LAST BUT NOT LEAST — Joint venture to buy Cassiar assets

Three companies have exercised an option to acquire the relevant assets and properties of Cassiar Mining.

Cliff Resources (TSE) holds 30% in the joint venture, with an overriding 3.3% royalty on gross sales. The remainder is held by Black Hill Minerals and Shared Investments.

The group bought the right to treat the chrysotile tailings and rehabilitate the now-dormant mine site in Cassiar, B.C. The price is $184,040 and a usage depletion fee, based on the amount of chrysotile recovered per ton. Construction of a chrysotile recovery plant will begin in the second qurter. Cliff’s patented wet process technology will be used to produce asbestos from the tailings.

A wholly owned subsidiary of Princeton Mining, Cassiar was placed in receivership two years ago.