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MINE LOCATION
Location : The Ruby Mine is located in California (on the California-Nevada border) about 83 miles northeast of Bishop, California or 75 miles west of Tonopah, Nevada in the vicinity of the Fish Lake Valley.
Mine Access : Access to the mine is from Nevada (east side of the property) on paved county roads off of Nevada state highway 3A, except for the last 20 miles which is a gravel road. Access can be maintained year-round with some snow removal.
Legal Description : (Partial Description) The property is located is Sections 21, 28 and 29 of Township 2 South Range 34 East of the Mount Diablo Meridian, in the White Mountain Range of Mono County, California. The mine is referred to as the Ruby or Green Monster Mine.
Mining Area : there are other mining claims and mining operations in the general area aurrounding the Ruby Mine. Larger open pit mines are also in the area, such as the Candelaria mine located to the north. The area has a history of mining and mine production that is recorded in the U.s. Bureau of Mines production records of the White Mountains RARE 11 area.
QUALITY AND DESCRIPTION OF DEPOSIT
Deposit Quality : Recent Assays on samples from the Ruby Mine have shown from 36,00 to 1465,14 ounces of Ag (Silver) per ton of ore, and have shown from 0.01 to 0.224 ounces of AU (gold) per ton of ore. Historical silver assays average about 52 ounces of AG (Silver() per ton of ore. Assays from the U.S. Bureau of Mines report on properties with mineral resources in the White Mountain RARE 11 area, show silver values of 17, 140 and 612 ounces per ton.
Legend METALLURGICAL Laboratory, Inc.
125 Manuel St.
Reno, Nevada 89502
Phone : (702) 755-3003
CERTIFICATE OF ANALYSIS
SUBMITTED BY : Joe Dilillo DATE : 02/18/86 Laboratory number : 5444 Report on : 5 samples Page 1 of 1 Code : 2012 2012 Element : GOLD SILVER Units : oz/t oz/t Itm Sample Mark 1 SR-1A 0.222 528.86 2 SR-1B 0.224 1465.14 3 SR-1C 0.014 176.72 4 SR-1D 0.080 553.50 5 SR-1E -0.003 0.40LEGEND METALLURGICAL LABORATORY, INC.
Mark F. Lewis
Manager/MetallurgistA minus sigm (-) is to be read ''less than''
1ppm = 0.0001%
1 Troy oz/ton = 34.285 ppm
1 ppm = 0.029167 Troy oz/ton
RUBY MINE
The property encompasses the workings of the Green Monster Mine, which has a history of small, but high-grade production from carbonate replacement deposits. Between 1938 and 1953, the mine produced 781 tons yielding 40,329 oz silver (Ag), 6,916 lbs copper (Cu), 46,767 lbs. Lead (Pb), and 5,775 lbs. Zinc (Zn). (Source: US Bureau of Mines).Prices May 09, 2007 from LME:
Copper: 8205 M/T = $3.73/lb
Lead: 2070 M/T = $0.94/lb
Zinc: 4120 M/T = $1.87/lbHistorical production at current prices:
Silver: $537,585.57
Copper: $25,796.68
Lead: $43,960.98
Zinc: $10,799.25TOTAL : $618,142.48 GROSS INCOME PER TON: $791.47
(Source: US Bureau of Mines).
The mine workings contain an un-mined indicated resource totalling 1,650 tons grading 28.0 oz / ton (opt) Ag, .70 % Cu, 1.0 % Pb, and 4.0 % Zn $615,846 $94,768 $34,155 $271,524 = $1,016,293 plus an additional inferred resource totalling 1,100 tons grading 17.0 opt Ag, .70 % Cu, .73 % Pb, and 4.0 % Zn $249,271 $63,178 $16,622 $181,280 = $510,351Gross income from stockpile: $1,526,644
Production cost $275,000
Transportation cost $366,650
Smelter $137,500Net profit : $747,494 (48.96% of gross income)
Two selective check samples collected from the mine during the current work program averaged .025 opt gold (Au), 241.6 opt Ag, .47 % Cu, 2.26 % Pb, and .51 % Zn.