Press Releases
Bullion Monarch Mining, Inc. Reaches an Agreement with Dourave Mineracao & Exploracao Mineral LTDA
For immediate release May 13, 2009
Orem, Utah – Bullion Monarch Mining, Inc. (“BULM” www.bullionmm.com), a natural resource company with mining interests in gold, silver, and oil shale is pleased to announce it has reached an agreement with Dourave Brazil. Dourave Brazil is 99.9% owned by Dourave Mining and Exploration, Inc., a corporation organized under the laws of Canada (“Dourave Canada”). Bullion will pay two million USD for a one third interest in the Bom Jesus and Bom Jardine mining properties with a first right of refusal on future projects Dourave will use the funds to continue exploration on the previously referenced properties which have already shown promising results. These properties are located in Northern Brazil, in the State of Para, in an area that has been reported to have had substantial gold production from low tech, independent miners.
R. Don Morris, President of Bullion Monarch Mining Inc. stated, “We are very excited about the prospects of these properties. There has been a lot of gold taken by hand over the years and the preliminary geology indicates the possibility of a significant ore body on each property. Our partner, Dourave, is an extremely capable exploration company with all of the expertise needed to bring a mine into production. We believe this is the first step in a relationship that could be very profitable for both parties for years to come.”
Bullion Monarch Mining, Inc. is traded on the OTC Bulletin Board under the symbol “BULM.” For more information on this or other projects Bullion Monarch is currently involved with, log on to our website at www.bullionmm.com.
Forward-looking Statements
Forward-looking statements in the press release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.
Contact Information
Rob Morris robmorris@bullionmm.com
(801) 426-8111
Bullion Monarch Mining Announces Court Denies Newmont USA Limited Motion for Judgment on the Pleadings
Monday March 9, 2009, 4:36 pm EDT
OREM, Utah--(BUSINESS WIRE)--Bullion Monarch Mining, Inc. (OTCBB: BULM - News) (www.bullionmm.com), a natural resource company with mining interests in gold, silver and oil, filed an action in the United States District Court, District of Nevada, on April 28, 2008, against Newmont USA Limited, a Delaware corporation (“Newmont”), and wholly owned subsidiary of Newmont Mining Corporation (“NEM”).
This matter involves Bullion’s attempt to collect additional royalties it believes are owed pursuant to a 1979 agreement between predecessors of Bullion and Newmont. Pursuant to that agreement, Bullion ceased mining and exploration activities in the Lynn Mining District located in Northern Eureka County in Nevada, and in a defined multiple square mile area of interest surrounding that mining district. In return, Newmont (through its predecessor), as claimed by Bullion, agreed to pay Bullion a one percent royalty on any production in the Lynn Mining District and the area of interest that was described in the Agreement (the “Area of Interest”). Additional information regarding this legal action is contained in Bullion’s 8-K Current Report dated April 28, 2008, which was filed with the Securities and Exchange Commission today.
Bullion has also requested more detailed accountings of the royalties being paid by Newmont as specified in the contract. Newmont has refused to provide the additional requested data.
On March 4, 2009, the United States District Court denied Newmont’s Motion for Judgment on the Pleadings, by which Newmont claimed that a 1993 Nevada court proceeding and judgment invalidated or adjudicated Bullion’s royalty interest in any of the properties covered by the 1979 agreement, including the Area of Interest. It is not clear whether Newmont will attempt to appeal this decision. Otherwise, the litigation of Bullion’s claims will continue.
Forward-Looking Statements
Forward-looking statements in this press release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.
Bullion Sees Profitability for Fiscal Quarter
OREM, Utah – September 15, 2008 – Bullion Monarch Mining, Inc. (OTCBB: BULM – news), a natural resource company owning gold, silver and oil shale mining interests in Utah and Nevada, announced earnings of $422,019 or $0.01 per share for its fiscal quarter ending July 30, 2008, as filed with the SEC on Form 10-Q. The Company has chosen to continue self-funding of its oil shale technology subsidiary, EnShale, Inc., which make’s Bullion’s final positive bottomline more significant.
