Mineral Mountain Mining & Milling Company (OTC:MMMM), a wholly-owned subsidiary of the Alaskan corporation Nomad Gold Mines, Inc, will be raising capital amounting to $3 million over the next two years to harvest an estimated 45 million ounces of gold in Southwest Alaska.
The actual location of the mines with promising gold deposits is Iditarod, which is situated 35 miles north of Donlin. The money raised by MMMM will be used throughout the various phases of mining, from research, soil study, topography surveys, creation and implementation of a drilling calendar, investment in equipment vital to the task, and the actual mining process.
The town of Iditarod is set within Tintina, the so-called “gold province” that has proven to be a center of concentration of large, high-grade ore deposits. Tintina has seen the following amount of mineral deposits regularly harvested from the land area it encompasses. Donlin Gold (45 M oz Au) and Livengood (15.7 M oz Au) are in the area. The 20-year old Fort Knox mine (2.3 M oz Au and 7 M oz produced since 1993) and Pogo (4.8 M oz Au or 340K oz Au yearly production) also belong in the Tintina Gold Province. The region also houses White Gold (1.5 M oz Au) and Coffee (2.1 M oz Au).
Donlin Gold extracted from Donlin Creek, which is proximate to Iditarod, has been hailed as one of the premier development gold projects that meet global standards, and which can respond to the ever-present, yet steadily rising international demand for gold.
Mining as Alaskan economy pillar
Mining is one of the chief industries and economic pillars supporting the Alaskan economy, which has taken a beating since oil prices dropped worldwide. Observers have said that it can bring in the needed revenues to support government expenditures for infrastructure, education, healthcare, and other public concerns.
“This is an exciting time for investors, businessmen, entrepreneurs, and others who believe in and have seen the strength of the Alaskan mining industry,” says James Baughman, MMMM director, president and CEO. “Gold is a commodity that will see its value constantly increase over time. It has proven resilient to the ups-and-downs of the global economic situation. It is one of the assets of Alaska. We project a more than 50 percent return on investments for our shareholders who will take this journey with us.”
MMMM is currently in the middle of the project’s first phase, with its efforts focused on research, soil sampling, land surveys, and an assessment of Iditarod and its surrounding areas. The establishment of the actual site will take place within the last quarter of the year.
“This is just the first step,” continues Baughman. “We are confident that, once the actual mining starts, Iditarod will find its footing among the successful gold mining companies in Alaska that help fuel its economy.”
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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