Imperial Becomes Sole Owner of Huckleberry Mine

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By peterc on April 8, 2017. No Comments

Imperial Metals Corporation (the “Company”) (TSX:III) reports that Huckleberry Mines Ltd. (Huckleberry) has exercised its right of first refusal to purchase for cancellation all the shares of Huckleberry held by a syndicate comprised of Mitsubishi Materials Corporation, Dowa Metals & Mining Co., Ltd., and Furukawa Co., Ltd., in exchange for cash consideration of $2 million. The transaction is expected to close this month and will result in Imperial holding 100% of the shares of Huckleberry through HML Mining Inc., a wholly owned subsidiary of Imperial.Huckleberry has retained a core group of mine personnel and has kept the mine on care and maintenance since September 2016.  As a result, the mine could resume operations quickly.  Management has also been reviewing a number of alternate mine plans that would further enhance the mine’s operating performance and potentially extend the mine life.  Recent exploration on the Whiting Creek prospect, located just north of the mine continued to expand the potential of this large area of porphyry mineralization. Drilling has also confirmed the potential to expand the Main Zone, which hosts the probable reserves that are included in the current mine plan. Huckleberry will conduct a comprehensive review of the exploration potential of the entire property

www.imperialmetals.com

 

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