YUKON – Vancouver-based ALEXCO RESOURCE CORP. is moving ahead with its plan to acquire the former Keno Hill base metal mines, 330 km north of Whitehorse. The company has completed the initial closing by paying $410,000 to the receiver, PRICEWATERHOUSECOOPERS. In return Alexco subsidiary Elsa Reclamation & Development Co. (ERDC) has posted a $10-million reclamation bond. The deal will become final when ERDC is awarded a water licence.
In the meantime, the Yukon and federal governments will pay ERDC to perform care-and-maintenance on the property under a year-to-year contract. The deal also allows ERDC to begin an exploration program of the claims. Between 1941 and 1989 the district supported 35 mines with combined output of 217 million oz of silver plus lead and zinc.
The details of the agreement are posted at www.AlexcoResource.com.