Hecla Acquires Assets of Independence Lead Mines

COEUR D'ALENE, ID - Hecla Mining Company reported that it has acquired substantially all of the assets of Independence Lead Mines Company (ILM), located in northern Idaho's Silver Valley. ILM shareholders voted overwhelmingly in favor of the transaction at an ILM meeting of shareholders on and the transaction was closed today. Included in the ILM assets are the West Independence property and ILM's mining claims pertaining to the DIA agreement with Hecla regarding its Lucky Friday mine, which includes any future interest or royalty obligation to ILM. In exchange for the assets, Hecla has issued 6,936,884 shares of its common stock to ILM, who will distribute the shares to its shareholders. At today's closing share price, the transaction was valued at $14.2 million.
The company's address is 6500 N. Mineral Drive, Suite 200, Coeur d'Alene, ID 83815, 208.769.4100, fax: 208.769.7612, email: [email protected].