Bullion reported royalty revenues from its gold mining-related operations of $1,071,160 for the three month period ended July 31, 2008, versus $320,057 for the same period in the prior fiscal year – over a 30% gain. Conversely, the Company reported an increase of $567,683 in general, administrative and research and development costs for the same periods, again due primarily to EnShale's demonstration plant pegged for a December, 2008, completion.
Mr. R. Don Morris, President and CEO, stated, "Similar to our financials as reported for fiscal year-end April 30, 2008, Bullion again has benefited significantly from the increase in our gold mining royalty income, aiding us in reporting positive bottom line earnings while allowing for our projected, timely development of EnShale’s technology to bring forth sweet crude from the underground mining of oil shale in an economically and environmentally positive method from our lands leased from the State of Utah. All in all, we are looking forward to offering our shareholders continued positive announcements, quarter by quarter, as related to all of our operations – gold and silver to oil shale and beyond."
For a complete review of Bullion Monarch Mining’s fiscal year-ending April 30, 2008, 10-KSB Annual Report as reported to the Securities and Exchange Commission, please visit www.sec.gov or contact the Company for a copy of the full filing.
BULLION PROFILE
Bullion Monarch Mining, Inc., (www.bullionmm.com), has been involved with precious metal exploration and mining since 1948. Since, Bullion has worked with the likes of Newmont Mining and Kennecott. Bullion owns 80% of EnShale, Inc. activating its entry into oil shale mining and development. Developing new technology with cooperation from Idaho National Laboratories and Emery Energy, LLC, EnShale is working to complete its demonstration model for environmentally friendly and cost-effective removal of oil from underground mined shale. Initially, Bullion plans to mine shale from lease interests acquired from the State of Utah.
FORWARD LOOKING STATEMENTS Statements in this press release, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements encompass Bullion Monarch Mining’s (“Bullion”), beliefs, expectations, hopes or intentions regarding future events. Words such as “expects,” “intends,” “believes,” “anticipates,” “should” and “likely” also identify forward-looking statements. All forward-looking statements included in this press release are made as of the date hereof and are based on information available to Bullion as of such date. Bullion assumes no obligation to update any forward-looking statement. Actual results could differ materially from those anticipated for a number of reasons, including, among others: the Company’s ability to obtain sufficient capital to finance needed working capital; developmental capital; equipment and hire additional personnel as may become required by its new technology from its subsidiary company, EnShale; Bullion’s primary operations; variations in market and economic conditions; the Company’s ability to complete negotiations and execute certain agreements and other unanticipated factors. Risk factors, cautionary statements and other conditions, which could cause actual results to differ from the Company’s current expectations, are contained in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-KSB.
Contact Information
Rob Morris robmorris@bullionmm.com
(801) 426-8111
Or, for financial industry members and shareholders, Ms. Laurie S. Roop-Comeau, President, Shareholder Relations, at 435.652.3884 or laurie@shareholder-relations.net
Bullion Achieves Fiscal 2008 Profitability, Self-funds EnShale’s R&D
OREM, Utah - August 18, 2008 – Bullion Monarch Mining, Inc., (OTCBB: BULM – news), a natural resource company owning gold, silver and oil shale mining interests in Utah and Nevada, announced the Company has elected to self-fund its 80% owned oil shale technology demonstration project. The decision was made to not dilute the Company’s shares to fund this project while maintaining profitability and remaining debt free. This was also advantageous as a tax planning strategy to better use Company revenues.
Bullion’s largest revenue source hails from Newmont Mining Corporation’s Nevada-based Leeville gold mine, which according to Newmont reached full capacity late 2007. This royalty paid revenues to Bullion of $2,662,399 for fiscal year ending April 30, 2008. The revenue more than doubled the prior 2007 period’s revenues of $1,352,801. Taxes payable of $250,059 in fiscal 2008 represented an increase in liabilities for the Company.
Mr. R. Don Morris, President of Bullion, stated “Our progress during the last fiscal year was substantial. The Companies ability to self-fund EnShale’s research and development while remaining profitable and debt free without diluting shareholders interests is a triumph. The Leeville mine’s vast increase in royalties worked mightily to benefit our overall corporate development; saving our shareholders from the potentially highly dilutive effects of outside financing to fund EnShale’s research and development of the companies oil shale project. We are pleased that our fiscal 2008 ended with a positive bottom line. We are working diligently to make our next year even more exciting and upward moving – in all regards.”
