Star Mountain Resources, a minerals exploration company
focused on acquiring and consolidating mining claims, mineral leases, producing
mines, and historic mines with production and future growth potential
identified through exploration efforts, announced it is continually pursuing
merger and acquisition opportunities for mines, advanced projects and immature
projects that are available at opportunistic costs as a result of the current
mining cycle downturn.
“As part of our strategy to strategically position ourselves
for the inevitable upturn in the commodity markets, we are presently pursuing
the previously announced acquisition of an underground base metal mine located
in North America subject to completion of financing,” stated Joseph Marchal,
CEO of Star Mountain Resources. “The mine is permitted and in compliance with
current Federal and State mining regulations and is on care and maintenance
status. We intend to upgrade and modernize certain infrastructure systems,
develop additional access to existing mining areas and restart production at
this mine within 6 to 9 months.”
Marchal continued, “Based on data provided to us during our
due diligence on this proposed acquisition, we believe that the base metal mine
opportunity presents to us the possibility of outstanding cash flows in the
near term, showing a viable net present value and an attractive internal rate
of return. By completing this acquisition and raising the capital needed to
complete it, we expect to meet the listing requirements for a national stock
exchange. We believe that an up-listing to a national stock exchange will
further enhance our efforts to raise additional capital needed to identify and
complete the acquisition of other quality properties and projects.”
A significant decline in commodity prices has created an
environment for opportunistic quality projects at competitive prices. The
management team at Star Mountain Resources is fully committed to accessing the
capital markets and seek up-listing to a national securities exchange. Coupled
with the mining experience of its leadership team, the company is well
positioned to recognize quality acquisition opportunities and to operate those
acquisitions profitably.
For more information, visit www.starmountainresources.com
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