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Tri-Valley acquires Sealaska calcium mine

 

Last updated 7/24/2005 at Noon



Tri-Valley Corp. said July 18 that its wholly owned subsidiary Select Resources Corp. has purchased the Admiral Calder Calcium Carbonate Mine and associated assets from Sealaska Corp. and SeaCal LLC.

Bakersfield, Calif.-based Tri-Valley said the calcium mine is on the northwestern coast of Prince of Wales Island. It was discovered around 1905 and mined from 1907-10 for high white and statuary grade marble.

Current mining operations began in 1999.

Tri-Valley said the mine has 13.9 million tons of drill-proven and probable reserves and 12.5 million tons of possible resources of high chemical grade calcium carbonate. Only 15 acres are being mined out of 572 acres of patented mining ground, and only about 10 percent of the property has been explored.

Harold Noyes, president of Select Resources said the mine "acquisition significantly adds to the portfolio of mineral projects Select is building in Alaska."

"The sale is the culmination of a several-year effort to sell the mine," said Chris McNeil, Sealaska president and CEO. He said "plans for the mine will benefit the economy of the Prince of Wales Island and create new jobs leading to further diversification of the island's economy."

 

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