Press Releases
Waterton Global Announces Next Phase of its Value Creation Plan for Nevada Mine
WINNEMUCCA, NEVADA, November 25, 2013 /BUSINESSWIRE/ – Waterton Global Mining Company, LLC., (“Waterton Global”) announced today the next phase of its value creation plan for two of its Nevada-based assets, the Hollister Gold Mine and Esmeralda Mill.
Having stabilized the assets out of bankruptcy, Waterton is now pausing production to focus on resource definition drilling to enhance asset value and extend the life of the mine. The decision was a result of careful analysis to determine how to best position the mine and mill for long-term value and sustainability.
As such, ore production at Hollister will cease as of Monday, November 25, 2013. The Esmeralda Mill will continue to process the remaining ore until stockpiles have been exhausted.
“We would like to thank our employees for their valuable contributions to the turnaround process,” says Head of Mining Operations, Jack McMahon. “Although reducing workforce levels is never easy, we believe that at this point focusing on resource definition drilling provides the best opportunity for extending mine life and creating future opportunities for production and employment.”
“Since acquiring Hollister and Esmeralda out of bankruptcy last May, Waterton has focused on turning around the assets, with an eye to maximizing the long-term value of our world-class land package and existing infrastructure.”
About the Hollister Gold Mine
The Hollister gold mine is located in northern Nevada, at the intersection of the Carlin Trend and the Northern Nevada Rift. The Carlin trend is one of the world’s richest gold mining districts and the most prolific gold mining region in North America. Waterton assumed management of the Hollister mine and Esmeralda mill in May 2013.
About Waterton Global
Waterton Global Mining Company is an emerging precious metals mining company with assets in northern and southern Nevada. Waterton Global Mining Company is a portfolio company of Waterton Precious Metals Fund II.
Contact
Investors:
Riyaz Lalani
Bayfield Strategy, Inc.
(416) 907-9365
rlalani@bayfieldstrategy.com
www.bayfieldstrategy.com
Media:
Greg Ferraro
The Ferraro Group
Reno: (775) 331-4555
Las Vegas: (702) 367-7771
greg@theferrarogroup.com
www.theferrarogroup.com