This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Eastern Resources, Inc. Completes Reverse Merger Transaction With Montana Tunnels Mining, Inc. And Elkhorn Goldfields, Inc.

DENVER, April 9, 2012 /PRNewswire/ -- Eastern Resources, Inc. (OTC Bulletin Board: ESRI), a Delaware corporation, announced today that it completed the acquisition of  Montana Tunnels Mining, Inc. and Elkhorn Goldfields, Inc., and that the two companies became wholly owned subsidiaries of Eastern Resources (the "Company"). Shares of the Company's common stock are currently quoted for trading on the OTCQB under the symbol "ESRI."

Following the merger, the Company will be headquartered in Denver, Colorado and the business of Montana Tunnels Mining, Inc. and Elkhorn Goldfields, Inc. will constitute the Company's only operations.

"We are pleased with the successful completion of the merger.  Over the past 12 years our team has strategically assembled a collection of mining assets with proven precious and base metal reserves in a world-recognized mining district in Montana, and the merger represents a major milestone for Montana Tunnels Mining, Inc. and Elkhorn Goldfields, Inc.," said Patrick Imeson, Chairman and Chief Executive Officer. "This transaction positions us for growth; providing the opportunity to continue development and near-term production and providing industry jobs to Montanans, as well as the prospect of returns to our shareholders."

The Company intends on continuing the development of Elkhorn's Golden Dream Mine, which should obtain full production in the fourth quarter of 2012.  Concurrently, the Company intends, subject to financing, on initiating development work of the mine expansion at the Montana Tunnels Mine and is targeting the re-starting of mining ore and milling operations in 2014.  Upon achieving full production of both mines, the average annual combined production is anticipated to produce an average of 150,000 gold and gold equivalent ounces per year which would consist of approximately 105,000 ounces of gold, 500,000 ounces of silver, 35 million pounds of zinc, 12.5 million pounds of lead and 2 million pounds of copper per annum.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs