According to J. W. Kendrick, president, ore reserves have tripled since they were last calculated and mine life is now 15 years. In the first quarter, Bunker Hill signed a 4.5-year concentrate sales contract with Cominco’s Trail smelter which is expected to save it a considerable amount of money over Japanese smelters.
In April, the company raised another $2.7 million(US) in equity through the exercise of 1.1 million warrants so its operations and exploration efforts are fully funded, he noted. Bunker Hill has filed the necessary papers with the Securities and Exchange Commission which should allow it to trade in the United States later this year.
“Our 1989 first quarter results indicate that the transition to profitable operations, on a full absorption accounting basis, is not yet complete. We expect to achieve this objective as mine development continues and as production tonnage increases,” said Kendrick.
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