Mining company to sell over 3,000 acres in Penobscot County [Video]

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.

As part of the deal, Wolfden will sell the land, timber and mineral rights on the property, which includes all of Pleasant Lake and part of Mud Lake, 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.

In Maine, landowners typically own their land from “the surface on down unless the mineral rights have been intentionally separated from the surface ownership by legal agreement,” according to the Maine Geological Survey.

Reached by email, Wolfden CEO Ron Little did not …