Oro East Mining, Inc. acquired certain minerals, mineral rights and claims, gold tailings, tangible property, and other entitlements from Sutton Enterprises for $6 million.
January 02, 2014 at 04:00 am
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Oro East Mining, Inc. entered into an agreement to acquire certain minerals, mineral rights and claims, gold tailings, tangible property, and other entitlements from Sutton Enterprises for $6 million on December 24, 2013. The consideration includes $1 million to be paid at closing, additional $1 million payable within 60 days after closing, another $1 million payable within 90 days after closing, another $1 million payable within 120 days after closing, remaining $2 million payable in 20 equal monthly installments of $0.1 million.
Oro East Mining, Inc. completed the acquisition of certain minerals, mineral rights and claims, gold tailings, tangible property, and other entitlements from Sutton Enterprises on December 24, 2013.
Oro East Mining, Inc. is focusing on the development of its approximately three substantial piles of crushed gold ores (Waste Management Units (WMUs)) at an aggregate mine in Carson Hill, California (the Carson Hill Project) owned and managed by its subsidiary, Oro East Mariposa, LLC. Its crushed gold ores and Carson Hill Project are located on the south side of Highway 49 in the central Sierra foothills of Calaveras County. The Company, through Oro Eat Mariposa, LLC, has a right of entry and access to the crushed ores, which are owned by Oro East Mariposa, LLC. The Company has an agreement for the purchase of certain lode and placer mining claims and all mineral rights thereto, in Mariposa County, California, known as the Red Bank Mine. The property is situated approximately 20 miles north of the town of Mariposa, California. The Red Bank Mine property consists of patented claims consisting of the Stevenson, Jubilee and Daisy Quartz mines, which comprises approximately 80 acres.
Oro East Mining, Inc. acquired certain minerals, mineral rights and claims, gold tailings, tangible property, and other entitlements from Sutton Enterprises for $6 million.
ORO EAST MINING, INC. 
