TWDL Signs Memorandum Of Understanding For Mineral Lease In South Eastern Oregon
LAS VEGAS, May 16, 2012 /PRNewswire/ — Texas Wyoming Drilling (OTC: TWDL) announced today that they have reached an agreement to lease 13 of the 27 claims on the Quartz Mountain Project located near the town of Vale in Malheur County, Oregon. An extensive and current Technical Report, NI 43-101 indicates that there are reserves of 280 thousand ounces of gold along with 3,526,000 ounces of silver.
A NI 43-101 is one of the few gold standards for verifying claims other than the Australian Stock Exchange JORC Code and the SAMREC South African Code. Although it is specific to Canadian standards, it is regarded as an ideal method to assure that there is gold on this or any other property.
Based upon the NI 43-101 showing substantial amounts of proven reserves of both gold and silver, the Management Team of TWDL believes that the acquisition of this mine will open new doors to financing.
Equipment currently located at our site in Nevada will be moved to the Oregon site, where mining operations will be managed by TWDL/LEGACY ROCK Division.
Both parties wish to move ahead to a definitive binding agreement as soon as possible. More news will follow as developments take place.
TWDL is a diversified mining company concentrating on gold and precious metals as well as calcium carbonate and decorative rock through its Legacy Rock Division.
FORWARD LOOKING STATEMENT
This press release contains statements, which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Texas Wyoming Drilling, Inc. and members of it management as well as the assumptions on which such statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.
Media and Investor Relations Contact:
A.S. AUSTIN COMPANY
SOURCE Texas Wyoming Drilling