In 2011, a predecessor company to ScoZinc, Selwyn Resources Ltd., purchased ScoZinc Limited, which owns 100% of the ScoZinc Mine and 12,256 hectares of mineral claims covering much of the prospective geology in the Windsor Basin in Central Nova Scotia. Since acquiring the mine, the Company has invested more than $10 million in the project, including mine refurbishment, purchase of surface rights, permitting and engineering and exploration. A Preliminary Economic Assessment for the ScoZinc Mine was originally reported on August 30, 2011 and subsequently updated December 20, 2012 and updated again on June 12, 2013. A recent independent update to the PEA by Stantec Consulting was reported on February 5, 2018. It includes a more detailed mine plan, contract mining obtained by bidding to major Nova Scotia contractors, updated capital cost, and updated milling and other operating costs. The report shows robust economics for the restart of the permitted ScoZinc mine.
The Company continues to monitor zinc and lead prices, the exchange rate between the Canadian and United States dollars, and the financing environment for the potential restart of the mine. The Company has all of the necessary permits to restart the mine, which is currently on care and maintenance.