For a complete review of Bullion Monarch Mining’s fiscal year-ending April 30, 2008, 10-KSB as filed with the Securities and Exchange Commission, please visit www.sec.gov or contact the Company for a copy of the full filing.
BULLION PROFILE
Bullion Monarch Mining, Inc. (www.bullionmm.com) has been involved with precious metal exploration and mining since 1948. Bullion formed EnShale, Inc. (www.enshale.com), now a majority-owned subsidiary, activating entry into oil shale mining technology and development. Subsequently, EnShale acquired certain non-exclusive patented technologies for extracting oil from shale. Building upon that technology with cooperation from Idaho National Laboratories and Emery Energy, EnShale is working to complete its demonstration model for environmentally friendly and cost-effective removal of oil from underground mined shale. Initially, Bullion plans to mine shale from lease interests acquired from the State of Utah.
FORWARD LOOKING STATEMENTS: Statements in this press release, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements encompass Bullion Monarch Mining’s (“Bullion”), beliefs, expectations, hopes or intentions regarding future events. Words such as “expects,” “intends,” “believes,” “anticipates,” “should” and “likely” also identify forward-looking statements. All forward-looking statements included in this release are made as of the date hereof and are based on information available to Bullion as of such date. Bullion assumes no obligation to update any forward-looking statement. Actual results could differ materially from those anticipated for a number of reasons, including, among others: the Company’s ability to obtain sufficient capital to finance needed working capital; developmental capital; equipment and hire additional personnel as may become required by its new technology from its subsidiary company, EnShale; Bullion’s primary operations; variations in market and economic conditions; the Company’s ability to complete negotiations and execute certain agreements and other unanticipated factors. Risk factors, cautionary statements and other conditions, which could cause actual results to differ from the Company’s current expectations, are contained in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-KSB.
Contact:
Mr. Robert Morris, Director of Investor Relations at Bullion Monarch Mining, at 801.426.8111 or robmorris@bullionmm.com
Bullion Monarch Mining has begun construction on a demonstration plant for the extraction of oil from oil shale
For immediate release June 19, 2008
Orem, Utah – Bullion Monarch Mining, Inc. (“BULM” [www.bullionmm.com]), a natural resource company with mining interests in gold, silver and oilshale, through its subsidiary EnShale, Inc. (www. enshale.com) is pleased to announce it has begun construction on a pre- production demonstration plant to extract oil from oil shale. The plant is anticipated to demonstrate a scale feasibility of producing oil from oil shale at a target cost of below $30 USD per barrel.
EnShale has a patent pending extraction process that uses coal gasification, a clean coal technology, as a heat source and horizontal kilns. The oil shale is heated to approximately 1,000 degrees Fahrenheit, which releases the oil from the shale in a gaseous form and then is cooled to become liquid oil. The pilot plant is expected to be completed by late 2008.
This patent pending process has been shown in advanced computer modeling done by the Idaho National Labs, part of the DOE, as a subcontractor for Emery Energy, to use less than three gallons of water per barrel of oil produced and has CO2 sequestering capabilities. EnShale’s intent is to mine underground and disturb as little of the surface as possible.
EnShale has 4,650 acres in the Green River formation in Utah with an estimated resource of oil shale of approximately 667 million barrels of oil; this is not a “proven” or “probable” reserve as defined by Securities and Exchange Commission Industry Guidelines. This is the same oil shale that was discussed by President Bush in his recent energy speech. EnShale is in agreement with President Bush that we need to explore all alternative energy sources, and that oil shale can be a major part of the solution. The Company believes EnShale’s land position and technology development program place it in the forefront of oil shale activities that will make an important contribution to U.S. energy independence.
Bullion Monarch Mining is a debt free and profitable company that believes it is uniquely positioned to take advantage of the high commodities price of gold, silver, and oil.
Forward-looking Statements
Forward-looking statements in this press release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.
Contact Information
Rob Morris robmorris@bullionmm.com
(801) 426-8111