Kerr Addison Mines (TSE) is moving to take a tighter grip on 44% owned RFC Resource Finance (TSE) before continuing with exploration on RFC’s wholly owned Pend Oreille zinc project in Washington. Within the next few weeks, Kerr Addison will nominate five new directors to replace RFC’s ex- chairman Carl Ashenhurst who resigned recently along with President Doug Nicholson and three other board members.
Nicholson is succeeded by Peter Bojtos, Kerr Addison’s vice- president of corporate development. While Kerr Addison President Ian Bayer is expected to become an RFC director, Bojtos declined to name any of the other nominees.
When the reshuffle is completed, Kerr Addison will assist RFC in raising $3-5 million for exploration on the Pend Oreille project where higher-grade material located north of known deposits is to be drilled.
Reaching the higher-grade zones and proving up preliminary reserves, which now stand at 6.2 million tons grading 8.8% zinc and 1.9% lead, will entail additional underground development, Bojtos told The Northern Miner.
Assistance from Kerr Addison will enable RFC to retain its 100% interest at Pend Oreille as the project’s mineability is determined, according to Bojtos. Kerr Addison is 51.3% owned by Noranda (TSE).
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