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2017 | Q4 Update

Bates Hunter Mine Clean Up

GS Mining Company LLC ("GS Mining") performed substantial site cleanup at the historic Golden Gilpin mill in the City of Black Hawk and at the historic Bates-Hunter mine in Central City. These sites comprise the permitted area of the M1990-041, 110(2) – Limited Impact Operation. The current operator of the site is Central City Consolidated Mining Corp. GS Mining intends to become the new operator of the site in 2018.

Golden Gilpin

Mill A milling site since the 1860’s, the Golden Gilpin mill sits where the historic Meade and Prize mills were located. The Meade mill was the first mill to receive ores via the Gilpin tramway. The current building was constructed in 1932. GS Mining Company, on behalf of the property owner, received notification that the Golden Gilpin mill is a contributing structure to the Central City/Black Hawk National Historic Landmark on November 3, 2017. Bates-Hunter Mine

The Bates-Hunter mine is an historic shaft mine, located on the second lode discovered in the Colorado portion of the Territory of Kansas in 1859, by John H. Gregory at the service of Captain William H. Bates. The Bates-Hunter mine is comprised of a main shaft approximately 744 feet in depth with levels spaced approximately 100 feet apart, vertically. The Bates vein has been developed well over 3500’ along strike along numerous claims. Reconstructed in the 1980’s, the site has a somewhat modern shaft headframe, hoist house and water treatment facility constructed in the 1990’s.

Reclamation

The work done be GS Mining includes the removal of over 390 cubic yards of refuse, debris and scrap materials. Over 13 tons of scrap steel was recycled and an estimated 100 cubic yards of wood was provided to local residents for their use in domestic heating. Several large pieces of equipment (dump truck, front end loader, etc.) were removed for scrap, as well. In addition to the removal of these materials, GS Mining removed 300 gallons of hazardous chemicals from the site, 480 gallons of non- hazardous chemicals from the site and 775 pounds of non-hazardous chemical solids, all properly manifested and disposed of. Any and all chemicals remaining at the site for future use are properly stored and labeled. The cleanup was performed at a total estimated cost of $250,000 and was supported by the following companies: Black Fox Mining LLC, The Dixie Mine (Mike and Steve Jones), AET Environmental, Inc.; MacDonald Farms Enterprises, Inc., Desert Rim LLC.

Conclusion

This type of voluntary, proactive remediation (reclamation) is exemplary behavior for a new operator in the State of Colorado and is worthy of notice. The positive visual impact of this work is evident in the photographs provided and the impact to the long-term future of the environment is immeasurable. The recognition of the Golden Gilpin mill as an historic structure/site provides for long term preservation of the mining heritage of the site and future post-mining use in preserving the mining history of the Central City/Black Hawk National Landmark.

Comments

CAUTIONARY STATEMENT FOR PURPOSES OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

 

This report may be deemed to contain “forward-looking” statements. We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and we are including this statement for the express purpose of availing ourselves of the protections of such safe harbor with respect to all of such forward-looking statements. Examples of forward-looking statements include, but are not limited to (i) projections of revenues, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, capital structure and other financial items, (ii) statements of plans and objectives of ours or our management or Board of Directors, including the introduction of new products or services, or estimates or predictions of actions by customers, suppliers, competitors or regulating authorities, (iii) statements of future economic performance and (iv) statements of assumptions underlying other statements and statements about us or our business.

 

Our ability to predict projected results or to predict the effect of any legislation or other pending events on our operating results is inherently uncertain. Therefore, we wish to caution each reader of the report to carefully consider specific factors, including competition for products, services and technology; the uncertainty of developing or obtaining rights to new products, services or technologies that will be accepted by the market; the effects of government regulations and other factors discussed herein because such factors in some cases have affected; and in the future (together with other factors) could affect, our ability to achieve our projected results and may cause actual results to differ materially from those expressed herein.

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