News & Articles >DESERT MOUNTAIN ENERGY SELLS ITS PLACER MINING INTERESTS AT ATLIN, B.C.
News & Articles

May 8, 2018

DESERT MOUNTAIN ENERGY SELLS ITS PLACER MINING INTERESTS AT ATLIN, B.C.

Vancouver, British Columbia — DESRT MOUNTAIN ENERGY CORP.(the “Company”) is pleased to announce that it has sold its placer mining tenures in the Atlin, B.C. mining camp to Altan Mining Ltd., of Delta, B.C. (“Altan”). The tenures sold were comprised of Placer Lease 361733, Placer Claim 350665 and Placer Claim 379882 (collectively, the “Placer Interest”) covering an aggregate of approximately 466.15 hectares at the Yellowjacket Gold Project in the Pine Creek Area, 9 km E of Atlin.

Altan is controlled by Mr. Matt Norris, who has been exploring and mining portions of the Placer Interest for the past two seasons under a lease arrangement with the Company. Management of the Company has concluded that it is in the best interests of the Company and its shareholders to divest the Placer Interest at this time, as placer mining is not a business objective of the Company. Altan is paying the Company $75,000 in cash for the Placer Interest and reimbursing the Company for the 2018 lease fees paid by the Company in respect of Placer Lease 361733. The Company retains full ownership and control of the Yellowjacket Gold Mine and related hard-rock tenures.

The Company and Mr. Norris have had a very positive working relationship over the past two seasons and are committed to a cooperative relationship that includes information sharing. In recognition of the Company’s paramount rights to the Yellowjacket Gold Mine and related hard-rock tenures, Altan’s activities are subject to certain reasonable restrictions and the Company retains an absolute right of pre-emption if necessary to avoid conflict with the Company’s exploration, development and/or mining activities on site.

According to Irwin Olian, CEO of the Company, “Divestment of the Atlin placer tenures is a further step in the new direction being pursued by the Company as reflected in its acquisition of the Heliopolis helium project in Arizona’s Holbrook Basin the Kight Gilcrease Sand Unit Oil Field in Oklahoma. We will continue to hold the Yellowjacket Gold Mine as a portfolio asset while attempting to realize value from it in the future for the benefit of our shareholders.”

About Desert Mountain Energy

The Company is an exploratory resource company engaged in exploration and development of helium, oil & gas and mineral properties in the Southwestern United States. In addition, the Company owns the Yellowjacket Gold Project in Atlin, British Columbia, which it has recently been developing. The Company has its executive offices in Vancouver, Canada.

The Company was incorporated under the laws of the Province of British Columbia, on April 30, 2008, and was formerly named African Queen Mines Ltd. It initially received certain southern African assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd.

ON BEHALF OF THE BOARD OF DIRECTORS OF DESERT MOUNTAIN ENERGY CORP.

“Irwin Olian”
Irwin Olian
Chairman & CEO

For more information, contact:

Irwin Olian
President and CEO
E-mail: tigertail@desertmountainenergy.com
Phone: (604) 899-0100
Fax: (604) 899-0200

Carrie Howes
Corporate Communications
Email: carrie@desertmountainenergy.com
Phone:
Dubai - +971 55 997 0427
London - +44 (0) 7780 602 788
Germany - +49 (0) 21141 740411
U.K. - +44 (0) 870 490 5443
 


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.

 

Press Release Archive
09/18/18 - DESERT MOUNTAIN ENERGY ANNOUNCES RESULTS OF RECENT HELIUM AUCTION BY THE U.S. BUREAU OF LAND MANAGEMENT WHICH REFLECTED SURGING HELIUM PRICES 09/06/18 - DESERT MOUNTAIN ENERGY CLOSES SALE OF ITS YELLOWJACKET GOLD PROJECT AND ATLIN, B.C. PROPERTIES TO BRIXTON METALS 08/07/18 - DESERT MOUNTAIN ENERGY ENTERS INTO AGREEMENT TO SELL ITS YELLOWJACKET GOLD PROJECT AND ATLIN, B.C. PROPERTIES TO BRIXTON METALS  08/02/18 - SOREN CHRISTIANSEN JOINS DESERT MOUNTAIN ENERGY BOARD OF DIRECTORS 07/30/18 - ARDITO MARTOHARDJONO RESIGNS AS A DIRECTOR OF DESERT MOUNTAIN ENERGY 07/23/18 - DESERT MOUNTAIN ENERGY CLOSES $640,500 FIRST TRANCHE OF PRIVATE PLACEMENT 06/10/18 - DESERT MOUNTAIN ENERGY ACQUIRES FURTHER TRANCHE OF 12,228 ACRES OF STRATEGIC HELIUM LEASES IN ARIZONA’S HOLBROOK BASIN  06/07/18 - DESERT MOUNTAIN ENERGY ANNOUNCES PRIVATE PLACEMENT 05/29/18 - DESERT MOUNTAIN ENERGY ACQUIRES ADDITIONAL 12,219 ACRES OF STRATEGIC HELIUM LEASES IN ARIZONA'S HOLBROOK BASIN, INCLUDING ZONE WITH ORIGINAL DISCOVERY WELL 05/08/18 - DESERT MOUNTAIN ENERGY SELLS ITS PLACER MINING INTERESTS AT ATLIN, B.C. 04/18/18 - GREG NOWAK JOINS DESERT MOUNTAIN ENERGY'S TECHNICAL TEAM 04/09/18 - AFRICAN QUEEN NAME CHANGE TO DESERT MOUNTAIN, ROLLBACK 02/27/18 - AFRICAN QUEEN MINES ACQUIRES KEY HELIUM LEASES IN ARIZONA’S PROLIFIC HOLBROOK BASIN 02/19/18 - AFRICAN QUEEN MINES SIGNS AGREEMENT FOR ACQUISITION OF THE KIGHT GILCREASE SAND UNIT OIL & GAS PROJECT IN OKLAHOMA 01/31/18 - AFRICAN QUEEN MINES EMBARKS ON DIVERSIFICATION PROGRAM WITH ESTABLISHMENT OF NEW U.S. OPERATIONS 11/13/17 - AFRICAN QUEEN MINES REPORTS RESULTS FROM ITS DRILLING PROGRAM AT GOLD RUN PROSPECT IN ATLIN, BC 09/18/17 - AFRICAN QUEEN MINES COMMENCES DIAMOND DRILLING AT GOLD RUN PROSPECT AT ITS YELLOWJACKET GOLD PROJECT 09/08/17 - AFRICAN QUEEN MINES TARGETS GOLD RUN PROSPECT FOR DRILLING AT YELLOWJACKET GOLD PROJECT
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Contact Information For investment information please contact our investor relations group.

Marketing Director - Canada
Lee Dunston
(604) 788-0300
lee@desertmountainenergy.com

Corporate Communications, Europe
Carrie Howes
London: +44 7780 602 788
Dubai: +971 55 997 0427
carrie@desertmountainenergy.com

 
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