Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Big Bear Mining Corp. (1354213) 10-K published on May 14, 2012 at 5:05 pm
Reporting Period: Dec 30, 2011
Access to the property is by Wyoming Highway 28 south from Lander for thirty miles then southwest on a gravel road to Atlantic City, a distance of 3 miles. From Atlantic City travel east on County Road 511 eleven miles to Lewiston.
The property is comprised of 175 unpatented claims and 3 patented mining claims owned by Golden Predator and 8 patented claims and 10 unpatented claims held under lease by Golden Predator at Lewiston. In addition, the Company staked 78 federal mining claims in 2011. Lewiston is located in the south half of T29N, R99W and the north half of T28N, R99W of the 6th Principal Meridian in Fremont County, Wyoming.
The Lewiston gold district is of a type of gold occurrence called a greenstone shear zone hosted vein deposit. These deposits have been prolific gold producers throughout the world. Archean rocks in Wyoming are exposed due to large scale Laramide faulting that created the Wind River Mountains to the north of Lewiston. Gold was discovered at South Pass (7 miles to the west) in the 1867 and at Lewiston in 1895. There is no documented gold production from the district but reports and newspaper articles describe gold in quartz veins with some workings (Hidden Hand) having spectacular ore specimens. A total of 200,000 ounces may have been mined from the Lewiston district.
The Lewiston district has not been drilled. The only drill program of substance was carried out by The Anaconda Company in the early 1970’s at South Pass on the Carissa Mine. Of note is that every Anaconda drill hole encountered gold mineralization, with the average grade 0.20 ounce per ton.
Previous workers at Lewiston have identified two gold targets from surface exposures of shear zones. 1.) Mulit-stage quartz veins 1.5 to 2.5 meters in width with strike lengths of 30 to 150 meters and grades of 3 to 22 grams of gold per tonne and 2.) disseminated gold in shear zones as demonstrated by US Borax’s work at the Ruby Mine Wolf where sampling yielded 8 meters at 3.6 g/t gold.
Our management, with the participation of our principal executive officer (CEO) and principal financial officer (CFO), evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended ( the “Exchange Act”)) as of the end of the period covered by this report. Based on this evaluation, the CEO and CFO has concluded that, as of the end of such period, our disclosure controls and procedures were not effective to ensure that information that is required to be disclosed by us in the reports we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. The reasons for this finding were the weaknesses in our internal control over financial reporting enumerated below.
Following a long career as an investment banker specializing in mining equities, from May 2006 to November 2009, Mr. Reid was appointed as a chief executive officer of US Silver, where his main responsibilities were to guide the company in its formative days, through listing and subsequent restart of the Galena Mine. Following his tenure at US Silver, he led a proxy fight to gain control of Carlisle Goldfields and since 2009 to present, has been the president, chief executive officer and director of Carlisle (TSE-CGJ). He has performed all of the traditional responsibilities of the chief executive officer, and is currently guiding a major drilling program at the company's Lynn Lake, Manitoba project.