SALT LAKE CITY, Oct. 14, 2015 (GLOBE NEWSWIRE) -- INCEPTION MINING INC. (OTC QB:IMII) ("the "Company") announced significant drill intercepts, both in terms of grades and thickness, resulting from the recent completion of a initial drill program at the Cerros Del Sur operation in Honduras.
The Cerros Del Sur operation is the principal operation of Clavo Rico LTD. (“Clavo Rico”), the Company’s wholly-owned subsidiary. Clavo Rico’s mining concessions include several historical underground operations dating back to the early Mayan era and the Spanish occupation. It is engaged in processing a historical tailings (>3gpt) body along with several open pit (3-6 + gpt) ore bodies, utilizing a new 650,000-ton membrane lined leach system and ADR recovery plant.
In anticipation of the recently-closed merger with Clavo Rico, the Company embarked on a confirmatory drill program onsite to validate the extent of the historically-proven reserve and to investigate lands recently placed under contract. Drilling designed to intersect a structure that had been the subject of extensive underground mining, produced results that validate the open pit possibilities. Results include a 34.5 meter horizontal intercept averaging 2.63 gpt and the balance of the 100-meter drill exceeding 1.0 gpt.
The Company is now confident that owned and profiled reserves are sufficient to maximize the existing leach pad and generate revenue that support the planned exploration program and expanded NI 43-101 Reserve analysis. The assets acquired through the Clavo Rico merger include lands and equipment of the current mining operations and primary concession along with the rights to proceed with exploration and exploitation on the additional concessions. The Company’s team will focus on bringing those new bodies to production within the next two years and will also embark on a comprehensive mapping of the additional concessions.
Michael Ahlin, the Company’s CEO, stated, “While historical data can be the basis for a merger, new data is necessary to confirm and boost confidence in the project. We are very fortunate to have found a project that has proven and profitable production and extensive resources.”
About Inception Mining Inc.
We are a minerals Resource Company engaged in the acquisition, exploration, and development of primarily gold-related properties. Our primary target properties are those that have been the subject of historical exploration having significant supporting data.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Inception Mining Inc., to be materially different from the statements made herein. Specifically, forward-looking statements in this news release include statements with respect to the potential mineralization and geological merits of the Company properties. There can be no assurance statements will prove to be accurate and actual results and future events could differ materially from anticipated in such statements.
Inception Mining Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events except as required by applicable securities legislation.