King Solomon Mine
In September, 2009, Colorado Goldfields executed a Mining Lease with Option to Purchase for the King Solomon Mine. The lease with an option to purchase the King Solomon Mine included the issuance of 50,000,000 restricted shares of Class A common stock in Colorado Goldfields. The shares are restricted in a lock up provision for a period of 3 years during which no sales or other conveyances may be undertaken. A work commitment of $50,000 per year, and a 3.5% Net Smelter Royalty are also included in the lease/option. The lease automatically renews in 2012 so long as ores, minerals, or metals are being produced or sold.
The King Solomon Mine is located on the southern flank of King Solomon Mountain, just a few hundred yards up the mountain from the first discovery of gold in the San Juan Mountains in Little Giant Basin. Opened in 1876, the mine was in production until 1883. Newspaper accounts and shipping records of the day indicate that the product was good to very high grade silver ore with substantial credits for lead and copper.
The King Solomon Mine is of particular interest to Colorado Goldfields because of its strategic placement in Little Giant Basin. Although no activity has occurred on the property since 1883, nearby properties in Little Giant Basin have produced significant gold.
We intend to commence an exploration program to determine whether the veins will become more important for their gold content with depth as has been the case in many of the San Juan County mining properties which were first mined for the silver content.
In the 19th Century, the King Solomon Mine was operated by the
"French Boys Silver Mining Co." French Public Broadcasting
produced a half-hour documentary of the King Solomon Mine for French
television. The complete documentary may be viewed by clicking the
National Public Television
of the King Solomon Mine