FAQ on Gold-Backed Cryptocurrency: Where The Gold Will Come From, Who Will Mine It, Legal Aspects

We are getting lots of questions in our Telegram group and other social media accounts concerning Lightcash project infrastructure. One of the most popular is “where will you get gold to back your coin?” Here is how it will work.

Who will mine gold

One of the important parts of Lightcash project is “Lapri Mining” LLC, an experienced mining company which has a strong team of professionals in this niche. They will conduct mining and control the processing of obtained gold.

Gold deposit location

“Lapri Mining” LLC owns an alluvial deposit of gold in the Amur Region of Russia:

The object of licensing is located within the Malogiluisk gold mine of the Upper Gilyuisky gold-bearing area

The presence of gold in this region is known from pre-revolutionary times when the prospectors worked out the placer of the Nadezhny stream. In 1917 a placer of the Marmontovsky brook was also discovered.

According to the State balance department (Gosbalans) of the Russian Federation, the gold content in the areas not yet distributed among mining companies ranges from several tens to several hundreds of kilograms. The total forecasted resources of gold placers of the licensed area are 515 kg of Р1 category, 20 kg of Р2 category, and 581 kg of Р3 category.

More data about characteristics of gold from our deposit can be found in Lightcash project White Paper.

Infrastructure

We have already built our settlement for gold mining workers with good living and working conditions. In addition to residential modules, the village has its dining room, laundry, and sauna, as well as turning, welding, motor workshops and power supply points.

Works on gold mine will be in progress from April till November due to weather conditions in this region. The process of mining alluvial gold looks like this:

After washing the placer gold-bearing sands are obtained:

And, finally, the gold is extracted:

Legal

“Lapri Mining” has already obtained a state-issued license for gold mining at owned deposit (license number BLG 02921 BR):

Plans

Currently, our infrastructure is not working at full capacity. To fully load it we are going to purchase an additional gold deposit. To raise funds for such an acquisition we will conduct an ICO which will start March 12 at 00:00.

If the ICO is successful and conditions for the project launch are met, then Lightcash token projected value should increase up to 300% within two years. This growth is ensured by increasing company market capitalization and Lightcash project scaling which involves mining more gold as well.

Join our token sale here: https://lightcash.io/