Bunker Hill Mining Corp. defaulted on its payment obligations with respect to its lease with option to purchase agreement with Placer Mining Corp., the lessor of the Bunker Hill mine. As such, the agreement has been terminated.
The default resulted from missed property payments, totaling $400,000, which were due at the end of September and on October 1, 2018. Bunker Hill had 15 days, from the date notice of default was provided (September 28, 2018), to remedy the situation and they failed to do so.
During mid-September, Bruce Reid resigned his position as President and CEO and as a Director of Bunker Hill Mining. John Ryan, Director of the company, assumed the position of President and CEO on an interim basis.
Bunker Hill Mining Corp. was working toward restoring production at the historic Bunker Hill mine, which was once the largest producing mine in the Coeur D’Alene zinc, lead and silver mining district in northern Idaho.