A wholly-owned subsidiary of Coeur d'Alene-based Hecla Mining Co. has acquired a remaining 30 percent interest in the San Juan Silver project in southwestern Colorado.

The subsidiary, Rio Grande Silver Inc., now has full ownership of the property, which includes what's called the Bulldog mine, the Amethyst vein, the Equity ramp and vein, and administrative buildings.

Hecla says in a press release that the project is located in one of Colorado's most prolific silver-producing regions, called the Creede Mining District. The San Juan Silver project has a silver resource of about 37 million ounces, and significant lead deposits, the company says.

With 20-plus miles of the Bulldog, Amethyst, and Equity veins on the property, Hecla expects a potential for considerably more silver and gold resources, according to the press release.

"In the last six months, we received the permit to construct the new Bulldog decline to the mine workings, rehabilitated the Equity ramp, and commenced the underground drilling program on the silver-gold targets in the Equity and Amethyst veins," Hecla President and CEO Phil Baker says in the press release.

Additionally, Hecla has a 70 percent interest in an exploration joint venture that holds ancillary exploration property with numerous unexplored veins in that district, the company says.

Hecla's Rio Grande Silver acquired the remaining 30 percent interest in the San Juan Silver project through a Dec. 12 agreement with sellers Emerald Mining & Leasing LLC, Golden 8 Mining LLC, and AgX Resources Inc.

Those three companies owned interest in certain properties that were governed by a joint venture agreement dated in early 2008. Under the purchase terms, Rio Grande Silver bought the sellers' interests in exchange for 5.4 million shares of Hecla common stock.

The Bulldog Mine produced 25 million ounces of silver for Homestake Mining Co. before closing in 1985 due to depressed metals prices.