American Energy Production Inc. (OTC.BB:AENP - News) announced today that its wholly owned subsidiary Oil America Group Inc. ("OAG") will operate the Dorado gold mine operation in Trinity County, California for the four month term of the operating agreement executed in July.
Joe Christopher, President of OAG, will be the general manager of the mining operation and will arrive with 5 heavy equipment operators to commence mining this week. Mr. Christopher stated, "We are very excited about this opportunity to be involved in one of the premier Gold mining areas in North America. We are expecting to obtain critical information about the Dorado mine over the next few months in relation to determining our next steps in this business strategy."
Charles Bitters, President of American Energy Production Inc. said, "We believe that along with the current economic disarray, certain economic experts are forecasting double digit inflation within a two year period. Bitters further stated that with productive gold mining properties, this would provide a hedge against this kind of economy event. Every country in the world is short of gold reserves and the price of gold could rise significantly in the future above the current price of approximately $1,000 per ounce."
The Dorado mine is located in Trinity County, California where gold has been successfully mined since the 1880's. A tremendous amount of gold has been mined in this county along with other minerals such as silver and platinum. In 1917, approximately 25,000 ounces of gold was produced in Trinity County and at today's prices, would be approximately $25,000,000.
