6th Aug 2014 11:47
LONDON (Alliance News) - Red Leopard Holdings PLC Wednesday said its plan of operations to open the Idora Tunnel in Idaho has been approved by the US Bureau of Land Management.
The investment company, focused on natural resources opportunities, said the Bureau made the decision following the posting of a USD7,300 reclamation bond.
Red Leopard Holdings shares were up 28% to 0.545 pence, putting it top of the AIM All-Share risers on Wednesday.
The company wants to reopen the Idora Tunnel for the purposes of exploration on its mining claims in the vicinity of Shoshone County.
Red Leopard said in October that it had revisited the Idora mine tunnel site it is hoping to reopen with officials from the US Bureau of Land Management and found no reason why the tunnel cannot be reopened.
The company said at the time that it has been developing an initial operating plan for the site in Idaho and said the US officials had made certain recommendations for the plan.
The company obtained a substantial volume of historical records in and around its Idora Mine claims during the winter and said that it believes the data will prove extremely valuable in executing its 2014 programme.
The Idora Tunnel and associated mining claims are commonly referred to as "Silver Valley." The area is known as a key silver district, with total production to date of around 1.2 billion ounces of silver and substantial lead, zinc, copper and gold. Most of the claims, which cover a total land area of approximately 1,435 hectares, lie within the Panhandle National Forest on Bureau of Land Management land.
The company said on Wednesday that it intends to engage Coeur d'Alene Mining Contracting LLC to carry out work at the site, which is expected to start imminently.
By Tom McIvor; [email protected]; @TomMcIvor1
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