Sale of Nevada gold bet considered by United Mng

According to United Mining President Timothy Collins, a number of intersections, including 50 ft of grade 0.059 oz gold per ton, have been reported on the Bullion- Monarch Venture at a depth of around 1,500 ft.

United Mining of Reno, Nev., has the option to earn a 37% stake in the Bullion-Monarch Venture, just south of the open pit deposits held by Newmont Gold of Denver and Toronto-based American Barrick Resources (TSE).

A wholly owned subsidiary of British engineering conglomerate Costaine Inc., Westmont also holds a 37% interest, with the remainder being held by private companies.

Project manager Westmont recently completed more than 7,500 ft of drilling on the central and eastern sections of the 3-sq-mile property. Of five holes drilled, one encountered what Collins calls “significant intervals of ore-grade gold mineralization” to a depth of 2,393 ft.

“The most persistent mineralization was found between the 1300-ft and 1500-ft levels,” said Collins. The highest 5-ft intercept assayed 0.1 oz.

Due to a limited budget, the joint venture has been spending only around $650,000(US) to explore the Bullion-Monarch Venture, and the partners will meet soon to consider their next step. “We may sell the property or bring in other partners,” said Collins.

Elsewhere, a geological survey on a 1,820-acre extension of Amax Gold’s Sleeper mine encountered trace mineralization near surface, according to Collins. United holds a 25% interest in the project where a seismic survey is planned.

In addition to its U.S. projects, United Mining has a 50% stake in a Bolivian gold-silver project hosting two million tons of grade 0.078 oz gold and 5.46 oz silver.

A shaft is being sunk toward a high grade section of the property, and the company is investigating the possibility of shipping small amounts of ore to a mill for processing.

The underground work and ore processing will give United and its partner a better understanding of continuity, metallurgical characteristics and mining costs, according to Collins.

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