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Pacific Energy & Mining Company Acquires Mineral Lease
| Source: Pacific Energy & Mining Co.
RENO, NV--(Marketwire - September 5, 2007) - Pacific Energy & Mining Co. (PINKSHEETS : PEMC ) is
pleased to announce that it has obtained a mineral lease covering
approximately 635 acres in Boxelder County, Utah.
The mineral lease is for the exploration and development of Flagstone. The
market for Flagstone is in the Salt Lake City Area. Current retail price
in the Salt Lake City area is approximately $200 per ton. The lease terms
require that the Company pay 12.5% of gross proceeds from the sale of
Flagstone to the mineral owners.
Flagstone is a type of flat stone, usually used for paving slabs, but also
for making fences or roofing. This is a sedimentary rock which is cut or
split in layers for walkways and patios. It contains feldspar which gives
it the blue color. Flagstone is a sandstone which makes the rock
essentially quartz. The material that binds flagstone is usually composed
of silica, calcium, or iron oxide. The color of the rock usually comes from
the cementing material. Typical colors of flagstone are red, blue, buff,
and there are exotic colors like chocolate. It is often used for patios,
walkways, steps, fences, housing, fireplaces, and many construction
projects.
The company expects to commence exploration during the last quarter of this
year.
About Pacific Energy & Mining:
Pacific Energy is a diversified company that operates oil and gas leases
throughout Utah. It also has non-operated interests in Utah and Oklahoma
and owns a 7% working interest in Brennan Bottoms. The Company is in the
process of unitizing the field with offset leaseholders, the largest of
which is Questar Company. Additionally the Company owns a 16.67% interest
in Mar/Reg Investments, a General Partnership, through which it holds
working interest in oil wells in Altamont Bluebell Oil Field in Utah.
The Company would also like to welcome all shareholders to visit our
website at www.pemc.us for detailed information.
Disclaimer
The foregoing contains forward-looking information within the meaning of
The Private Securities Litigation Act of 1995. Such forward-looking
statements involve certain risks and uncertainties. The actual results may
differ materially from such forward-looking statements. The company does
not undertake to publicly update or revise its forward-looking statements
even if experience or further changes make it clear that any projected
results (expressed or implied) will not be realized.