AEMA, coalition launch legal challenge to BLM Conservation and Landscape Health Rule
The American Exploration & Mining Association was joined by a coalition in filing a challenge last Friday in the Wyoming district court.
Yellowhead Mining has raised $20 million through bought-deal financing, the B.C.-based company exploration company announced earlier this week.
Under the deal, Yellowhead is selling 13.8 million shares at CDN$1.45 per unit, with each unit including a common share and one-half of a warrant. The warrants may be exercised at a price of $2.00, for two years after the deal closes. The buyers will also have the option to purchase an additional 2.07 million units at $1.45 per unit, up to 30 days after the deal closes.
The proceeds of $20 million will be used to advance the company’s 100%-owned Harper Creek project, a proposed copper-gold-silver mine located about 150 kilometres from Kamloops in south-central British Columbia.
According to a preliminary economic assessment report released on March 8, the open-pit mine would produce, on an average annual basis, 0.13 billion pounds of copper, 12,000 ounces of gold, and 225,000 ounces of silver. It would process 70,000 tonnes of ore per day for a mine life of 22 years.
Capital costs are pegged at $759 million, with $25 million budgeted over the next 12 months, including $12.5 million for exploration and $12 million for a feasibility study, which is expected to commence in April.
The PEA gives a net present value before taxes of US$598 million, assuming base case pricing of US$2.66 for copper, US$1,058/oz for gold, and US$16.57/oz for silver.
Yellowhead Mining has about $4.5 million in its treasury. To learn more click here
