The Vaden Group has effectively consolidated the acquisition of several separate parcels of gem quality mining property in a resort location ideally positioned next to a wilderness area. The property is a well-known proven profitable gold mining deposit with no exploration or testing required. We have the property, technology and sophistication to make this happen.
The real opportunity, is to recover more than 250,000 ounces of gold while developing the property for resort and recreational purposes. Land reclamation is a required part of the mining process and can be tailored to any useful and esthetic result for the remaining property.
Cornucopia Properties, LLC has consolidated 560 acres of fee simple land and 120 acres of claimed land otherwise known as the Southern Gateway to the majestic Eagle Cap Wilderness area – an unknown ragged mountain range of spectacular beauty. A county maintained road runs the three-mile length of the property and stops two miles beyond at the Cornucopia Lodge and Wilderness Pack Station (see cornucopialodge.com). The town of Halfway is five miles south and pavement and power are within half-mile of the property’s lower boundary. Halfway is also within 20 miles of Idaho and the scenic Hells Canyon attraction. Portland and Boise have freeway access to Baker City and from there a little over an hour to Halfway by way of a winding but scenic drive.
This property is a gem in the wilderness and the only property of its kind that has population access by pavement, power, and the ability to pay for itself and then some.
An extremely valuable piece of real estate!!!
The property is home to the well-documented Cornucopia placer deposit – a glacial deposition with no clay but lots of boulders. It has been prospected and mined on a small scale for more than a hundred years but nothing of any size until the famous Bonnanza Mine (spelling is correct) started operations in the mid 1980’s.
From 1987 through 1992 the operators of the Bonnanza mine processed the center gravels of the upper 80 acreas property leaving the bench channels untouched. They processed no less than $15 per yard gravel and took only the best of the deposit. Equipment restrictions limited their processing volume to 50 yards per hour, which severely limited the profitability to high grading the deposit. Although, even with volume limitations all indications are that this was a very profitable mine.
There were three primary reasons the mine closed in the early 1990’s: (1) the processing plant and equipment was fully depreciated and needed replacement and upgrading for more volume production; (2) additional mining property was unavailable that would justify the cost of upgrading. Accordingly, we learned from Mr. Steinmetz (the property just to the south) that his property was under lease and not available for sale at that time; (3) Jack Hostick, superintendent and part owner, wished to retire.
AuMine, LP has purchased the 400 acres property with an option on an additional 160 acres including Mr. Steinmetz property and the Cornucopia placer deposit. The Bonnanza Mine had mining rights to 80 of these acres and high graded only the center portion. The new Bonanza Mining, Inc. (the mining part of the Vaden Group) has the technology and sophistication to process 100 yards per hour (1000 yards per day) at an approximate $3.50 per yard direct costs. We have proprietary technology to recover coarse, fine and microgold, the ability to extract all heavy metals and a proprietary derocker to allow processing of up to three foot boulders.
Permits to mine have been prepared by a certified geologist and engineer and have been submittted to the Oregon Department of Geology and Reclamation for approval. Reclamation recommendations and security is in process by the Department with appoval expected by July 2005.