DALLAS, April 13, 2009 (GLOBE NEWSWIRE) -- Boxwoods, Inc. (OTCBB:BXWD) (the "Company"), today announced the Company's intention to begin its operations by the third calendar quarter of 2009.
The Company now operates under the name of Duke Mining Company ("Duke Mining") and is in the process of making the appropriate filings to make the name change permanent.
The Company plans to complete the analysis and testing of its minerals separation technology over the next 45 to 60 days and begin its operations in San Juan County, Utah immediately thereafter. The Company's assets consist mainly of a 640 acre claim, located in San Juan County. Duke Mining can begin developing the claim via a small miner's exemption permit which allows surface disturbance up to 5 acres. The Company believes that the claim contains microscopic gold, platinum, rhodium, and palladium within red clay. There is no guaranty that these minerals exists within the claim.
In February, 2009, Duke Mining had a Sampling Assay performed by C&W Lab, (the"Assay"). Fifty pound samples were taken at depths to three feet and yielded a total salable Metal Value per Ton of $391.17. Detailed results of the Assay are shown below:
Screening
Metal Symbol Results Oz/Ton Price/Oz* Salable Metal/Ton
----- ------ ------- ------ --------- -----------------
Palladium Pd 2.47 0.054889 $ 200.00 $ 10.98
Platinum Pt 6.41 0.142444 $1,040.00 $148.14
Rhodium Rh 5.63 0.125111 $1,050.00 $131.37
Gold Au 4.70 0.104444 $ 964.00 $100.68
* Price per ounce was determined in early March, 2009. These prices could decline, perhaps significantly, prior to the extraction of the minerals.
Each acre consists of approximately 29,040 tons at a depth of 18 ft.
The Assay is not intended to be representative of a full reserve analysis as defined by SEC Industry Guide 7, therefore actual results of future mining activity on the claim may not produce the value per ton shown by the Assay.
Prior mining activity occurred on this claim during the late 1990's and early 2000's. Metals were recovered in salable quantities at that time. However, the technology at that time was not sufficient to extract metal on an economical basis, based on then current prices.
This press release may contain "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.