Lucky Jack / Mt Emmons Project
Lucky Jack / Mt Emmons
Country USA 
Province Colorado
Close to Gunnison
Surface 22 km² / 5,463 acres
Latitude / Longitude 38 N 52 / 107 W 02
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Explores for Molybdenum -
Last updated on 6/25/2010 - Terms of Use
Risk and valuation analysis of the Lucky Jack / Mt Emmons Project
Status Risk : Advanced discovery
Country Risk : Very Low
Title(s) of the Lucky Jack / Mt Emmons Project
US Energy Corp
Owner: 100%
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U.S. Energy Corp. re-acquired the Lucky Jack molybdenum project, formerly known as the Mt. Emmons molybdenum property, located near Crested Butte, Colorado on February 28, 2006. The property was returned to U.S. Energy Corp. in accordance with a 1987 Amended Royalty Deed and Agreement between U.S. Energy Corp. and Amax Inc.
Kobex Minerals Inc.
Option on interest: 50%
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Terms and conditions of the option period to earn up to 50% interest in the Lucky Jack molybdenum deposit. Kobex to manage development and operations To earn initial 15%, US $15 million in expenditures must be spent by Kobex To earn additional 35% a total of US $50 million must be spent within a 10 year period from the effective date of the agreement Upon Kobex earning this 50-per-cent interest in the property, Kobex will be entitled to enter into a 50-50 joint venture with U.S. Energy and Crested Corp. or give them the election to: continue with the JV; Project costs shared on a 50/50 basis have Kobex arrange 100 per cent of future financings for an additional 15-per-cent interest (65 per cent in total); or Have Kobex acquire all the shares of U.S. Moly (a wholly owned subsidiary of U.S. Energy and Crested Corp.) by the issuance to U.S. Moly shareholders of up to, but not including, 50 per cent of Kobex's total issued and outstanding shares.
Location of the Lucky Jack / Mt Emmons Project
The Lucky Jack Project is a proposed mining operation located in Gunnison County west of Crested Butte
History of the Lucky Jack / Mt Emmons Project
In 1974 Amax discovered one of the largest and highest grade molybdenum deposits in the world beneath the surface of Mt. Emmons. At the time, U.S. Energy Corp. was producing other valuable metals from the Keystone Mine at Mt. Emmons. After the discovery Amax leased the property from U.S. Energy Corp. to determine if the deposit was commercially viable and ultimately purchased the property outright. In 1992 Amax merged with Cyprus Minerals Company which was subsequently acquired by Phelps Dodge in 1999. During the Cyprus ownership period the project management applied for patented mining claims on the property and commenced securing additional water rights for commercial production. In 1980 Amax planned to bring the project to production and agreed with the State of Colorado to build a water treatment plant to treat water flowing from old mine workings. By 1983, Amax had spent an estimated $150 million on the acquisition, water rights, exploration, ore body delineation, mine planning, metallurgical testing and other activities involving the mineral deposit. Pursuant to the application for both the water rights and patented claims in 1992, the water rights were secured in 2002 and the patents were issued in 2004.
Data last updated on : 12/31/2006
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