Reno’s Silver Predator buys Springer tungsten mine, mill
December 26, 2013
A tungsten mine in Pershing County is being traded as often these days as a baseball card on a schoolyard.
Silver Predator Corp. of Reno said last week it struck a deal to buy the Springer Tungsten Mine and Mill in Pershing County from Idaho's Americas Bullion Royalty Corp.
The sales price is $5 million, including $500,000 down and a three-year, 4 percent note for the remainder.
Americas Bullion Royalty Corp. breaks even on the sale of the property, which it bought in September for $5 million from Reno's EMC Metals Corp.
The Springer mine and mill are in Pershing County near Imlay between Winnemucca and Lovelock.
General Electric developed the Springer operation in the late 1970s at a cost of $71 million. It includes a 1,360-foot vertical shaft, underground workings and a mill that can handle 1,200 tons of ore daily.
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Before they sold it, EMC executives said the Springer operation could be brought back into production quickly because the facility has been well maintained since was closed down in 1981 after a short run.
Nathan Tewalt, chief executive officer of Silver Predator, said Americas Bullion has committed to invest $1.8 million in his company.
In a second transaction between the two companies, Silver Predator said last week it exercised its option to acquire 100 percent interest in the Taylor silver project near Ely from Americas Bullion.