Science & Technology
Science and Technology
Science and Technology
Tue, April 14, 2009
Mon, April 13, 2009 UC Hub, Inc.: UC Hub Group Due Diligence Continues on Wickenburg Gold Mining Claim
LOS ANGELES, CA--(Marketwire - April 13, 2009) - UC Hub Group, Inc. (
While the true nature of any mining properties and the actual economics of probable gold recovery can only be totally defined by and from actual mining, this further due diligence is an integral part of a linear chain of events that eliminates in good faith as many risks and "unknowns" as possible prior to the commitment of additional corporate resources to the project. A linear gathering of information is time-consuming and somewhat expensive; however, this cautious and methodical approach will help maximize management's understanding of the nature and scope of the project, and its risk/reward potential prior to the mining and recovery phase. Additionally, the documentation of the Company's due diligence provides evidence of management's good faith investment to evaluate the feasibility of the project pursued by the Company as sole owner/operator or for consideration by others as a joint venture or purchase.
Concurrent with its further economic due diligence, the Company has undertaken painstaking research relative to the costs of purchasing a 'Brand Name' commercially viable Gold recovery Wash-Plant. The envisaged system will include: Trommel, Shaker/Screen with at least a 70+yph (100+tph) capacity; 480V Generator (with sufficient capacity to run a full facility); electrical distribution center including wiring and wiring harnesses; high pressure (600+gpm) water delivery pumps and associated semi-ridged piping capable of delivering volumes of water for a placer mine; enhancement of existing water infrastructure; water storage tanks; water trucks; diesel fuel tank(s) for 500 gallons or more; spare parts and tools for maintenance; also a system of concentrators and the analysis of such; trucks, trailers and other heavy equipment. Management has evaluated various scenarios indicated in creating an integrated facility from an existing system or incorporating several systems into one. Estimates range from $250,000 to $1,000,000 or more. Depending on the complexity and capability of the systems, the freight and set-up charges, and numerous other variables, such costs can vary considerably.
Additionally, management has solicited expert assistance in defining the best concentrator for its specific ore, versus just purchasing a concentrator without the benefit of an evaluation based on the Company's own ore samples. The ore's unique properties often determine how best to concentrate it and may indicate a certain amount of equipment customization to optimize our yield. Such analysis will also assist the Company in determining optimal set-up of its mining facility and can potentially have a considerable effect on the efficiency and economics of our operations. We have submitted our samples and made payment for the evaluation, and we anticipate feedback within two weeks based on new samples arriving at the test facility by the 15th of April.
On the "housekeeping side," we recently resubmitted all of our prior documentation to an attorney who specializes in Arizona mineral claims for a secondary legal review. Also, the Company has identified a certified geologist familiar with the mine area, who came highly recommended as a Placer expert, to assist the Company in evaluating the economics of recovery.
Management spent this past week at various locations measuring, reviewing and negotiating for a mining facility. This has been a time-intensive process, which warranted the help of an expert who has built a like facility in the Arizona area. The week also included conversations with 'Brand Name' major manufacturers to confirm the availability of internal parts and the rated capacity for the type of commercial-scale enterprise we envision. The advice that management obtained on transporting, logistics and maintenance has been extremely helpful.
As a result of the aforementioned due diligence, the Company is now poised for the next phase in the process, the acquisition of equipment for a commercial mining operation for use in this and other mining ventures. Parallel to this contemplated acquisition, we will continue with our legal and mineral experts to complete the documentation necessary to bring us closer to production.
"The development of a logical approach to the recovery task requires additional time; however, correct and accurate information is absolutely essential to build a strong foundation for success," said Larry Wilcox, CEO. "With mining especially, success is not typically an overnight occurrence, rather it is built in layers. With that in mind, we're layering as fast as we can."
Safe Harbor Provision
This news release includes forward-looking statements, including some with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause actual results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of the Company, and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, the availability of technical personnel, changes in technology and competition, domestic and global economic fluctuations, and the like.
