Win-Eldrich Mines announced the recommencement of production of molybdenum at its 100% owned Ashdown property located in Denio, Nevada, USA. During August, the Ashdown mill completed two 10 day production campaigns and produced 92,678 pounds of molybdenum concentrate with an assay of 53.42% molybdenum with a recovery of up to 97%.
Win-Eldrich Mines Limited announced that its wholly-owned Nevada subsidiary, Win-Eldrich Gold, Inc. ("WEG") has entered into formal agreements to purchase all of the interest of Golden Phoenix Minerals, Inc. ("GPM") in Ashdown Project LLC ("APLLC"). APLLC owns the Ashdown molybdenum mine located in northern Nevada. The purchase price is U.S. $5.3 million to be satisfied by the issuance of a limited recourse secured promissory note in the amount of U.S. $5.3 million. As a result, WEG will own through APLLC a 100% interest in the Ashdown property.
Due to the sudden and dramatic decline in the world selling price of molybdenum concentrate, all mining and milling operations at the Ashdown property have ceased and the property is being held on a "care and maintenance" basis. An orderly shut down of operations and ongoing security for physical assets is being provided.
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