RED LEOPARD (RLH) 1.8p PAID expect permit news and drill to start right away
update and ready to start any day talk it could now be about ready to start.
as announced previously, the Company has been working with the U.S. Bureau of Land Management ("BLM") in respect of its plans to reopen the Idora Tunnel for the purposes of exploration on its mining claims in the vicinity of Shoshone County, Idaho. With the onset of spring, the Company hopes to finalise these plans and, subject to approval from the BLM, commence exploration work immediately on such approval.
The Directors are pleased to announce it has conditionally agreed to acquire the entire issued share capital of Red Leopard Mining Inc ("RLM") for £600,000. The consideration is to be satisfied, subject to approval at the General Meeting, by the issue of 33,333,333 new ordinary shares at a price of 1.8p per share.
RLM was established in 2013 as a special purpose vehicle into which 205 unencumbered claims (the "Claims") were transferred by Polaris Resources Inc, a wholly owned subsidiary of Quest Minerals Corporation (the "Vendor").
The Claims are located in the vicinity of Shoshone County, Idaho, USA, commonly referred to as "Silver Valley". This area is well known as the premier silver district in North America, with total production to date of around 1.2 billion ounces. Most of the Claims lie within the Panhandle National Forest and upon Bureau of Land Management land.
The Claims cover a total land area of approximately 1,435 hectares the equivalent to 3,546 acres. The Coeur d'Alene mining district is approximately 77,700 hectares or 192,000 acres and has produced approximately 38 billion grams of silver and substantial lead, zinc, copper and gold. A full list of the Claims can be found in the CPR included in the Admission Document.
The Claims are situated adjacent to two former major producing mines, the Hercules and the Interstate Mines, each now owned by Hecla Mining Company Inc. ("Hecla"), one of the largest silver producers in the US. The Hercules mine discovered in the early 1900's became a primary mine for Day Mines Inc. ("Day Mines"). Day Mines was merged into Hecla Mining Company in 1981. The Interstate Mine was the initial primary mine for Callahan Mining Corporation. Callahan Mining was acquired by Coeur d'Alene Mines in 1991. |
