The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
SpectrumDNA Inc. Feb. 4 reported the signing of a non-binding letter of intent to acquire full ownership of Cannon Resources, a placer gold mining operation located on 173 State of Alaska mining claims in the Bonnifield Mining District, roughly 50 air miles south of Fairbanks.
According to SpectrumDNA, Cannon has produced 12,479 troy ounces of gold at costs ranging from $450-$670 an ounce since initiating production on the claims during the 2011 mining season.
Assets to be acquired include a 40-person mining camp; four bulldozers (a D6, two D8s, and a D9); six rock trucks; four excavators; four loaders; spare parts inventory and a 500-yard per hour wash plant.
Permitting and filings on the 8,720 acres of claims are reported to be current for the upcoming 2015 mining season.
The letter of intent also includes the purchase of Bik Air LLC, which owns two Cessna aircraft - a 182A Skylane and a 206 Cessna.
The two aircraft are used for general transportation purposes.
SpectrumDNA is currently considered a "shell company" by U.S. Security Exchange Commission rules and regulations.
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