potential to add to its already known but only partially-mined deposits of copper," added Russell, "including a number of promising but untested copper and silver targets."
"This multiple-use approach to Hall being further studied as both a means of reducing our roasting facility capital, creating energy revenue, as well as for future copper exploration represents a low risk -- high potential approach to development," commented Russell. "It makes use of the same land package and surface resources, much like the plan we are now implementing to explore the adjacent zinc prospect at Mt Hope. (See press release January 18, 2006.) Against the backdrop of increasing metals prices and energy costs, we want to take the fullest advantage of the mineral properties we currently have in-house to maximize shareholder value," Russell emphasized.
Idaho General Mines, Inc. is an American mineral exploration company specializing in advanced-stage molybdenum projects. Idaho General holds the Mount Hope Project in central Nevada which contains one of the largest molybdenum-porphyry deposits in the world, 920 million metric tonnes of mineralized material that will produce about 1.3 billion pounds of recoverable molybdenum during its 53-year lifetime. The Idaho General portfolio contains additional advanced-stage, high-potential molybdenum, copper, and gold projects throughout the western United States. Idaho General is led by a highly-qualified technical and financial management team. Its stock trades on the OTC Bulletin Board under the symbol "IGMI," and its website is www.idahogeneralmines.com.
Statements made which are not historical facts, such as anticipated payments, production, exploration results and plans, costs, prices or sales performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, metals price volatility, volatility of metals production, exploration risks and results, political risks, project development risks and ability to raise financing. Refer to the company's Form 8-K, 10-QSB and 10-KSB reports for a more detailed discussion of factors that may impact expected future results. The company undertakes no obligation and has no intention of updating forward-looking statements. Cautionary Note to Investors -- The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms and statements in this news release that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the disclosure in our filings with the SEC. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.
© 2006 Business Wire
