Chief Consolidated to restart Trixie

Determined to return the Trixie gold-silver mine in Utah to production, Chief Consolidated Mining (CFCM-Q) has arranged a US$7-million private placement.

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.

Print

Be the first to comment on "Chief Consolidated to restart Trixie"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close