|
Our Key Asset:
Leadership
Oracle Mining's key asset is its leadership. The company is managed by a team with broad, major-tier experience in mine development, mine operation, turnarounds, mergers & acquisitions, finance and commodities. Overall guidance comes from a senior-level board with significant equity interest in the company.
Our Vision:
Build Advanced and Overlooked Assets
Oracle Mining's vision is to use this expertise to locate and develop advanced but overlooked mineral assets in politically stable jurisdictions. We seek projects with potential for expansion and verifiable, major mineral resources and extensive historical data. Our key strengths include the ability to quickly analyze large-scale, complex projects and organize the capital required to develop and monetize those projects favourable to the benefit of our shareholders.
Project 1:
Oracle Ridge Copper Mine
Our current focus is development of the 100%-owned Oracle Ridge Copper Mine located in northern Pima County, Arizona just 24 kilometers northeast of Tucson. An underground mine, Oracle Ridge operated at 1,000 tons-per-day (tpd) from 1991 until 1996 when it closed primarily due to low copper prices (averaging US$1.09/lb in 1996). The property's potential has not been realized; considerable ore remained at the time of shutdown, and two-thirds of the ground has not been drill tested.
Upgrading the Historic Resource
The mine's historic reserve base of 8.3M tons (not NI 43-101 compliant) averages 2.31% copper.* While operating, the mine achieved recoveries of 90% with a concentrate grade of 30% copper plus a significant silver by-product. Oracle Mining's current work focuses on upgrading the resource to NI 43-101 standards, confirming technical data to complete a production feasibility study for a 2,000 tpd operation, rehabilitating the mine and obtaining permits for operation.
Funding
With more than US$12M in cash, Oracle Mining is well-funded to carry out its current Stage 1 confirmation drilling program (currently budgeted at US$2.5M) and provide general working capital. Once the production feasibility study is complete, management expects to move quickly to a production decision. Construction financing may take a number of forms, including debt and off-take agreements.
* Oracle Mining has not verified the above historical resources under National Instrument 43-101 reporting standards. Oracle Mining has not independently analyzed the results of the previous exploration therefore the historical results should not be relied upon. No allowance is made for dilution, mine loss or pillars, and gold and silver grades were not estimated. Resource estimates prepared under reporting codes other than National Instrument 43-101 should not be relied upon to conform to current standards and definitions. Oracle Mining believes these historical results provide an indication of the potential of the property and are relevant to future exploration. There are significant by-product credits for Ag, although head grades remain unknown. Glenn R. Clark, P.Eng. of Glenn R. Clark & Associates Limited, a consultant for Oracle Mining, and a Qualified Person under NI 43-101, has reviewed this information and is responsible for the technical information reported herein.
|
