Business Description
We are a mining company that was formed in Nevada on July 2, 2007. As a mining
company, we are engaged in the production of precious metals. Our activities
are not limited to production and they also include production, acquisition,
exploration, and development of mineral properties, primarily for gold, from
owned mining properties. Inception Mining has acquired two projects, as described
below. Our target properties are those that have been the subject of historical
exploration. We have generated revenue from mining operations.
On January 11, 2016, the Company authorized a 5.5:1 reverse stock split on
its shares of common stock with a record date of January 11, 2016. On May 25,
2016, FINRA approved the Reverse Split, with a market effective date of May
26, 2016.
On October 2, 2015, the Company consummated a merger with Clavo Rico Ltd. (“Clavo
Rico”). Clavo Rico is a privately held Turks and Caicos company with principal
operations in Honduras, Central America. Clavo Rico operates the Clavo Rico
mining concession through its subsidiaries Compañía Minera Cerros
del Sur, S.A de C.V. and Compañía Minera Clavo Rico, S.A. de C.V.
and holds other mining concessions. Its workings include several historical
underground mining operations dating back to the early Mayan and Spanish occupation.
On February 25, 2013, the Company acquired certain real property and the associated
exploration permits and mineral rights commonly known as the U.P. and Burlington
Gold Mine (“UP and Burlington”) pursuant to that certain asset purchase
agreement entered between the Company, its majority shareholder (the “Majority
Shareholder”), and its wholly-owned subsidiary, Inception Development
Inc. (the “Subsidiary”) on one hand, and Inception Resources on
the other hand, dated February 25, 2013 (the “Asset Purchase Agreement”).
We are presently in the exploration stage at UP and Burlington. UP and Burlington
contains two Federal patented mining claims which Inception Resources acquired
for the purpose of the exploration and potential development of gold on the
40 acres which comprises UP and Burlington.
As part of our initial Plan of Operations for UP and Burlington, we have two-phases.
During Phase I, we have obtained the necessary permitting to make an additional
access road and surface improvements. We have implemented a bulk sample project
on the surface of a 2,500 foot per day-lighted vein to depths of 40-60 feet.
We plan to implement a Confirmatory Core Drilling Program that will be (NI43-101)
compliant, with Vein Definition and Valuations. In Phase II, we plan to contract
with an underground miner or mining company, develop an operational plan, expand
portal development leveraging existing underground access and implement underground
mining to a depth based on optimizing costs versus processed ore value. There
is no guarantee that we will be successful in implementing either Phase I or
Phase II.
The Company and its independent consultants are developing a detailed exploration-drilling
program to confirm and expand mineralized zones in these mines and collect additional
environmental and technical data. The first phase of confirmation and expansion
was initiated in 2015 and the Company continued evaluation of the project, metallurgical
testing, engineering, environmental programs and studies during 2016. The Company
plans to continue to update the historic feasibility study and environmental
permit applications.
