Bunker Hill Closes Pend Oreille Mill Purchase and Advances Dismantling and Demobilization Activities
TORONTO, June 14, 2022 – Bunker Hill Mining Corp. (the “Company”) (CSE: BNKR; OTCQB: BHLL) is pleased to announce the completion of the purchase of the Pend Oreille Mill from a subsidiary of Teck Resources Limited (“Teck”) and provide an update on the dismantling, demobilization, and relocation activities.
Sam Ash, CEO stated: “We are excited to report significant early progress on the mill dismantling and demobilization process at Pend Oreille, including the successful removal and relocation of the surface crushing facility to Bunker Hill. Completion of the demobilization process is targeted for the end of the third quarter, setting us up well for the start of construction thereafter. We are also very pleased to report that all closing conditions for the purchase of the mill have now been met, a key milestone for the company as we continue to advance towards a restart of the mine by end of 2023.”
ADVANCEMENT OF DISMANTLING, DEMOBILIZATION AND RELOCATION ACTIVITIES
At the Pend Oreille site, 145 miles from the Bunker Hill Mine, the dismantling of equipment has begun following a deliberate washdown and “lock-out tag-out” process that minimizes any risks of contamination and ensures all work is conducted safely. Most of the equipment is surface-based, and the initial focus at the end of May was on the dismantling of the surface crushing facility and ball mill circuits within the main mill building (a separate underground primary/jaw crushing circuit will be dismantled towards the end of the operation). A team of millwrights that previously helped to maintain the plant is assisting Bunker Hill staff and contractors, as is Teck’s remaining onsite team. Specific heavy hoisting and electrical expertise will be added as required.
At the Bunker Hill site, the first items have started to arrive by truck at the main yard, including the surface crushing circuit facility described above. As reported on May 19, 2022, the Company has expended significant efforts in the clean-up and clear-out of the yard, in preparation for upcoming engineering and construction work as well as creating space for receipt of the mill. On arrival the team is ensuring equipment is laid out in an organized way, stored in a manner appropriate to the piece of equipment and a form of triage is in place to repair, renovate and/or test equipment where required. This process will continue until around 250 major pieces of equipment, 100 major electrical items, 650 field instruments, and an extensive inventory of over 8,000 spare parts (inclusive of mill and assay lab equipment, conveyer components and electrical spares) have been relocated to Bunker Hill.
Figure 1: Ball Mills & Regrind Mill in main Mill Building (pre-dismantling) at Pend Oreille
Figure 2: Loading trailer for departure to Bunker Hill (from Pend Oreille)
Figure 3: Arrival of cyclopacs from Pend Oreille at Bunker Hill
ABOUT BUNKER HILL MINING CORP.
Under new Idaho-based leadership the Bunker Hill Mining Corp, intends to sustainably restart and develop the Bunker Hill Mine as the first step in consolidating a portfolio of North American precious-metal assets with a focus on silver. Information about the Company is available on its website, www.bunkerhillmining.com, or within the SEDAR and EDGAR databases.
For additional information contact:
David Wiens, CFA
CFO & Corporate Secretary
+1 208 370 3665
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as well as within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information.
Forward looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the Company’s ability to restart and develop the Bunker Hill Mine and the risks of not basing a production decision on a feasibility study of mineral reserves demonstrating economic and technical viability, resulting in increased uncertainty due to multiple technical and economic risks of failure which are associated with this production decision including, among others, areas that are analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit with no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved; failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations; failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; the inability of the Company to budget and manage its liquidity in light of the failure to obtain additional financing, including the ability of the Company to complete the payments pursuant to the terms of the agreement to acquire the Bunker Hill Mine Complex; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.