www.selwynresources.com
Selwyn with its 50% joint venture partner, Yunnan Chihong Zinc & Germanium Co. Ltd., is advancing the Selwyn Project in Yukon and Northwest territories to bankable feasibility and development. Chihong is funding the next $100M of exploration and development activities. Chihong is a fully integrated mining and smelting company based in southern China. Together the partners will seek project financing from Chinese banks.
Selwyn Project hosts perhaps the largest undeveloped zinc-lead deposit in the World. Initial mine development will focus on 16.06M tonnes of high grade Indicated mineral resources grading 10.06 % zinc and 4.23% lead and 26.70M tonnes grading 8.81% zinc and 2.81% lead. Initial mine production is forecast at 255,000 tpa of zinc and 65,000 tpa of lead in concentrate; commencing as early as late 2013, coinciding with forecast shortfalls in mine supply.
Selwyn says Korea Zinc exercises warrants, now holds near 20% stake
Vancouver-based Selwyn Resources (CVE:SWN) said Thursday that a major shareholder, Pan-Pacific Metal Mining Corp, a subsidiary of Korea Zinc Company, exercised its warrants and acquired 15 million shares of Selwyn, for proceeds of $2.25 million. The warrants were exercised in two equal tranches on June 03 and July 06, and with this, Korea Zinc now owns a total of 65.7 million shares, or a 19.5% stake in Selwyn. Korea Zinc is a major zinc smelting company and has been a shareholder since June 2009. Selwyn’s focus is the exploration and development of its properties that make up the Selwyn project in the Yukon, which hosts large tonnages of zinc-lead mineralization. The known deposits have the potential for large scale production. The recently announced acquisition of the assets of ScoZinc, which owns the Scotia Mine in Nova Scotia, provides Selwyn with the potential for production revenues in 2012, and funding for the development of its Yukon project.
