Bunker Hill loses option on historic mine
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The budding Toronto-based project developer had missed its recent lease-to-option payments, rendering the lease with Placer Mining void.
The company missed a US$400,000 payment in late September and missed a deadline over the weekend to remedy the default.
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Amid the crisis, president and CEO Bruce Reid resigned and John Ryan was appointed interim CEO.
Under an agreement announced in March, Bunker Hill had agreed to pay US$20 million to the federal government on Placer Mining's behalf over seven years. The payments were meant to help the US Environmental Protection Agency recover part of the $24 million it had spent on water treatment at the mine.
Bunker Hill said last month it planned to undertake $7.7 million in exploration expenditures to upgrade the 10-12-million-ton exploration target on the Quill and Newgard zones to a compliant format. The historical resource estimate for the entire Bunker Hill property is 9.1 million tons grading 5.08% zinc, 2.35% lead and 40 grams per ton silver.
The stock has lost 94% of its value in the past 12 months, and on Monday closed down 20% at C10c. This gave Bunker Hill a market value of less than C$7 million.