GRAND CENTL SILVER (OTC:GSLM)
Industry: Industrial Goods
Grand Central Silver Mines, Inc. (GCSM), formerly Centurion Mines Corporation, is a U.S. mineral resource company engaged in the acquisition and exploration of mineral properties containing gold, silver, copper and other mineralization. The Company controls or controlled mining and mineral exploration properties through leases, options and mining claims in the States of Utah, Arizona, Idaho and Nevada and in Mexico. GCSM holds production royalties on mineral properties in Utah. In Utah, the Company's properties primarily lie in two geographical regions, the Millard/Beaver Counties area, westerly from Milford, Utah and the Tintic mining district, including the West Tintic area, about 70 miles southwesterly from Salt Lake City, Utah. The Nevada properties were located primarily in Churchill County. In Mexico, the Company had a joint venture on a property located in Coahuila state on the Chihuahua border, about 200-km south of the Big Bend of Texas. Utah The Company owns or controls a 20,205 acres of mining and mineral exploration properties within the state of Utah. The properties are categorized into seven project areas: Tintic, West Tintic, OK Mine/South Utah Copper, Kings Canyon, Blue Mountain, other Beaver County properties, and Oquirrh Mountains. The Company's holdings in the Tintic District consist primarily of the Dragon Mine, which has in the past been mined for halloysite clay. The Dragon consists of 36 patented claims encompassing 266 acres. Currently, there is an estimated resource of 300,000 tons of halloysite at the Dragon Mine. Halloysite's most valuable use is as a filler in very fine translucent bone china. The Company seeks to sell, joint venture, or lease the Dragon. In West Tintic, the Company owns three patented claims comprising the Lead King Mine. This is a silver-lead property and totals 83 acres and is located in Juab County. The Company also holds mineral rights on 10,814 acres acquired from the McIntyree Trust. The Company had a joint venture with BHP Minerals on this ground which was terminated in 1997. The Company plans no further work on these properties in the near future. In May 1998, the Company signed a final agreement with Nevada Star Resource Corp. Previously, the Company had spent thousands of man-hours and significant other expenditures in an unsuccessful effort to obtain financing for the project on its own. The agreement sold a substantial portion of the Company's property in the District with the objective of unitizing the OK district and achieving financing and construction of a solvent-extraction electrowinning (SX/EW) copper recovery plant. From the copper reserves mined in the project area, the plant will produce electrolytic grade copper cathodes for sale to manufacturers and commodity brokers. Under the agreement with Nevada Star,the Company received two million shares of Nevada Star stock plus a royalty consisting of 12% of the cash operating profits applicable to all copper production coming from the 144 square mile "area of interest" centered at the OK Mine site. Grand Central sold 4,172 acres of mining property having copper ore reserves containing 47.7 million pounds of contained copper at an average grade of .50% copper. GCSM owned a 4% net smelter return royalty on a drilled out shallow gold deposit containing about 200,000 ounces of gold in Kings Canyon. This royalty was transferred to another Company in settlement of litigation. Additionally, the Company has about 3,200 acres of state mineral leases. These leases expire on January 18, 1999 and the Company has not yet determined if they will be renewed. On August 26, 1998, the Company entered into a joint venture with Breccia Development, Inc. of Milford, Utah to facilitate continued exploration and development of the Blue Mountain area.This district is located about 30 mile west of Milford and is a copper porphyry environment. The property holdings consist of a state lease of 640 acres and unpatented claims of about 660 acres. Numerous commercial grade gold and copper occurrences have been
As Of: 10/07 00:00 ET
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