Editor’s note: Emgold is proposing to reopen the Idaho-Maryland Mine in Grass Valley, as Sutter Mining Co., also a Canadian junior mining stock, is proposing to reopen a gold mine in Amador County.
“A group of investors is betting millions the gold rush isn’t over in the Sierra Foothills. They’re spending more than $20 million to get a mine in Amador County back up and running,” according to Channel 13 in Sacramento.
“The mine goes about 650 feet underground and it’s about to get a whole lot deeper.
“They’ve done the research, and Sutter Gold Mining Inc. says there’s a lot of gold in the rocks. The light-colored quartz will guide miners to veins of gold and the potential for a billion dollars.
‘“We’ll be mining about a third to half ounce of gold per ton,’ said company spokesman David Cochrane.
“The untapped, underground territory is about to get blasted.
“’The miners will drill holes, set charges and blast it down,’ said Cochrane.
The rest of the article is here.
A local newspapere article is here.
Corporate background is here:
“Sutter Gold Mining Inc. (“SGMI” or “the Company”), is incorporated in the province of British Columbia, Canada, and trades on the Toronto Venture Stock Exchange under the symbol TSX-V:SGM. Its principal business activity is the evaluation and development of the Lincoln-Comet zone of the Lincoln Project located in the heart of the California Mother Lode Gold Belt in Amador County, California.
SGMI’s corporate office is located in Lakewood, Colorado and has operations in Sutter Creek, California functioning under the name of Sutter Gold Mining Company (SGMC). SGMC is a wholly-owned subsidiary of SGMI which was established to conduct mining operations at the Lincoln Project. The Sutter Creek location is also the site of the underground mine tour offered at the Sutter Gold Mine.
The Company currently controls over three miles of the Mother Lode, with 90% of the property still unexplored.
In Mexico, Sutter Gold holds the rights to the geologically similar, high-grade El Alamo district of northern Baja, where historic mining to the water table produced mined grades of 30 to 60 g/t gold. Initial exploration with its joint-venture partner, Premier Gold, has demonstrated the extension of high-grade veins.
SGMI’s major shareholder is Rand Merchant Bank Resources (RMB), a wholly owned unit of the Rand Merchant Bank division of FirstRand Bank and a Trustee of the Telluride Investment Trust. Currently, RMB holds 49.9% of SGMI’s common shares.
The website is here.
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