VANDERBILT GOLD CORPORATION

VANDERBILT GOLD CORPORATION

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Company Overview
Vanderbilt Gold Corporation is a public limited liability company engaged in the acquisition, development, and production of precious metal properties. The company was incorporated in the year 1997 and has its registered office located in Las Vegas, Nevada.
Vanderbilt operates through its Morning Star Mine located in San Bernardino County, California. It produces gold and silver properties. The company also has reserves of more than 300,000 ounces at its mine. In addition, Vanderbilt hold a 17.15 percent interest in a joint venture egarding Cosalteca SA de CV’s 12,000 acre Las Coloradas concession group in the Sierra Madre mining district.
The company primarily operates in the United States of America.
Business Summary
Vanderbilt Gold Corporation is in the business of acquiring, developing and producing precious metals properties. The Company has one wholly owned subsidiary, Star Mining Corporation. Vanderbilt is engaged in the mining business, primarily in the Western United States and Mexico, with its principal operation at the Morning Star Mine (Morning Star), which is located in San Bernardino County, California. Morning Star is a gold and silver property, which has produced significant quantities of these precious metals. Vanderbilt has been the operator this mine since 1973.
Description and history
Vanderbilt Gold Corporation is in the business of acquiring, developing and producing precious metals properties. The Company has one wholly owned subsidiary, Star Mining Corporation. Vanderbilt is engaged in the mining business, primarily in the Western United States and Mexico, with its principal operation at the Morning Star Mine (Morning Star), which is located in San Bernardino County, California. Morning Star is a gold and silver property, which has produced significant quantities of these precious metals. Vanderbilt has been the operator this mine since 1973.

In January 1995, the Company signed an Agreement with Compania Minera Rosarence S. A. de C.V. (Rosarence), a Mexican Corporation, wherein the Company agreed to fund certain development and exploration activities to be performed by Rosarence at a 67,000-acre concession (La Sierra) in the State of Durango, Mexico. La Sierra has been converted from an “exploration concession” to an “exploitation concession” in order to begin development of one or more of the seven targets that have been identified on the concession. La Sierra was converted to an Exploitation Concession and reduced in size to about 32,000 acres. Preliminary sampling has identified gold, silver and copper potentials. In September 1995, the Company also exercised its option to acquire the concession and all of the outstanding shares of Rosarence.

Vanderbilt also holds a 17.15% interest in a joint venture regarding Cosalteca’s 12,000-acre Las Coloradas concession group in the Sierra Madre mining district. Vanderbilt issued to Cosalteca 700,000 common shares as its initial contribution to obtain a 17.15% interest in the joint venture. Formerly, the mines and prospects were divided among numerous holdings too small to attract sufficient developmental capital to efficiently develop the district. These have been combined into approximately a 12,000-acre concession. A mill and ancillary infrastructure exists on the property. A new shaft has been completed, and is to be used as a drilling station to locate additional ore shoots along the principle vein.

Vanderbilt acquired mining rights to the Morning Star Mine in the early 1970s. In 1979, the Company began production of gold and silver through expanded underground workings. The ore was processed at a mill owned by Vanderbilt located about 17 miles from the mine site. During late 1984, the Morning Star was converted to an open pit operation, and the ore was processed by heap leaching commencing in 1985. In June 1987, management decided to add a fine crushing plant to the facility in order to increase gold recovery rates.

In March 1990, production problems began, which resulted in a sharp drop-off in the amount of gold and silver being recovered from the ores on the heap leach pads. Management suspended mining operations, except for the crushing of previously mined ore, and concentrated its attention on the gold recovery. The resulting drop in cash flows and liquidity caused the Company to curtail its other activities, lay off personnel, defer payments to vendors, and continue the moratorium on mining activity at Morning Star. Working capital was negative, and for two years the Company survived on loans and extensions of credit from the Company’s president and others. During the three years ended December 31, 1993, efforts at the Morning Star were directed to reclamation and remediation. During that time, heap leach pad No. 1 was detoxified and final reclamation commenced.

In late 1994, as funds became available, the Morning Star was made ready for increasing levels of operations, equipment was tested and brought on-line, the assay lab was equipped, stocked with supplies and staffed, and the solution in the remaining heap leach pad (No. 2) started through the gold recovery and detoxification system. During 1995, the Company removed about 77 ounces of gold from the carbon recovery tanks and delivered it to market. Reclamation and efforts to secure new funding continued throughout 1997. The Company entered into negotiations with Nevada Manhattan Mining, Inc. in the forth quarter of 1997 to sell an interest in the Morning Star. The company is currently negotiating with Nevada Manhattan Mining, Inc. and Nutek, Inc. to sell an interest in the Mine.

Business Line
Engaged in the acquisition, development, and production of precious metal properties
Subsidiary

Advisor
ROSEN (KEITH J.)
IPO date

US SIC Code
1041
Company Address
Suite 209
4625, Wynn Road
City province or state postal code
89103, LAS VEGAS, NV
Phone: +1 702 362 3152
Fax:
Country address: UNITED STATES OF AMERICA
Website url:

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