STEUBENVILLE, OH - (NewMediaWire) - October 22, 2015 - Osceola Gold Inc. (OTC PINK: PYHH) Osceola Gold wishes to clarify and affirm the company's leases in Nevada. The Company has contractual rights to 13 mining leases from Pizz Inc, a privately held company. Previously these leases were contracted in conjunction with another company, Genesis Mining Corp. The contracts between Pizz Inc and Genesis Mining Corp have since been terminated by Pizz Inc, leaving Osceola Gold in sole possession of said leases and all gold mining claims.
"We are quite pleased with this development and the enormous near-term prospects for Osceola Gold," stated Chris Tarquino, Chief Executive Officer, Osceola Gold. "We anticipate our custom built mining equipment will soon be on site and will be put into immediate production upon arrival. We plan to develop and mine all 13 sites as well as others in the future."
As previously announced, the Company has now emerged as a gold mining operation focused in the famous Osceola Mining District of White Pine County, Nevada. Osceola Gold Inc. has retained all mineral rights for all precious metals, including gold deposits, on their leased land, an over 20 acre expanse of gold mining claims known as Mav G.
Geological reports prepared by Skookum Geological have indicated the value of Mav G at $300-500 million. Historical reports have an average value to a FALSE bedrock at $132.00 per cubic yard. All permits and bonds have been put into place for the mobilization of this project.
Osceola Gold Inc. has also obtained first right of refusal for production on the other Mav claims.
Mining in the Osceola District, White Pine County, Nevada, was launched in the 1870s and continues to this day. Major efforts were put forth in the late 1800s, 1930s and 1970s, with both lode and placer mining striking success with the removal of considerable amounts of gold. Studies conducted throughout these periods indicate economically viable amounts of gold in both the bedrock and in particular, the placer deposits that remain. For more information visit: http://www.nbmg.unr.edu/
The Company has applied for a corporate name and symbol change. As FINRA concludes due process yielding a final approval, the new name and symbol are expected to go immediately into effect.
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