Australia-based Black Mountain Resources has completed the acquisition of the Weber Silver Mine and Keep Cool Silver Mine claims by issuing 11 million shares to Shoshone Mining Corporation.
The miner also settled the exclusive 45-year long lease over the Lakeview Mill, which is expected to process over 300 tonnes of ore per day.
The company added that the mill will be used to process the ore mined from the Conjecture Silver Mine in Idaho, US during its first production phase targeted for the second quarter of 2013.
Black Mountain executive chairman Peter Landau noted, "Having completed the acquisition of the Lakeview Mill, which would cost over US$8 million to replace and a minimum of two years to permit, Black Mountain is ideally positioned to commence high grade silver production from the historic Conjecture Silver Mine in Idaho in Q2 2013."
Meanwhile, the company is planning to undertake initial geological and geophysical work over the two acquired projects.
The intersections of Conjecture and Weber shear zones are to be targeted in particular to unveil further drill targets during its exploration program planned for half of the year.