Auric Mining Company announced that it has signed a letter of intent to acquire Horseshoe Mines Property in Inyo County, California. The 2,240 aggregate acre Horseshoe Mines Property includes 108 lode claims which in 1,990 included 28 patented and 80 unpatented claims, together with 8 five acre mill sites and approximately 155 acres fee land block. Located approximately 90 miles west of Las Vegas, Nevada in the Tecopa Mining District, in Inyo County, California, the property, operated by Anaconda Mining Company, has collectively produced 440,000 tons of ore averaging over 47k ounces of gold, 2.9 million ounces of silver, 115.7 million pounds of lead, and 54.5 million pounds of zinc. Although closed in 1957 due to labour strife, high production costs and relatively low prices, current technological advances and advantageous metal prices have greatly increased the prospects for the property.

Since the Horseshoe property has been an important lead, zinc, silver, and gold producing property and little has been done to further mine these sites, the Horseshoe project may be a viable target for further development. It is suggested that an estimated 880,000 to 1.8 million tons of underground ore is still to be had from these mine sites.