Oracle Ridge temporarily suspending Drill Program

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San Manuel Miner

Rumors of the Oracle Ridge Mine closing down have been heard in the community last week. It is not clear where or how the rumors started but it may have been due in part to recent cut backs at the mine. A press release dated April 13, 2014 announcing a corporate strategy update said, “Oracle Mining has temporarily suspended the 2014 Drill Program and rationalized expenditures to manage remaining financial resources while evaluating Third Party Options and continuing to advance permitting.” The update also said, “We have not made a production decision with respect to Oracle Ridge. A decision to proceed with production will be based on the corporation completing a future Feasibility Study demonstrating economic and technical viability.” On June 9, 2014, Lori Lantz, public involvement planner, was asked about the rumors of closure. She said, “In keeping with the strategy, some work at the site has been temporarily scaled back.” She pointed out that the mine has not started up and referred to the latest press releases.

A June 6, 2014 press release announced that Oracle Mining had received additional loan funds from its lender Rich Stone Mining Investment (Hong Kong) limited in the amount of $440,000 (Canadian dollars). To read the complete Oracle Mining Corporate strategy and financial updates or keep up with news regarding Oracle Ridge Mine visit their website at www.oracleminingcorp.com.

John Hernandez (204 Posts)

John Hernandez lives in Oracle. He is retired and enjoys writing and traveling. He is active in the Oracle Historical Society. He covers numerous public events, researches historical features and writes business/artist profiles.


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