SOURCE: Gold and Silver Mining of Nevada
LAS VEGAS, NV--(Marketwired - Dec 20, 2013) - Gold and Silver Mining of Nevada, Inc. (PINKSHEETS: CJTF) announced today that it has signed an MOU to enter into a mining/processing joint venture agreement to extend beyond the stockpiled ore processing agreement previously announced. This MOU is for the mining of new ore at Asset #26 and the construction of a processing mill to process ore to make gold and silver bars.
The company has initially identified 14 strategic mining sites and more will be developed from the 54 claims the company owns that will supply the additional ore for this agreement. More details will be announced with the final signing of the formal agreement between the parties.
It is anticipated that these strategic sites will generate sufficient ore to run company mining and processing for at least 10 years, and all costs of mill construction are covered by the JV partner to be amortized over approximately 7 years of production.
The mining and processing agreement is expected to increase in volume each year. Approximately one million tons of ore per year should be reached in the near future. The grade of silver and gold should be similar to and probably of higher grade than the 125,000 tons of stockpiled ore that has already been certified at 7 ounces of silver and 0.02 ounces of gold.
One million tons of ore per year would generate a gross revenue of approximately $175 million per year.
Interested shareholders are encouraged to review all of the company's filings at www.otcmarkets.com stock symbol (CJTF) or call our investor relations PM&R contact at 858-353-8142.
About Gold and Silver Mining of Nevada, Inc. The company is a Gold and Silver Mining company focused on developing and re-starting previously mined properties located in central Nevada. For more information, please visit www.goldandsilvermining.com
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