Metaline Contact Mines Declares First Dividend in 84-Year History
21 Marzo 2012 - 6:53AM
Business Wire
Metaline Contact Mines (OTC: MTLI) is proud to announce the very
first dividend in its 84-year history.
In a meeting on March 12, 2012, the Company’s Board of Directors
unanimously approved a ½-cent per share dividend for all
shareholders as of March 30, 2012 (the “Record Date”).
“We realize it is extremely rare for a junior resource company
of our size to declare a dividend,” said John Beasley, CFO. “But,
with the sale of our interests in the Golden Chest Mine, and the
recently announced successes at the mine, it was time for a payback
to our faithful shareholders.”
On December 15, 2010, Metaline Contact Mines sold its lease and
royalty interests in the Golden Chest Mine, located in the Coeur
d’Alene Mining District, near Murray, Idaho, to Golden Chest LLC,
for US$1.24 million, payable over 8-years. Golden Chest LLC is a
joint venture between New Jersey Mining Company (OTCBB: NJMC) and
Marathon Gold USA Corporation, the U.S. subsidiary of Marathon Gold
Corporation (TSX: MOZ). NJMC and MOZ recently announced a Canadian
National Instrument 43-101 compliant resource calculation of over
380,000 ounces of gold at the Golden Chest Mine, and expressed
optimism that this year’s 20,000-meter drilling program could
significantly increase the size of the resource.
In addition to its interests in the Golden Chest Mine, Metaline
Contact Mines owns approximately 8,200 acres of zinc-lead mineral
rights in the Metaline Mining District, located in Pend Oreille
County, N.E. Washington State, virtually all of which are under
lease to a subsidiary of Teck Resources Limited.
Metaline Contact Mines develops and acquires royalty interests
in mineral properties and projects of unusual merit.
This release contains certain “forward-looking” statements
within the meaning of the Federal Securities Laws. Such statements
are based on assumptions that the Company believes are reasonable
but which are subject to a wide range of uncertainties and business
risks. Further information about Metaline Contact Mines can be
reviewed on the Company’s website at
www.metalinecontactmines.com.
Metaline Contact Mines (PK) (USOTC:MTLI)
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