Unity GoldSilver Mines, Inc
Unity GoldSilver Mines Newsletter Updates
Unity GoldSilver Mines, Inc.
GOOD NEWS ! Shareholder Update August 21, 2007
Unity is pleased to announce that an Option Agreement was signed on July 27, 2007 with Maximus Ventures LTD of Montreal Canada. Maximus has agreed to spend $1,000,000 in exploration and development work on the Unity properties, and by completing a positive feasibility study, to earn a 60% joint venture interest in the Unity Project.
Unity's Directors believe that we are fortunate to forge an alliance with a well qualified mining group such as Maximus who is experienced, well funded and enthusiastic about the Unity Project.
Maximus - US Subsidiary Maximus will work in the United States through its wholly-owned US-based subsidiary, Walker Lane Gold LLC, a Nevada corporation (Walker). Maximus/Walker initial plans for the first phase of exploration will include rehabilitating the Unity adit (crosscut tunnel) which will facilitate the underground drilling program. Maximus/Walker may take up to three years for exploration and development work in order to produce the feasibility study.
Joint Venture Agreement Upon delivery of a positive feasibility study, Maximus/Walker will have earned a 60% interest and the joint venture agreement will be activated. Walker and Unity will fund construction expenditures according to their participation in the project. However, should Unity elect not to fund its 40% of the construction costs, Walker has agreed to finance all construction costs necessary to develop and bring the property to production, which could amount to several million dollars. If Walker finances all construction costs, they will receive an additional 5% participation from Unity as compensation. Walker will be the project manager during the exploration, construction and operation phases of the program.
Shareholder Meeting Unity Directors have signed the Option Agreement with Maximus Ventures Ltd. The Joint Venture Agreement will be drawn by Unity's attorney and the document will require approval by Unity shareholders. A meeting for this purpose must be accomplished within twelve months from the signing of the Option Agreement.
Mill There is a fully permitted 125 ton per day gravity mill in good working condition available within 2500 feet from the Unity mine portal. This could represent a significant opportunity for the joint venture to accelerate the project to production. The mill is not in operation at this time and may be leased for custom milling of Unity ore.
Projected Work Start Forest fires have been burning during July and August in the north central Idaho area near Warren which has delayed the beginning of work on the project. My wife Candee and I met with the Exploration Manager of Maximus, Bernard Boily, and their American Geologist, David Wolfe, on the Unity Properties last week. The fires have not damaged the community of Warren to this date. Present plans are projected for work to begin in September of this year.
New Claims Thirteen new claims have been staked in August by Unity bringing the project acreage up to 1,016 acres which includes 8 patented/deeded claims of 158 acres and 51 staked claims. Up to twenty additional claims are being staked at this writing. After activation of the joint venture agreement, any new property acquisitions by either company within a radius of ten miles will be included in the agreement.