Press
Release
Unico, Inc. Announces Completion of the Deer Trail Mine Purchase
Issued Wednesday August 1, 9:20 am ET
Purchase to Result in Immediate $4 Million Asset on the Company's Consolidated
Financial Statements
SAN DIEGO, CA--(MARKET WIRE)-Aug. 1, 2007--Unico, Incorporated (OTC BB: UCOI),
a natural resource company in the precious metals mining sector, today
announced the completion of the purchase of the Deer Trail Mine in Marysvale,
Utah from Crown Mines, LLC. With all the agreements now executed between
Unico's wholly owned subsidiary, Deer Trail Mining Company, LLC and Crown
Mines, LLC and the transfer of the final payment of $1.7 million to Crown Mines
completed, the purchase is expected to record in the next several days and
ownership fully conveyed to Deer Trail Mining Company.
The documents completed to execute the close of the purchase of the Deer Trail
Mine included an agreement, bill of sale and water deed, quitclaim deed, water
rights lease, and assignment of contractual water rights for the property.
To fully exercise the purchase option of the lease, the final payment of
$1,700,000 was paid on July 30, 2007 and applied directly to the $4,000,000
purchase price of the Deer Trail Mine lease and option to purchase. In early
September 2004, Unico made a payment of $1,000,000 to Crown Mines, and an
additional $1,000,000 in subsequent payments since November 1, 2006, plus an
additional $300,000 was paid on April 30, 2007.
With the completion of the purchase, Unico is expected to book the Deer Trail
Mine property as a $4 million asset of its future quarterly and annual
financial reports.
The mining lease and option to purchase between Unico, Inc. and Crown Mines,
LLC, dated December 12, 2001, was adjusted through a first modification of
mining lease and option to purchase, dated May 31, 2004, a second modification
of mining lease and option to purchase, dated April 21, 2006, a third
modification of mining lease and option to purchase, dated November 1, 2006, a
fourth modified lease and option to purchase agreement dated April 26, 2007, and
a fifth modified lease and option to purchase agreement dated June 29, 2007. A
final due date of July 31, 2007 for Unico, Inc. to exercise its purchase option
was announced in a mutual agreement by both parties in July 2007.
Under the mining lease and option to purchase agreement, Deer Trail
Mining Company, LLC had the right to acquire the mining claims located in
Marysvale, Utah, which consist of 32 patented mining claims and 171 unpatented
mining claims, as well as mill sites, dumps and other transferable rights
contained in the agreement. Included in the agreements executed between Deer
Trail Mining Company and Crown Mines were the transfer of specified water
rights to Deer Trail Mining Company and the retention of a portion of those
rights by Crown Mines.
The claims covered in the purchase agreement total approximately 3,275 acres,
or 5.12 square miles, and include workings known as the Deer Trail Mine, the
PTH Tunnel and the Carisa and Lucky Boy Mines. The PTH Tunnel penetrates more
than 10,000 feet, with a developed network of tunnels, shafts, stopes, and
raises at the 3,400-foot-area and at the 8,000-foot-area, and was mined by
prior owners for gold and silver. The initial Deer Trail claims date back to
1870.
"Completion of the purchase of the Deer Trail Mine is truly a major
milestone in the history of Unico, and we are extremely pleased to have paid
the remaining balance to exercise the purchase option and executed the final
documents for the transfer of ownership to our wholly owned Deer Trail Mining
Company subsidiary," stated Mark A. Lopez, chief executive officer of
Unico, Inc. "Not only do we have the immediate impact of a $4 million
asset that we plan to include on future consolidated financial reports, but
with the anticipated start-up of operations at the mill and processing facility
at the Deer Trail Mine and future potential mining programs at the site, the
true long-term potential of this property is expected to extend well beyond the
initial asset value."
Shareholders who would like to sign up to receive information by email directly
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website, are asked to visit the company's website at
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fields.
About Unico, Inc.
Unico, Inc. (OTC BB: UCOI) is a publicly traded natural resource company in the
precious metals mining sector that is focused on the exploration, development
and production of gold, silver, lead, zinc, and copper concentrates at its
three mine properties: the Deer Trail Mine, the Bromide Basin Mine and the
Silver Bell Mine. The company has also announced agreements to acquire over 70
additional mining claims. For more information, please visit
www.unicomining.com.
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended and such Section 21E of
the Securities Exchange Act of 1934, as amended. Such statements are subject to
risks and uncertainties that could cause actual results to vary materially from
those projected in the forward-looking statements. The company may experience
significant fluctuations in operating results due to a number of economic,
competitive and other factors. These factors could cause operation results to
vary significantly from those in prior periods, and those projected in
forward-looking statements. Information with respect to these factors, which
could materially affect the company and its operations, are included on certain
forms the company files with the Securities and Exchange Commission.
Contacts:
Gemini Financial Communications, Inc.
A. Beyer
951-677-8073
investors@unicomining.com
OTC Financial Network
Rick McCaffrey
781-444-6100, x625
rick@otcfn.com
www.otcfn.com/ucoi
.