Selwyn Resources (CVE:SWN) says it has completed the sale of its remaining interest in the Selwyn project in the Yukon to its joint venture partner Chihong Canada Mining. It also received the remaining balance of the $50 million consideration, that is, $40 million in cash.
"Although it was a difficult decision to sell Selwyn's interest in the Selwyn Project, we are pleased that the project is in good hands," said Dr. Harlan Meade, president and chief executive of Selwyn, in the release late Monday.
"We wish Chihong Canada much success in developing the Selwyn Project. The upcoming June 17th meeting of Selwyn's shareholders will determine the future of Selwyn and the use of the sale proceeds," the CEO adds, encouraging all shareholders to vote at the meeting.
Shareholders of the Vancouver-based junior exploration company approved the sale of its remaining 50 per cent interest in the Selwyn project, a zinc-lead development project located in the eastern Yukon, at a special meeting held in late April.
The project is composed of 259.8 square kilometers of wholly owned mineral claims and 95.6 square kilometers of mineral lands acquired from the Howard’s Pass Joint Venture.
Depending on the results of the company’s annual and special meeting now scheduled to be held on June 17, the proceeds of the sale are earmarked to be spent on restarting production at the ScoZinc project in Atlantic Canada, the second of the company’s two projects.
ScoZinc Ltd., acquired in mid-2011 for C$10 million, has mineral claims in Nova Scotia covering approximately 420.8 hectares square kilometers. Upon acquisition of the ScoZinc, Selwyn commenced engineering, permitting and refurbishment activities at these claims.
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