Firm cancels plans to mine molybdenum near Rico
By Beverly Corbell , The Daily Sentinel
Published March 4, 2008 at 12:05 a.m.
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Canada-based Bolero Resources has decided not to go ahead with molybdenum mining near Rico.
Bolero said that "it has terminated its previously announced proposed transaction to acquire certain mineral rights that host the Silver Creek molybdenum project and other copper-gold occurrences . . . just east of Rico."
That's just fine with the town of about 250 in southwest Colorado, about 40 miles north of Durango, said Town Trustee Barbara Betts.
"I think it's a very good thing for this community. It's what we were hoping would happen, and it's come true," she said.
A Bolero spokesman said "issues over ownership" were the reason it pulled out of the deal.
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