An update of a feasibility study of a barite-zinc deposit in Upton Twp. near Montreal was recently commissioned by Robex Resources (ME), which is hoping to be able to announce in the near future a financing agreement to develop the property. A review of barite prices, the company reported to shareholders, has shown that prices during the past few years have risen to as high as more than double their 1988 levels.
The mineral has application in the oil-drilling industry. The company, on the lookout for a market for the mineral, said the planned Hibernia oil project off the coast of Newfoundland will require an estimated 60,000-75,000 tonnes of barite per year for eight years.
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