Hecla Mining Company announced 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 Monday, October 27, 2008, 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.
Hecla Mining Company, headquartered in Coeur d’Alene, Idaho, mines, processes and explores for silver and gold in the United States and Mexico. A 117-year-old company, Hecla has long been well known in the mining world and financial markets as a quality producer of silver and gold. Hecla’s common and preferred shares are traded on the New York Stock Exchange under the symbols “HL,” “HL-PrB” and “HL-PrC.”