Pit-to-pier project receives a financial infusion
September 11th, 2009 by cdunaganA new Canadian partner in the proposed pit-to-pier project on Hood Canal will bring experience and needed money to the project, according to Alex Hill, president of the company that will remain in charge.
The proposal continues through the permitting process in Jefferson County, where an environmental impact statement is being drafted for the project.
Athabasca Minerals, Inc., will put up $3 million and gain a 25 percent interest in Thorndyke Resource, which was created by the Fred Hill family to own and operate the pit-to-pier project. See the story we posted on the Kitsap Sun’s Web site this morning.
Completion of the partnership between Thorndyke Resource and Athabasca is subject to regulatory approval in Canada, approval by Athabasca’s board of directors, verification of the gravel resource and other conditions.
To read more, check out the news release from Athabasca, a company traded on the Toronto Stock Exchange, and the one released by officials associated with Fred Hill Materials (PDF 44 kb).
Tags: Athabasca Minerals, Fred Hill Materials, pit-to-pier, Thorndyke Resource
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