Wolfden picks Lupin (February 24, 2006)

Wolfden Resources (WLF-T) is continuing its Arctic shopping spree with the purchase of the Lupin mine from Kinross Gold (K-T, KGC-N).

The purchase comes less than two weeks after Wolfden signed a deal with Inmet Mining (IMN-T) to take over Inmet’s base metal assets in Nunavut territory, including the Izok Lake, Hood River and Gondor copper-zinc deposits.

Wolfden is paying Inmet in shares for that acquisition, issuing 13.5 million shares in exchange for a 100% interest in Izok and Hood and Inmet’s 70% interest in Gondor. The price of the Lupin acquisition was not immediately disclosed but Wolfden assumes all project liabilities except reclamation work Kinross is committed to finishing on the tailings.

Wolfden plans to use the Lupin mill and infrastructure to develop its new base metal acquisitions.