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INCEPTION MINING Inc. Announces the Acquisition of CLAVO RICO Ltd.
INCEPTION MINING Inc. Announces the Acquisition of CLAVO RICO Ltd..
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[{"type":"text","content":"\n\n\n\nINCEPTION MINING Inc. Announces the Acquisition of CLAVO RICO Ltd.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nINCEPTION MINING Inc. Announces the Acquisition of CLAVO RICO Ltd.\nPR Newswire\nSALT LAKE CITY, Oct. 8, 2015\n\n\n\nSALT LAKE CITY, Oct. 8, 2015 /PRNewswire/ -- INCEPTION MINING INC. (OTC QB: IMII) (\"Inception\" or the \"Company\") is pleased to announce the acquisition of CLAVO RICO Ltd., a privately held Turks and Caicos Limited Company. \n\nPursuant to an Agreement and Plan of Merger dated August 4, 2015 and Addendum dated August 5, 2015, Articles of Merger were filed on October 2, 2015 and, as a result, Clavo Rico has merged with a subsidiary of INCEPTION and has become a wholly-owned subsidiary of INCEPTION.  INCEPTION's officers will retain management control of the combined Company and INCEPTION will continue implementing operational changes and control over the Clavo Rico Operations.     \n\nCLAVO RICO Ltd.'s principal mining operations in Honduras, Central America now operate as a wholly-owned subsidiary of the Company having positive revenue and significant resources.  Its mining concessions include several historical underground operations dating back to the early Mayan era and the Spanish occupation.  \n\nThe operating entity is engaged in processing a historical tailings ( >3gpt) body along with several open pit ( 3-6 + gpt) ore bodies, utilizing a new 650,000 ton membrane-lined leach system and ADR recovery plant.  Processing had increased to 500 oz per month prior to the last rain season at which time the company elected to install a new crushing circuit allowing for a planned increase in production of up to 1000+ oz's per month.  Expected production costs at this level are targeted at less than $500/oz.  The installation of a new Cone Crusher has allowed full production to resume.   New ore bodies associated with the purchase have been preliminarily mapped and drilled preparatory to an expanded 43-101 Reserve analysis and sufficient to begin...