Commonwealth Silver and Gold Mining Inc. ("Commonwealth Silver" or the "Company") is a private Canadian mineral exploration and development company focused on acquiring gold and silver properties in Arizona and advancing them towards production, including the Company’s 98% controlled flagship asset, the past-producing Commonwealth gold and silver mine. The Company comprises an experienced management group with a strong background in all aspects of acquisition, exploration, development and financing of precious metals mining projects. On August 21, 2012 the Company received a $2,000,000 strategic investment from Coeur Mining Inc., announced on August 27, 2012.
On April 24, 2014, the Company announced that it had entered into a binding Letter Agreement with respect to a proposed business combination which would result in a reverse takeover (“RTO”) of Delta Gold Corporation (“Delta Gold”) (TSX-V: DLT) and on June 6, 2014, a definitive Arrangement Agreement was signed. The companies expect the transaction to close in mid to late August 2014, thereby resulting in a going public transaction for Commonwealth Silver.
U.S. Focused Gold and Silver Assets
Arizona - It is management's belief that the Pearce mining district has the potential to host a significant economic gold and silver mineral resource. The Company controls the historic Commonwealth Mine and surrounding mining claims as well as the Blue Jeep, San Ignacio and Six Mile Hill exploration properties, totalling approximately 3,900 acres of mineral rights. In June 2013, the Company announced an updated mineral resource estimate on the Commonwealth Project in compliance with National Instrument 43-101, calculated by Hard Rock Consulting, LLC (see "Resource Summary" under "Projects" tab) and on February 13, 2014, the Company announced the results of a Preliminary Economic Assessment (“PEA”) on the Commonwealth Project. For a copy of the full Technical Report titled, “Updated National Instrument 43-101 Technical Report - Preliminary Economic Assessment, Commonwealth Silver and Gold Project, Cochise County, Arizona USA” dated April 30, 2014 with an effective date of November 30, 2013 see “Technical Reports” under the “Projects” tab. The Company plans to develop the Commonwealth Project as an open pit, heap leach operation located entirely on private land and patented mining claims. The PEA has been prepared on an after-tax basis and includes only Measured and Indicated estimated Mineral Resources.
California - Delta Gold’s Imperial Project in Imperial County, California, being purchased under an option with Goldcorp Inc., is also at the PEA stage. The Imperial Project currently hosts Indicated and Inferred Mineral Resource estimates of 879,000 Au in 45.8M tonnes at 0.60 g/t Au and 1,298,000 ounces Au in 76.3M tonnes at 0.53 g/t Au, respectively. While the permitting timeline for this project is much longer than the Commonwealth Project, the scale and robust economics offer an excellent addition to the Company’s project pipeline.
The Company is conducting a Unit financing concurrent with the RTO of Delta Gold. Each Unit is priced at $0.40 and comprised of a common share and a Full Warrant at $0.50, good for a period of 3 years from the closing date of the RTO with Delta Gold. If you are interested in investing or want to find out more about the Company or the merger, please contact us (see Contact tab).