Liberty Silver (“Liberty” or the “Company”) is pleased to announce that it has entered into a non-binding letter of intent to acquire the Bunker Hill Mine Complex located in Kellogg, Idaho, in the Silver Valley from Placer Mining (the “Letter of Intent”).
Pursuant to the terms and conditions of the Letter of Intent dated November 27, 2016 and amended on March 29, 2017, the acquisition is subject to due diligence, regulatory approval and definitive documentation, which the Company is required to complete by the close of business on June 29, 2017 (the “Closing Date”).
The acquisition would include all mining rights and claims, surface rights, easements, existing infrastructure at Milo Gulch, and the majority of machinery and buildings at the Kellogg Tunnel portal level, as well as all equipment and infrastructure anywhere underground at the Bunker Hill Mine Complex. The acquisition would also include all current and historic data relating to the Bunker Hill Mine Complex, such as drill logs, reports, maps, and similar information located at the mine site or any other location.
About the Bunker Hill Mine:
The Bunker Hill Mine is one of the most storied base metal and silver mines in American history. Initial discovery and development of the property began in 1885, and from that time until the mine closed in 1981 it produced over 35.8 million tons of ore at an average mined grade of 8.76% lead, 4.52 ounces per ton silver, and 3.67% zinc (Bunker Limited Partnership,1985).
Throughout its long history, over 40 different orebodies were discovered and mined at the Bunker Hill, primarily consisting of Zinc-Lead-Silver mineralization.