Mining company to sell some land in Penobscot County

Canadian mining exploration company Wolfden Resources Corporation will sell 3,770 acres of the company’s 6,862 acre timberland property in northern Penobscot County to one of its stakeholders, Altius Minerals Corporation, in an apparent effort to finance exploration work at a site in Nevada. Wolfden will sell the land, timber and mineral rights, while retaining the option to explore and buy back the mineral rights for five years. Wolfden will retain ownership of the Pickett Mountain deposit and all of its mineral resources. The deal is expected to close for $1.5 million at the end of January. Last February, LUPC staff rejected Wolfden’s second attempt to apply for a rezoning after LUPC staff said the “project does not represent environmentally responsible mining,” and that approving the rezoning would not meet the commission’s obligation to “prevent the despoliation, pollution and detrimental uses of the water.”