Bunker Hill Works Out Lease Arrangement
The company also achieved a substantial reduction of its monthly lease payments spanning the next 12 months. In addition, if the company achieves certain agreed goals on its work program at the mine, the payment concessions can be extended an additional six months. The monthly payments will be $60,000 per month for the next 12 months, a reduction of 70% from the previous amount of $200,000. The reduction in payments will be made up for by adding the accumulated reduction to the purchase price of the mine should the company choose to exercise its purchase option.
The company is also in discussions with the United States Environmental Protection Agency (EPA) over payment obligations Bunker Hill owes. In other company news, Howard Crosby announced his resignation from the board. It appointed John Liu as a director. Liu has more than 25 years of experience in private equity investment, consulting and business management. He is a partner at Valuestone Advisors Ltd. He was previously an advisor to Jiangxi Copper Corp.