- MacDonald Mines Exploration (BMK) signs an agreement with Environmental Tailings Corporation (ETC) to reclaim and rehabilitate the historical Scadding Tailings
- MacDonald Mines is transferring 63.9 hectares of leased land to ETC for $1.00
- This area encompasses the historical Scadding Tailings
- Macdonald Mines will retain the mineral and mining rights of the lease without restrictions
- MacDonald Mines Exploration (BMK) is a Canadian gold and base metal exploration company focused on exploring its Sudbury Mining Camp in Northern Ontario
- Macdonald Mines Exploration (BMK) is trading at C$0.01 as of 12:30 pm ET
MacDonald Mines Exploration (BMK) signed an agreement with Environmental Tailings Corporation (ETC) to reclaim and rehabilitate the historical Scadding Tailings.
ETC is a private Ontario company incorporated for the purpose of reclaiming the mine-site tailings. MacDonald Mines is transferring 63.9 hectares of leased land to ETC for $1.00. This area encompasses the historical Scadding Tailings. However, Macdonald Mines will retain the mineral and mining rights of the lease without restrictions.
Mr. Greg Romain, President & CEO of MacDonald Mines, says:
“MacDonald Mines is pleased to have entered into this agreement with ETC as they will complete the required closure of the Scadding Tailings while allowing the company to participate in any success they have on the tailings recovery by way of an NSR.”
ETC will be responsible for all costs associated with the processing and rehabilitation of the Tailings. ETC has granted MacDonald Mines a 4 percent net smelter return from the sale of any metal extracted from the Tailings.
As agreed, ETC will resell the lease to MacDonald Mines for $1.00 once the Tailings have been processed and the site has been restored. ETC has covered all of Macdonald Mines’s costs associated with preparing this agreement.
Greg Romain goes on to say:
“This transaction helps the company preserve cash while ensuring our focus and efforts remain on exploring our SPJ project. Furthermore, it confirms our commitment as a company to clean up any historical workings, which is supported by the government of Ontario.”
The historical Scadding Tailings formed part of the Scadding leases that MacDonald Mines acquired in 2019. The 63.9 hectares lease transfer represents 0.5 percent of the SPJ project land package.
MacDonald Mines Exploration (BMK) is a Canadian gold and base metal exploration company focused on exploring its Sudbury Mining Camp in Northern Ontario.
Macdonald Mines Exploration (BMK) is trading at C$0.01 as of 12:30 pm ET.