NEWS ROUNDUP — Gibraltar North not economic

An evaluation of the North copper zone by Gibraltar Mines (TSE) resulted in a decision not to proceed with development of the deposit as part of the company’s mining plan. The zone will not be included in the current reserve estimate.

The copper zone is northwest of existing mining operations at the Gibraltar copper mine near McLeese Lake, B.C. An estimated 95% of the mineralized zone is subject to a 30% net profits interest in favor of Newcoast Silver Mines (VSE).

Gibraltar Mines said last year’s 60-hole definition drill program on the North copper zone indicated the zone lies at significant depth. The company noted that the removal of overburden will require high stripping costs which, “together with current market prices for copper, makes development of the zone uneconomic.”