Press
Release
Unico, Inc. Announces Recording of Quitclaim Deed and Water Rights Deed to
Complete Deer Trail Mine Purchase
Issued Thursday August 9, 9:19 am ET
SAN DIEGO, CA--(MARKET WIRE)-Aug. 9, 2007--Unico, Incorporated (OTC BB: UCOI),
a natural resource company in the precious metals mining sector, today
announced that the quitclaim deed and the water rights deed for the purchase of
the Deer Trail Mine in Marysvale, Utah has been recorded with the county
recorder's office in Piute County, Utah and ownership of the property has been
fully conveyed from Crown Mines LLC to Unico's wholly owned subsidiary, the
Deer Trail Mining Company, LLC.
..
With all appropriate documents executed and recorded and the purchase of the
property completed, Unico is expected to book the Deer Trail Mine property as a
$4 million asset of its future quarterly and annual financial reports.
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 170 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.
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.
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.
"The recording of the quitclaim deed and the water rights deed
signals the full conveyance of ownership of the Deer Trail Mine property to the
Deer Trail Mining Company," commented Mark A. Lopez, chief executive
officer of Unico, Inc. "This final step ensures that ownership is properly
recorded with Piute County, Utah, and we are very pleased to have the entire
process completed.
"Our focus will continue to be the anticipated start-up of operations at
the Deer Trail Mine, including the completion of reconstruction at the mill and
processing facility. Having secured this property as a long-term asset of the
company makes this ongoing work even more significant. In the coming weeks, we
expect to provide additional updates for our shareholders describing our
progress at the Deer Trail Mine property," added Mr. Lopez.
Shareholders who would like to sign up to receive information by email directly
from Unico, Inc., including when new photo galleries are posted to the company
website, are asked to visit the company's website at
http://www.unicomining.com/IR/mailinglist.php and fill in the appropriate
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
abeyer@geminicommunications.us
OTC Financial Network
Rick McCaffrey
781-444-6100, x625
rick@otcfn.com
www.otcfn.com/ucoi
.