Arthur Brown, chairman, president and chief executive officer of New York-listed Hecla Mining has been elected to the board of directors of Acadia Mineral Ventures (TSE). The move clears the way for another meeting of Acadia shareholders scheduled for June 15.
Acadia’s shareholders will then consider issuing Hecla one million treasury shares in exchange for an option to earn a 60% interest in the former-producing Bachelor Lake gold mine near Chibougamau, Que.
The deal, struck recently between Hecla and Bachelor Lake Gold Mines (TSE), calls for expenditures totalling $11 million, including a feasibility report, by the end of 1992.
A $600,000 underground diamond drilling program is under way, probing potential ore zones below the lowest level in the mine.
The deal between Hecla and Acadia also hinges on shareholder approval of the transfer of Hecla’s other exploration properties in Canada to Acadia.
Hecla currently holds ground in the Baker Lake and Contwoyto Lake areas of the Northwest Territories and in the Casa Berardi area of northwestern Quebec.
Brown was elected along with William Baird, vice-president of finance, at a special meeting on May 4.
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