ONTARIO - INMET MINING of Toronto has agreed to sell its Izok, Hood and Gondor base metal deposits in Nunavut to WOLFDEN RESOURCES of Thunder Bay, Ont. The deal is set to close around the end of March, at which time Inmet will receive 13.5 million Wolfden common shares, about 18% of the company. Inmet will put forward the names of two directors to be elected to the Wolfden board at its next annual meeting.
Interest in the Izok deposit was noted in the December 1993 issue of CMJ, but the long period of low metal prices slowed advancement of the project. A 1994 report estimated the deposit to be 16.5 million tonnes grading 2.2% Cu, 11.4% Zn and 60 g/t Ag.
With this latest acquisition, Wolfden is focusing on base metals in the Arctic. The company is also exploring its 100% owned High Lake and Ulu deposits about 200 km north of Izok. As part of the re-focus, Wolfden (www.WolfdenResources.com) says it will spin off certain of its gold assets, but the specifics of that deal have not yet been determined.
Inmet (www.InmetMining.com) reported year-end net income of $143.7 million in 2005, compared with $76.2 million in 2004.