Hecla to proceed at La Jojoba

Hecla Mining (HL-N) will proceed with exploration and development of Aquiline Resources’ (AQI-V) La Jojoba gold project in Mexico’s Sonora state.

To earn a 60% interest in the property, Hecla will reimburse Aquiline for the US$400,000 property payment it made in December 1996, and spend a minimum of US$1.1 million on exploration by December 1997.

In 1996, Hecla acquired its right to earn the interest in La Jojoba for cash and spending commitments of US$4.4 million. Hecla also received from Aquiline 670,000 shares at $1 each.