Similco Mines, a subsidiary of Princeton Mining (TSE), has informed Nufort Resources (TSE) that it intends to begin mining operations on a small portion of Nufort’s Copper Mountain property in southern British Columbia in 1993. The material to be mined forms part of Similco’s Virginia copper deposit.
Subject to a 5% net smelter return royalty, 663,000 tons of ore with an estimated grade of 0.411% copper equivalent will be mined by Similco from the Nufort claims from May to October, 1993.
Exploration by Princeton has indicated that there are also several other areas on the Nufort claims that are highly prospective for the discovery of additional reserves.
In other news, Nufort and two other Nahanni Mines (TSE) shareholders have agreed to sell 1.5 million shares of Nahanni to W.F. Christensen, president of Lytton Minerals (TSE) for $187,500. The sale is subject to regulatory and shareholder approval.
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