Press Releases
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
Bullion Monarch Mining, Inc. Acquires 80% of EnShale, Inc.
For immediate release June 16, 2008
Orem, Utah – Bullion Monarch Mining, Inc. (“BULM” www.bullionmm.com), a natural resource company with mining interests in gold, silver, and oil shale, has acquired an additional 20 million shares of EnShale, Inc. (www.enshale.com), its majority-owned subsidiary. The acquisition of the additional stock was in exchange for the transfer of rights that Bullion owned to oil shale mineral leases on Utah State Institutional Trust Land in Eastern Utah’s Uintah County. With the acquisition, Bullion now owns 80% of EnShale.
The leases being transferred to EnShale include 4,650 acres with a resource of oil shale of approximately 667 million barrels of oil as disclosed in a previous press release. 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.
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 Elaborates On Legal Proceedings Against Newmont USA Limited
For immediate release May 13, 2008
Orem, Utah – Bullion Monarch Mining, Inc. (“BULM” [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”).
Bullion has instituted a lawsuit against Newmont USA Limited for recovery of alleged unpaid royalties. The lawsuit arises out of a 1979 Agreement in which Bullion agreed to refrain from mining activity and exploration in an area that is now known as the Carlin Trend. The area of interest appears to be 256 square miles near or in the Carlin Trend and could include additional lands. The Carlin trend is one of the largest gold producing areas in the world. The 1979 Agreement requires that Newmont pay one percent (1%) royalty on gross mineral revenues in an area of interest. Newmont has recognized an obligation to pay royalties for certain mineral revenues in the area, but has refused to pay royalties on the full extent of the area of interest claimed by Bullion.
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.
Bullion Monarch has entered into a contingency agreement with Robison, Belaustegui, Sharp & Low in Reno, Nevada. Any questions about the lawsuit can be directed to Clayton P. Brust of Robison, Belaustegui, Sharp & Low (775) 329-3151.
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
Bullion Monarch Mining Commences Legal Proceedings Against Newmont USA Limited
For immediate release April 30, 2008
Orem, Utah – Bullion Monarch Mining, Inc. (“BULM” [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.
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
Bullion Monarch Mining Stock Buyback and Earnings Report
January 23, 2008 4:00 PM MT
Orem, Utah – Bullion Monarch Mining, Inc., a natural resource company with mining interests in gold and oil, announced today that its Board approved a stock buyback program. The Board authorized the repurchase of up to $1,000,000 of its common stock. Bullion plans to fund the repurchase program from free cash flow.
The Company said the Buyback Program will be carried out through December 31, 2009 with no minimum number of shares.
The Company recently completed the 2nd Quarter of its 2008 fiscal year with reported earnings of two cents per share. Based on production forecasts of its primary royalty revenue source, Newmont Mining’s Leeville gold operation in Northeastern Nevada, the Company expects earnings to exceed four cents per share for its full 2008 fiscal year ending April 30, 2008.
Shares of Bullion are trading on the OTC Bulletin Board with the symbol “BULM”. For additional information about the Company, see www.bullionmm.com.
This Press Release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, adverse changes in current gold prices; and the continued development by Newmont Mining of its Leeville gold operation in Northeastern Nevada.