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Today’s Hot Stock Pick is Copper King Mining (OTC: CPRK)
Up 10.53% on Tuesday
Detailed Quote: Detailed Quote: http://www.otcpicks.com/quotes/CPRK.php
Copper King Mining Corporation currently owns approximately 1200 acres in the Drum Mountains of Utah, which are patent deeded mining claims which contain Gold, Silver and Copper. The company recently added to its holdings by filing 6 more claims on land which was inside their holdings, but not patent deeded. Contiguous to that acreage is approximately 1100 acres of claims filed by Western Utah Copper Company. As the companies explored the concept of a joint venture on the Drum Mountain properties, it was decided that a very viable consideration was to join the total assets of both companies.
January 15 - Copper King Mining Corporation Signs Letter of Intent to Acquire Western Utah Copper Company.
Copper King Mining Corporation (OTC: CPRK) is pleased to announce that the company has entered into a letter of intent to purchase 100% of Western Utah Copper Company which is located in Milford, Utah. The strength of the transaction is based on a combination of factors which will bring the two companies together and provide for a change of management and board of directors to Copper King Mining Corporation.
The assets of Western Utah Copper Company are very extensive. The company holds approximately 90,000 acres of mining claims and a complete line of Caterpillar Mining equipment including their own processing mill which is near completion. The mill upon its completion is expected to process 2500 tons of ore per day, recovering 50-65,000 pounds of Copper per day plus Gold and Silver. The properties mineralization consists of Gold, Silver, Copper and other metals such as Tungsten and Molly.
Western Utah Copper Company currently employs upwards of 60 people including geologists, engineers, management, construction personnel and miners. The company is currently removing overburden from the ore body on several acres of their property. The company has removed a combined 1,600,000 tons of over burden and ore, and has stock piled 200,000 tons of ore in preparation of the completed mill. Upon the signing of the definitive agreement between the two companies, management will change and Mr. Mark Dotson of Western Utah Copper Company will become the President and CEO of Copper King Mining Corporation. Mr. Dwaine Allred will step aside and become a member of the board of directors.
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Forward-Looking Statement: This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
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