not that i saw:
PINE RIVER, Wis., Mar 21, 2012 (BUSINESS WIRE) -- Metaline Contact Mines (OTC: MTLI) is proud to announce the very first dividend in its 84-year history.
In a meeting on March 12, 2012, the Company’s Board of Directors unanimously approved a 1/2-cent per share dividend for all shareholders as of March 30, 2012 (the “Record Date”).
“We realize it is extremely rare for a junior resource company of our size to declare a dividend,” said John Beasley, CFO. “But, with the sale of our interests in the Golden Chest Mine, and the recently announced successes at the mine, it was time for a payback to our faithful shareholders.”
On December 15, 2010, Metaline Contact Mines sold its lease and royalty interests in the Golden Chest Mine, located in the Coeur d’Alene Mining District, near Murray, Idaho, to Golden Chest LLC, for US$1.24 million, payable over 8-years. Golden Chest LLC is a joint venture between New Jersey Mining Company (OTCBB: NJMC) and Marathon Gold USA Corporation, the U.S. subsidiary of Marathon Gold Corporation (TSX: MOZ). NJMC and MOZ recently announced a Canadian National Instrument 43-101 compliant resource calculation of over 380,000 ounces of gold at the Golden Chest Mine, and expressed optimism that this year’s 20,000-meter drilling program could significantly increase the size of the resource.
In addition to its interests in the Golden Chest Mine, Metaline Contact Mines owns approximately 8,200 acres of zinc-lead mineral rights in the Metaline Mining District, located in Pend Oreille County, N.E. Washington State, virtually all of which are under lease to a subsidiary of Teck Resources Limited.
Metaline Contact Mines develops and acquires royalty interests in mineral properties and projects of unusual merit.
This release contains certain “forward-looking” statements within the meaning of the Federal Securities Laws. Such statements are based on assumptions that the Company believes are reasonable but which are subject to a wide range of uncertainties and business risks. Further information about Metaline Contact Mines can be reviewed on the Company’s website at www.metalinecontactmines.com.
SOURCE: Metaline Contact Mines
