Innocent Inc Enters into Letter of Intent (LOI) with DuraRock Resources to Form JV for Exploration of Dayton Silver Mine
22 Fevereiro 2010 - 8:53PM
Business Wire
Innocent Inc (OTCBB: INCT) announced today that the company has
entered into a Letter of Intent (LOI) with DuraRock Resources Inc.
to form a 50/50 Joint Venture for the exploration of the 550 acre
Dayton Silver Mine located 21 miles south of Reno in Lyons County.
DuraRock Resources is the assigned lease holder of the property
with the exploration rights for a three year period and
automatically continuing as long as the property has ongoing mining
operations. The project was operated in the late 1800's by the
Dayton Silver Mining Company and was a part of Nevada's first
mining rush.
DuraRock Resources became interested in the Dayton Silver Mine
due to its historic value and location in one of the most prolific
silver and gold producing regions in Nevada. Not only is Dayton, NV
the site of gold discovery in Nevada, the region has produced more
than 190,000,000 ounces of precious metals. The site was originally
operated in the 1860's by the Dayton Silver Mining Company and
contains numerous underground tunnels which have visible mineable
grade mineralization. DuraRock Resources has significant data and
is in the process of acquiring more historical information.
Over the next 90 days, Innocent Inc will complete its due
diligence on the property and along with DuraRock Resources
reviewing the extensive information available concerning the site
and initiate plans to complete mapping and modeling based on the
data available. Initial funding will be provided by Innocent Inc to
conduct additional drilling and exploration on the property in
order to better define the size and scope of the mineralized
zones.
Innocent Inc has committed to provide approximately three
million five hundred thousand dollars ($3,500,000.00) over a period
of 18 months for its 50% interest in the property rights.
This press release contains forward-looking statements
identified by words such as "believe," "expect," "anticipates" and
similar expressions. Actual results might differ materially from
those projected in, expressed in or implied by the forward-looking
statements. Innocent Inc cautions investors not to place undue
reliance on forward-looking statements, which speak only as to
management's expectations on this date. Some paragraphs of this
press release, particularly those describing Innocent Inc
strategies, operating expenses reductions and business plans,
contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1993, as amended and Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. While Innocent Inc is working to achieve those
goals, actual results could differ materially from those projected
in the forward-looking statements as a result of a number of
factors, including difficulties in marketing its products and
services, need for capital, competition from other companies and
other actions, any of which could have an adverse effect on the
business plans of Innocent Inc, its reputation in the industry or
its expected financial return from operations. Factors such as
these could have an adverse effect on Innocent Inc results of
operations. In light of significant uncertainties not included in
the forward-looking statements herein, the inclusion of such
information should not be regarded as a representation by Innocent
Inc that it will be achieved.
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