Bunker Hill Works Out Lease Arrangement

After reaching an agreement with the property owner, Bunker Hill Mining has reinstated the lease on the Bunker Hill mine. “We are very pleased to have worked out an agreement with the mine owner, Placer Mining Corp., to enable us to continue our effort to ultimately reopen the mine and make it a productive asset,” said John Ryan, interim CEO. “I believe the discussions we have had over the last several weeks have unified our common goal to continue to advance the project toward production.”

The company also achieved a substantial reduction of its monthly lease payments spanning the next 12 months. In addition, if the company achieves certain agreed goals on its work program at the mine, the payment concessions can be extended an additional six months. The monthly payments will be $60,000 per month for the next 12 months, a reduction of 70% from the previous amount of $200,000. The reduction in payments will be made up for by adding the accumulated reduction to the purchase price of the mine should the company choose to exercise its purchase option.

The company is also in discussions with the United States Environmental Protection Agency (EPA) over payment obligations Bunker Hill owes. In other company news, Howard Crosby announced his resignation from the board. It appointed John Liu as a director. Liu has more than 25 years of experience in private equity investment, consulting and business management. He is a partner at Valuestone Advisors Ltd. He was previously an advisor to Jiangxi Copper Corp.

As featured in Womp 2018 Vol 12 - www.womp-int.com