Cash Mineral announces property acquisition

TORONTO-based Cash Minerals announced this week it has obtained exploration rights to a two-property portion of an anthracite coal basin near Whitehorse.

Donna Schmidt

The acquisition of the licenses, secured in April, will lead to significant strides in terms of Yukon exploration of the Division Mountain coal project. In addition, exportability exists by way of the site’s proximity to the Port of Skagway.

A bankable feasibility study, conducted by Norwest Corporation, is now under way and is expected to conclude in September.

“This acquisition is very positive and will support our vision of becoming a producing energy resource company with excellent near and long-term potential in the Yukon,” remarked Cash Minerals president Bill Clarke. “[It] could further increase our capacity to sell to steel producers within the Pacific Rim requiring charge carbon for metallurgical reductant applications.”

Currently, Division Mountain is wholly owned by Cash Minerals and is made up of five coal leases (776.4ha) and 22 territorial coal exploration licenses (260,000ha). The company is an emerging energy resource organisation with coal assets and uranium exploration in the Yukon Territory.