* HISTORY * PROGRESS * JOINT VENTURE *
Unity GoldSilver Mines, Inc. is re-opening the well known precious mineral
Unity Group of mines in the Warren Mining District, Idaho County, Idaho.
Located 46 miles N/E of McCall, in the Salmon River Mountains with access on scenic paved and gravel roads. The mining community of Warren has the amenities of a 3,000’ air strip, café, bed & breakfast, rental cabins and US Postal Service. The area is nationally known for recreational activities of skiing, hunting, fishing, panning for gold and semi-precious stones.
Discovered in 1862: Gold production of the District has been estimated at $255 million.
High-grade ore was exhibited at INTERNATIONAL WORLD FAIRS & EXHIBITIONS.
The richest mines in the district were owned by Unity Gold Production Co. (NYSE).
Listed *NEW YORK STOCK EXCHANGE* until 1942 - high $14 per share.
**Unity mines were operated with success and paid dividends for years until closed by the
US Government during World War Two. The mines have not operated since.**
Warren Times Newspaper - "Unity gold mines rank among the richest mines in Idaho"......... "An ore specimen as large as a man's body assaying $11,155 (540 oz/gold/ton @ $20.67 /oz) shipped to the BOISE STOCK EXCHANGE" (1896).
Lindgren Report - 1900 - US Geological Survey, Washington, DC
"Unity's Little Giant mine averaged 5.6 oz/gold/ton & 30 oz/silver." Waldemar Lindgren, US Gov't. Geologist
Allen Report - 1987 - A&M Exploration, Ltd.
"Locally the veins carry extremely high gold and silver values." Donald G. Allen, Consulting Geologist
Unity GoldSilver Mines, Inc. - Properties & Ownership :
In 2001, Unity purchased all ownership rights (previously leased) to the mining properties valued at $3,500,000 for Unity GoldSilver Mines, Inc. stock. The rich mineral properties now, with additional stakings 2002-2008, consist of eight owned/patented claims of 158 acres, and control of 76 claims, 1,258 acres, leased from the US BLM for a total of over 1,416 contiguous acres. The properties encompass four well known former producers and several known but undeveloped high grade veins. Unity GoldSilver Mines, Inc. owns the patented properties with no liabilities or debt.
Progress - through 2008:
* Main portal rehabilitated, as well as 2,500' of 5,200' of crosscut tunnel which intersects eight known veins. * Surface veins on the Charity Group were opened exposing high grade gold and silver. * Rehabilitation of Charity Mine portal partially completed; * Charity sewage system purchased and permitted; * Purchased 5 acre millsite for better access to main portal and with two story cabin for headquarters and housing for watchman. * Purchased second cabin with excellent spring water source. * Commissioned Status Report (first half of Canadian 43-101 report) – compilation of historic and current geological reports on Unity Properties and Warren Mining District; * 13 new claims staked in 2007 ; * Joint Venture Option Agreement signed July 27, 2007 with Maximus Ventures Ltd. (now Bear Lake Gold Ltd.) of Montreal, Canada; * 5 drill holes completed, 2 of which intersected significant quartz veins; *25 new claims staked in 2008; Aerial photography and Composite mapping were completed; * Exploration expenditures by Bear Lake up to February 2009 were $935,172;
Joint Venture Option Agreement – Unity / Maximus (name changed to Bear Lake Gold Ltd.)
Bear Lake Gold Ltd. 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. Bear Lake Gold may take up to three years (extended to 2012) for exploration and development work in order to produce the feasibility study. Upon delivery of a positive feasibility study, Bear Lake will have earned a 60% interest and the Joint Venture Agreement will be activated.
Bear Lake 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, Bear Lake has agreed to finance all construction costs necessary to develop and bring the property to production. If Bear Lake finances all construction costs, they will receive an additional 5% participation from Unity as compensation. Bear Lake will be the project manager during the exploration, construction and operation phases of the program. Bear Lake will work in the United States through its wholly-owned US-based subsidiary, Walker Lane Gold LLC, a Nevada corporation. Bear Lake's plans are to complete all permitting requirements to expand the surface core drilling program in 2009 work will begin as early as possible in 2010. Bear Lake states that they remain committed to continue their exploration efforts.