Determined to return the Trixie gold-silver mine in Utah to production,
The New York-based junior will issue 3.5 million shares priced at US$2 each, thereby expanding its outstanding shares by 45% to 11.5 million. Shareholders will meet in late December to vote on the transaction.
Situated in the Tintic district, the Trixie mine has been rehabilitated and re-permitted, and permits are awaited for the Burgin concentrator. Startup is slated for the first quarter of 2000.
The company then hopes to bring on-stream the Eureka Standard mine and the 75%-owned Apex silver mine, as well as advance its Holmansville gold project.
Meanwhile, the company has suffered a setback in its plan to develop the Burgin polymetallic mine. In August, the Utah state engineer rejected Chief Consolidated’s application for water appropriation.
The company had signed a letter-of-intent with U.S. Filter to pump the hot mine water from workings, allowing access to the mineralization. The water was to have been treated to create up to 8 billion gallons of drinking water for the region.
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