May 20 2013
Inception Mining Inc., formerly Gold American Mining Corp., today announced a new corporate identity and also announced that its common stock has begun trading under a new ticker symbol on the over-the-counter bulletin board. On February 25, 2013, the Company acquired certain real property and the associated mineral rights commonly known as the U.P. and Burlington Gold Mine in Lemhi County, ID.
UP & Burlington's two gold mining claims were brought to patent in 1900, which covers the Mine's 40 acres. Subsequently, in 1989, a U.S. Forest Survey was performed on the UP & Burlington site confirming that the patented claims cover an area which is six hundred feet by three thousand feet (600'x300'). The Mine's patented claims remove the challenges associated when working on U.S. Forest lands, Bureau of Land Management ("BLM"), state or other property types. With the purchase of UP & Burlington, the company has the benefit or working on private land.
The Company's CEO, Michael Ahlin , today confirmed that granting of necessary access permits is well underway, awaiting snow melt and onsite inspection by one of four disciplines (archaeological) necessary for review and approval by the USFS. The mine's upper access road will allow for installation of necessary portal protection and bulk sampling necessary for a thorough resource analysis conforming to NI 43-101. The Company expects to receive this approval late this summer and commence on-site work immediately.
The initial plan of operations includes obtaining the necessary approvals, making additional access road and surface improvements to support surface mining on a 2,500 foot day-lighted vein to depths of 40-60 feet and performing Confirmatory Reserve Analysis (NI43-101), Vein Definition and Ore Valuation. The company is seeking to produce revenue during the first year of surface mining in order to support ongoing independent reserve valuation and preparation for larger scale underground mining operations.
Source: Inception Mining Inc.