Hecla Acquires Interest in Typhoon Exploration Inc.
COEUR D’ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) announces that as a result of its acquisition of all of the outstanding shares of Aurizon Mines Ltd. (“Aurizon”), it has acquired CDN$500,000 of common shares of Typhoon Exploration Inc. (“Typhoon”) pursuant to an option agreement entered into between Typhoon and Aurizon dated May 17, 2010, as amended. The TSX Venture Exchange has conditionally approved the transaction, in which Hecla through Aurizon has acquired 5,555,556 common shares of Typhoon from treasury at a price of CDN$0.09 per common share for total gross proceeds to Typhoon of CDN$500,000. This acquisition is the fourth of four CDN$500,000 tranches. Upon completion of the subscription, Hecla, through Aurizon, will exercise control over approximately 8,722,294 million shares, representing 29.4% of the issued and outstanding common shares of Typhoon. In addition, with a further approximately CDN$800,000 of in-ground expenditures by June 2014, Aurizon will have invested a total of CDN$10 million required under the option agreement to earn a 50% interest in the Fayolle Property as well as the interests of Typhoon in the Aiguebelle-Goldfields Property (6 mining claims 51% owned by Typhoon and 49% owned by Agnico-Eagle Mines Limited).
Typhoon is a Canadian-based resource exploration company currently focused on the exploration of the Fayolle Property located near Rouyn-Noranda, Quebec.
The common shares have been acquired for investment purposes by Hecla. It is the intention of Hecla to evaluate its investment in Typhoon on a continuing basis and such holdings may be increased or decreased in the future depending on market or other conditions. In completing this investment, Hecla is relying on Subsection 2.10 of Canadian National Instrument 45-106 – Prospectus and Registration Exemptions as Hecla is an accredited investor. For the purposes of Canadian National Instrument 62-103, the address of Hecla is 6500 N. Mineral Drive, Suite 200, Coeur d’Alene, Idaho, 83815, USA.
About Hecla Mining Company
Hecla Mining Company (NYSE:HL) is a leading low-cost U.S. silver producer with operating mines in Alaska and Idaho, and is a growing gold producer with an operating mine in Quebec, Canada. The Company also has exploration and pre-development properties in five world-class silver and gold mining districts in the U.S., Canada, and Mexico, and an exploration office and investments in early-stage silver exploration projects in Canada.
Statements made which are not historical facts, such as litigation outcome production, sales of assets, exploration results and plans, prospects and opportunities including reserves, resources, and mineralization, costs, and prices or sales performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “believes,” “estimates,” “targets,” “anticipates” and similar expressions are used to identify these forward-looking statements. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, metals price volatility, volatility of metals production and costs, environmental and litigation risks, operating risks, project development risks, political and regulatory risks, labor issues, ability to raise financing and exploration risks and results. Refer to the company's Form 10-K and 10-Q reports for a more detailed discussion of factors that may impact expected future results. Hecla undertakes no obligation and has no intention of updating forward-looking statements other than as may be required by law.
For further information, or to obtain a copy of the early warning report filed in connection with Hecla’s holdings in Typhoon, please contact:
|Hecla Mining Company|
|Corporate Communications Coordinator|
|Investor and Public Relations|
|Direct Main: 1-800-HECLA91 (1-800-432-5291)|