Silver Sun Resource Corp. (TSXV:SSU,FSE:SS6,OTCQX:SSUXF) is a Canadian-based resource company focused on the acquisition, exploration, and development of precious metal deposits in North America. The Company’s flagship project is its wholly-owned producing Cherry Hill Gold Mine near Yreka in northern California. Silver Sun is transporting mined ore from Cherry Hill to a private mill in Grants Pass, Oregon where it is currently producing at a rate of 1,000 tons per month. The Company has an experienced management team with a growth strategy to develop a diversified portfolio of mining projects that can be taken to production in the near-term.
- Fully permitted – commenced production in November 2011
- Low-cost producer – projected costs at less than $200/ton
- Metallurgy tests indicate recoveries of 95% for gold and 87% for silver
- Blue Sky capacity to increase production by acquiring and developing additional surrounding properties
Cherry Hill Gold Mine – Yreka, California
The Cherry Hill Gold Mine property is 100% wholly owned by Silver Sun and covers approximately 125 acres, located eight miles from Yreka in Siskiyou County, Northern California. Cherry Hill is a high grade underground mesothermal gold-quartz lode mine that first began production as early as 1892 and has operated intermittently over the past 120 years.
In 2011, Lucky Boy Resources LLC (a wholly owned subsidiary of Silver Sun Resource Corporation) acquired 100 percent ownership of the Cherry Hill Property. Upon acquisition, five portals were re-opened and the underground workings rehabilitated so that the mine could be brought up to Mine Safety and Health Administration (MSHA) standards in anticipation of production.
In May 2012, the Company received approval from the United States Forest Service (USFS) to continue with the current Plan of Operations, which is valid until the year 2023 using permits and licenses currently in place. Silver Sun plans to apply to the USFS to broaden the Plan of Operations at Cherry Hill to include the entire property for which a full Environmental Assessment will be required.
In October of 2012, Silver Sun commenced commercial production at Cherry Hill from the existing two-year old workings that access the Queen Vein from the west on level 4 (4360 feet) where ore has been blocked out between the 3rd and 4th levels. Metallurgical testing indicates recoveries of up to 95 percent for gold and 87 percent for silver.
Silver Sun has a milling contract with a private gravity and flotation circuit mill approximately 82 miles from the mine in Grants Pass, Oregon. The Company has increased the production rate to 1,000 tons per month. In October 2012, 1,000 tons of mineralized material was trucked to the mill for processing. Upon completion, the gravity and floatation circuit concentrates will be delivered to Just Refiners of Sparks, Nevada, which will then assay the concentrates for gold content.
Silver Sun Resources also plans to open portal Q2 for rehabilitation work and sampling. An underground drill program is slated for 2013 with the purpose of proving the Queen Vein continues to depth. Once the current two year mine plan to extract 1,200 feet of vein from the Q4 level is complete, the company plans on developing the Q5 level, which should provide additional multiple years of mine life.
Silver Sun Resource Corp.’s wholly-owned Cherry Hill Gold Mine near Yreka in northern California is currently producing at a rate of 1,000 tons per month. Metallurgical testing indicates recoveries of up to 95 percent for gold and 87 percent for silver. Silver Sun plans to apply to the United States Forest Service to broaden the Plan of Operations at Cherry Hill to include the entire property. In 2013, the Company will focus on expanding the production output and and further exploring the Queen Vein.
Mark A. McLeary – President, Chief Executive Officer, and Director
A Chartered Financial Planner and former Certified Financial Planner (CFP) and a member of the Financial Planners Standards Council of Canada, Mr. McLeary founded McLeary Capital Management, Inc. in 1994 and provides management and consulting services to public companies. Mr. McLeary has over 21 years in the financial services industry and has served as both an officer and director for a number of companies. Currently Mr. McLeary is the President, CEO and director of Silver Sun and Newton Gold Corp both trading on the TSX Venture Exchange.
Tom Kordyback – Chief Financial Officer and Director
Mr. Kordyback is a Chartered Accountant and a member of the British Columbia Institute of Chartered Accountants. He was the former Chief Financial Officer of Creo Products Inc. (Kodak) a Nasdaq and TSX listed company, and he was most recently a director of Extreme CCTV another TSX-listed company that was sold to Bosch in 2008.
Ian Foreman – Director
Mr. Foreman is a Professional Geoscientist with more than 19 years’ experience in the mining industry. He is the principal of Foremost Geological Consulting, a non-reporting company in the business of providing geological and management services to the mining industry. Mr. Foreman graduated with honours from Queen’s University and has worked in a wide spectrum of geological environments involving both base and precious metals. He is currently the President and a director of Yale Resources Ltd. listed on the TSX Venture Exchange. Cherry Hill is the second mine that Mr. Foreman has helped put into production.