Canadian Mining Journal

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FUNDING: Alaska promises money to pair of Canadian mine makers

ALASKA – Alaska governor Sean Parnell signed into law State Bill 99 to fund development of a pair of new mines owned by Canadian companies in that state. The state uses funds from the Alaska Industrial Development and Export Authority to...



ALASKA – Alaska governor Sean Parnell signed into law State Bill 99 to fund development of a pair of new mines owned by Canadian companies in that state. The state uses funds from the Alaska Industrial Development and Export Authority to guarantee bonds issued for specific development projects.

The new law allows bonds to be issued to finance up to US$125 million for infrastructure to support building the Niblack copper-gold-zinc-silver project southwest of Ketchikan, AK, on Prince of Wales Island. The property is owned by Heatherdale Resources (HeatherdaleResources.com) of Vancouver. The money will be used to build the mill, as well as docking and loading facilities on Gravina Island. The underground Niblack mine previous operated from 1905 to 1908.

The second project, the Bokan-Dotson Ridge rare earth project, will receive up to $145 million. It is owned by Ucore Rare Metals (Ucore.com) of Halifax and located 140 km northwest of Prince Rupert, BC, in the state of Alaska. It is the largest rare earth deposit in the United States, according to resources as defined under NI 43-101. Ucore plans to have a feasibility study completed this year.