GoldCorp Holdings Co. announced today that the Company has received its first lease payment from Silver Falcon Mining, Inc. The payment, scheduled to be made on July 1st, was received two weeks ahead of schedule. Per the terms of the lease agreement, Silver Falcon will pay approximately $83,000.00 (eighty-three thousand) per month for the next sixteen years. The payments grant Silver Falcon the exclusive mining rights to War Eagle Mountain. Total lease price will total approximate $16 million.
GoldCorp Holdings, Co. owns War Eagle Mountain mining claims, a gold and silver rich property, whereas Silver Falcon Mining, Inc. has the developmental and operating rights to seventeen deep-shaft mines covering the Mountain’s primary epithermal Gold and Silver-producing veins under a 16-year contract ending in 2023.
The War Eagle Mountain property is located 70 miles south west of Boise, Idaho. The mountain is situated on the Owyhee Gold Trend of the Silver City Mining District. Silver Falcon reported that its Diamond Creek Mill facility began milling operations on May 17, 2010. GoldCorp maintains confidence that payments of the mining lease will be met by Silver Falcon as they continue operations on War Eagle Mountain.
Pierre Quilliam, CEO of GoldCorp, stated, “This is an exciting day for GHDC. This is our first revenue check from leasing the mining rights of the famous and historic War Eagle Mountain. We believe that Silver Falcon Mining, Inc. will continue to operate successfully.”
GoldCorp Holdings currently owns fourteen mines situated on all three gold and silver veins located on War Eagle Mountain. The War Eagle properties have produced approximately $240 million of gold and silver to date and are located adjacent to two successful open-pit mines owned and operated by Kinross Gold Company (NYSE: KGC), which is currently trading at $17.71 per share.
More information on GoldCorp Holdings, Co. and its properties can be found on the Company website at www.goldcorpholdings.com.
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