A junior company established in Argentina and listed on the Alberta Stock Exchange plans to reopen the Bunker Hill polymetallic mine in northern Idaho.
Plata is registered in Hamilton, Bermuda, with grassroots properties in northern Argentina. Its president, Richardo Auriemma, is an Argentine.
Plata signed a letter-of-intent with Placer but did not disclose the purchase price. However, the company did announce plans to raise between $450,000 and $600,000 in private placements, and Plata warrant-holders are expected to contribute another $1.2 million.
Placer acquired the mine in 1993 and has operated it intermittently ever since. Plata hopes to resume mining at the rate of 400 tons per day.
Bunker Hill’s main deposit contains a reserve of about 10.8 million tons grading 7.78% lead and 4.95% lead, plus 4.29 oz. silver per ton.
The mine is one of the largest in the Coeur d’Alene mining district, having produced 165 million oz. silver since it was discovered in 1885.
Be the first to comment on "Plata plans to buy Bunker Hill"