Omineca Mining and Metals Ltd. (TSXV: OMM) announced that it has regained full control of its flagship Wingdam placer project following the voluntary bankruptcy of D&L Mining Corp. The Licensed Insolvency Trustee, MNP Ltd., has disclaimed and quit claimed D&L's interest in the Wingdam underground project, according to a company release distributed via NEWMEDIAWIRE.
The development is significant because it removes a legal encumbrance that had clouded ownership of the project. Since receiving the notice, Omineca has taken steps to secure management of the mine site to ensure continuity of operations. In support of these measures, the company has engaged PSI Mining of Saskatoon, Saskatchewan, to assume temporary operating responsibility for the Wingdam placer project.
This outcome returns full control of the Wingdam Paleoplacer project to Omineca, allowing management to complete an agreement directly with a development partner prepared to advance the project without delay. For investors and industry observers, the move clears the path for Omineca to negotiate without the complications of a third-party bankruptcy estate, potentially accelerating development timelines and reducing operational uncertainty.
The Wingdam property is located along the Barkerville Highway, 45 km east of Quesnel, British Columbia. It includes mineral tenures totaling 61,392 hectares (613 square kilometres) and more than 15 linear kilometres of placer claims, encompassing the Lightning Creek valley where thick layers of overburden preserved a large portion of a buried paleochannel containing placer gold-bearing gravels. Omineca also has a program exploring for potential multiple hard rock sources of the placer gold at Wingdam.
The company's Fraser Canyon project, part of its original acquisitions in the Cariboo Mining District, is located 12 kilometres northwest of Quesnel and is now slated to reinitiate development of the underground paleochannel for placer gold recovery. Historically, two mines north and south of the Fraser River collectively produced 1,482 ounces of raw placer gold.
The resolution of the D&L bankruptcy matter is important for Omineca's shareholders and the broader mining sector in British Columbia because it consolidates control of a large placer gold project under a single operator. With PSI Mining now managing the site temporarily, Omineca can focus on finalizing a partnership to advance Wingdam. The full release is available at www.newmediawire.com.
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