Unity GoldSilver Mines, Inc.
620 W. 7th Avenue, Suite 303, Spokane,
WA 99204
509-747-1613 fax 509-747-0123 toll free 877-728-8885
unitygoldsilver@msn.com www.unitygoldsilvermines.com
Update July 14, 2008
The Agreement
The Option Agreement with Maximus Ventures
Ltd, of Montreal, Canada, signed on July 27, 2007 as announced in Unity’s
newsletter in August 2007, provides that Maximus can
earn a 60% interest in the Unity property by spending US$1.0 million in
exploration and development work and by completing a positive feasibility study
on or before November 30, 2010. The
signing of the final Joint Venture agreement, by mutual consent, will be accomplished
in the next few months following a Unity GoldSilver
shareholder meeting, date to be announced.
To Date
Maximus was unable to conduct any work at the
property in 2007 due to the many forest fires in the Payette National
Forest. Maximus
stated they would attempt to accelerate their work program in 2008 to
compensate for the delay. Maximus utilized the winter months to secure necessary
permits from the Forest Service for the diamond drilling program. Spring 2008 brought flooding, caused by heavy
runoff, which washed out portions of the county roads and bridges at the Unity
properties. A new bridge is now being
installed. Work is in progress to
prepare the drill sites and access roads.
Maximus states in July 14, 2008 News
Release…“Maximus is
pleased to announce the beginning of a 3,600m (about 12,000 feet) drilling
program on its Unity project located in Idaho.…The work will focus on testing
the lateral and down dip extensions of the historically very high-grade (30 to
150g/t gold) (1oz to 5oz/ton) and very extensive (up to 2km long) quartz
veins. A first phase
of work includes testing of the two richest gold veins, namely the Little Giant
and Rescue veins and investigate other gold-rich veins on the property
(i.e. Charity, Gun Metal, etc). The
drilling program will be followed by a pre-feasibility study to justify the
rehabilitation of old workings and additional underground development.”
Further to the Maximus News
Release…“A striking feature of this
project is the extent of the gold-rich narrow vein system. While individual veins range from a few
centimeters to often over 1 metre in thickness, they
can be traced for hundreds to thousands of meters along strike and occur over
an area of over 4 square kilometers. The veins are locally very high grade and
are reported to have locally yielded grades of up to several hundred ounces of
gold per tonne. However, production grades were
generally recorded at 30 to 150 grams per tonne (1 to
5 ounces per ton) according to historic information. Over 1.2 million ounces of gold was historically
produced from the area, both from underground and alluvial operations. Maximus believes that there is excellent potential to
develop resources both in previously-mined veins and in veins that are yet to
be explored by diamond drilling.”
Maximus goes on to say….”To date, 41 different gold-bearing quartz veins have been identified
on the property, of which the Rescue, the Little Giant and the Charity are
three of the 18 better known veins and supplied most of the reported historic
gold production. These veins are still open laterally and down-dip and, with
limited exploration and development work, their extensions could potentially be
mined again from an existing 1,600m (5,200 feet) long adit
(tunnel).”
Additional Claims
Staked In the Fall of
2007, Unity completed the filings on thirteen (13) new claims. Total cost for staking and filings was $6,500
which was reimbursed to Unity by Maximus. Unity now has fifty one (51) leased staked
claims (858 acres) as well as the original patented/deeded 158 acres of the
main mines bringing total acreage to 1,016 acres. At the suggestion of Maximus,
twenty six (26) additional claims have been ordered to fill out the land
package from the Little Giant group south to join the Charity group,
approximately 400 acres. The new claims
are being staked at this time.
Aerial Photography of the properties has been arranged
which will be beneficial in planning future exploitation of the many vein
structures indicated on the surface. The
forest fires, which burned much of the properties, did not result in serious
material loss and have opened the area making the surface mineral structures
and prior workings more visible.
With Gold trading currently at a near record high of $972
per ounce, having increased in price an average of $100 each year since 2001,
and Silver presently trading at $19.11 per ounce, up from $4.82 in 2001,
Unity’s potential for profit for shareholders is becoming greater
annually. Unity’s Directors believe that we are fortunate to forge an alliance with
an experienced mining group such as Maximus Ventures
Ltd. who is well funded and enthusiastic about the Unity Project. Both Unity and Maximus
are looking forward to a successful and profitable partnership.
Best regards,
Ray G. Bohn
President/CEO