Wolfden Resources Corporation (TSX-V:WLF) is pleased to announce it has secured up to USD 4.5 million in non-dilutive funding for its exploration projects by selling-forward timber from its wholly owned Pickett Mountain Zn-Pb-Cu-Ag-Au Project in Maine, USA.
Under the terms of a 5 year stumpage agreement with H.C Haynes of Winn, Maine, the company will receive USD 3 Million upon closing and an additional USD 1. 5 Million between the 4th and 5th anniversary of the agreement. Haynes has the right to harvest USD 5 Million of timber from the property over 5 years. The agreement has been signed and the deal is expected to close on or before January 22, 2020. In addition, Haynes has also granted Wolfden an option to earn a 100% interest (less an NSR) in the mineral rights of the property that adjoins Pickett Mountain as well as long-term road access rights for the current forest road used reach the Pickett Mountain deposit.
“We are very pleased with this unique and non-dilutive form of financing for a publically listed junior mining company and thankful to the continued support and relationship with H.C. Haynes who has been doing an excellent job of cutting timber on our property and generating revenue for Wolfden for the past two years,” stated Ron Little Chief Executive Officer for Wolfden. “The funding will be sufficient to execute our 2020 programs and allow us to be more aggressive in our exploration efforts as we commence immediately to follow-up several recently discovered prospective drill targets. Our goal is to significantly increase our total resources through exploration while we technically advance and de-risk the project so that it can be developed into a high-grade, low cost underground producing polymetallic mine.”
With the support of major investors Kinross Gold Corporation and Altius Minerals, Wolfden plans to explore and develop its wholly owned Pickett Mountain Project in Maine, USA, which is one of the highest-grade polymetallic projects in North America (Zn, Pb, Cu, Ag, Au) and located near excellent infrastructure.
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We acknowledge the [financial] support of the Government of Canada.