Junior RFC Resource Finance (TSE) continues to drive a decline at the Pend Oreille base metals deposit north of Spokane, Wash.
The decline will provide a drill platform to explore for extensions of the known ore zones.
At the end of October, the decline had progressed 1,078 ft. When it reaches 1,700 ft., probably in December, diamond drilling will begin. Funding for this program will be provided through the issuance of 2.75 million shares to Metall Mining (TSE) at a price of $2 per share. The transaction is expected to close shortly.
With the recent rise in the price of zinc to more than 50 cents per lb., RFC management is initiating smelter discussions, and is analyzing production alternatives and financing options.
The company believes full production can be achieved within 12 months.
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