Imperial Petroleum Announces Agreement on Duke Mine Tuesday April 11, 12:44 pm ET
EVANSVILLE, Ind.--(BUSINESS WIRE)--April 11, 2006--Imperial Petroleum, Inc. ("Imperial" or the "Company")(OTCBB:IPTM - News) announced today that it has signed a Definitive Agreement to develop its Duke Gold Mine in southeastern Utah with ATLCC, Inc. Under the terms of the Agreement, scheduled to close this month, ATLCC, Inc. will spend up to $500,000 to install a mining and processing plant capable of handling at least 100 tons of placer material each day for the recovery of fine gold. Imperial, through its mining subsidiary, Ridgepointe Mining Company, will retain a ten percent net smelter royalty in the operations and will own a five percent equity stake in ATLCC, Inc. During field test operations several years ago, Ridgepointe successfully recovered fine gold from the Duke Mine in the amount of approximately 0.10 ounces per ton of head ore. The present claims included in the Duke Mine cover some 1,920 acres.
Imperial, through its subsidiaries and affiliates, is active in crude oil and natural gas production. Imperial is headquartered in Evansville, IN.
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