BLM Mines closes United Keno deal

Sudbury-based Bharti Laamanen Mining says its wholly owned subsidiary BLM Mines has completed the purchase of Falconbridge Ltd.’s 44.8% stake in United Keno Hill Mines (TSE). Under terms on the deal, Falconbridge sold all its 3,195,990 shares of United Keno for 85 cents per share or a total consideration of nearly $2.72 million. Falconbridge will spend most of that money on additional exploration on United Keno’s silver properties over the next 30 months in exchange for a royalty interest.

Latham Burns will remain on United Keno’s board of directors, while five new members to be added are Risto Laamanen, Stan Bharti, Stephen Powell, Donald Rogers and Perry Borden.