Win-Eldrich Mines (OTC Other: WIDMF; TSX-V: WEX) received an initial cash payment of $0.5 million from American Mining Corp. This payment is part of a total $2 million which American Mining will pay to Win-Eldrich in exchange for a 50% interest in a newly created entity. These funds will be used to double the capacity of the Ashdown milling facility in northern Nevada from 100 tons per day to 200 tons per day, and then sharing equally in the proceeds from contract milling for existing high grade gold resources in Nevada.
Below is an excerpt from a travel dispatch from a tour of the historic Ashdown molybdenum/gold mine in Denio, Nevada, which may not be historic anymore as it is currently producing, and doing so profitably. This is a terrific opportunity for Mark in Rhode Island and all of our loyal followers to see the project in detail without having to endure any of the hassles associated with traveling. So sit back, grab the drink of your choice, and click the picture below to enter the world of moly and gold mining with Win-Eldrich Mines (OTC OTher: WIDMF; TSX-V: WEX).
Win-Eldrich Mines (OTC Other: WIDMF; TSX-V: WEX) has significantly increased molybdenum production at its Ashdown mine during the first quarter of 2011. During this first quarter, the Company produced 101,311 pounds of molybdenum, in large part from additional reserves more than 150 feet below existing workings. Q1 output was in line with peak production rates in 2008 and puts the Company on track for profitability in 2011.