Press
Release
Unico, Inc. Announces Completion Date for Purchase of the Deer Trail Mine
Issued Thursday July 5, 9:05 am ET
SAN DIEGO, CA--(MARKET WIRE)--Jul. 5, 2007--Unico, Incorporated (OTC BB: UCOI),
a natural resource company in the precious metals mining sector, today
announced that a final date of July 12, 2007 has been set to complete the
process of transferring ownership of the Deer Trail Mine in Marysvale, Utah
from Crown Mines, LLC to Deer Trail Mining Company, LLC. A formal
agreement was made effective on June 29, 2007 to allow adequate time to
consummate the closing.
The Deer Trail Mining Company previously paid to Crown Mines a total of $2.3
million in payments, which will be applied toward the purchase price upon
closing. The company has also received the balance of a $1.7 million financing
commitment in the form of a private placement investment that will be used to
exercise the lease buy-out option on the remaining balance. The documents
necessary to effect the purchase of the Deer Trail Mine include a purchase
agreement, a bill of sale and a quitclaim deed to effect the transfer of
ownership of the Deer Trail Mine property.
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,
and a fourth modified lease and option to purchase agreement in April 2007,
which provided for a due date of May 31, 2007 for Unico, Inc. to exercise its
purchase option.
Under the agreement, Deer Trail Mining Company, LLC has 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.
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.
"We are pleased to have set a final date to consummate the purchase of the
Deer Trail Mine from Crown Mines, LLC in order to secure this property as a
long-term asset for the company," said Mark A. Lopez, chief executive
officer of Unico, Inc. "We look forward to completing the transfer of
title, so we can move forward with our future plans at the Deer Trail Mine.
This property is a major focal point of our ongoing operations, with the
reconstruction of the mill and processing facility at the Deer Trail Mine as
well as the analysis of core samples taken from the diamond core drilling
program conducted at the property. The report on the core samples from Behre
Dolbear is expected to help determine the future direction of the project, and
by securing ownership of the Deer Trail Mine, the company will be in an ideal
position to begin building value at the property."
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
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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
951-587-8072
investors@unicomining.com
OTC Financial Network
Rick McCaffrey
781-444-6100, x625
rick@otcfn.com
www.otcfn.com/ucoi
.