LoI signed to launch Selkirk Copper Mines and Minto
Canadian natural resources company Venerable Ventures on Monday announced a binding letter of intent with Selkirk First Nation to create Selkirk Copper Mines, a new company that will acquire 100% of the idled Minto copper/gold mine in the Yukon.
The C$15-million all-share transaction will see Selkirk become the largest shareholder in the renamed entity.
Minto, formerly producing from 2007 until 2023, was abandoned and placed into receivership last year. Selkirk First Nation acquired the mine assets in June, following court proceedings and negotiations with the government of Yukon.
“We are proud to take ownership of this important copper/gold mine located on our settlement land,” said Selkirk First Nation Chief Sharon Nelson. “We believe there still are significant resources beneath our land and nearby . . . we will be in a position to ensure the highest standards of environmental performance.”
The company will undertake a non-brokered private placement of up to C$2.52-million ahead of the transaction’s close, with additional financing planned to support exploration and restart activities. A resource update and engineering studies are under way.
Upon closing, the company will be renamed Selkirk Copper Mines, with Selkirk First Nation appointing two directors to the board. The transaction is classified as a reverse takeover on the TSX-V and is subject to regulatory approval.
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