Partners Noranda Minerals, Cambior Inc. (TSE) and Nova-Cogesco Resources (TSE) report they have approved a feasibility report for the project and have concluded an agreement concerning the mine’s management and operation.
Noranda Minerals, a wholly- owned subsidiary of Noranda Inc. (TSE) and a 55% owner of the project, will act as manager. Project operator will be a new company affiliated with Noranda, Mines Silidor.
Cambior, a major gold producer, has a 25% interest in the project while Nova-Cogesco owns the remaining 20%.
In its first year of operation, the mine is projected to produce almost 60,000 oz gold and in 1991, about 73,600 oz.
The initial production rate will be about 24,250 tons ore per month, rising to about 440,000 tons per year by January, 1991.
Mineable ore reserves are estimated to be about 4.5 million tons grading 0.18 oz gold per ton.
The partners have spent $24.4 million on exploration work. The estimated cost of bringing the project into production is an additional $31.5 million. The mine at full capacity is expected to employ 150-160 workers.
Ore from the Silidor project will be milled at two locations. Noranda plans to transport its share of the ore to its Horne division facilities at Rouyn-Noranda.
Cambior reports its share of ore mined will be trucked to its Vezina mill 18 miles from the mine site. Nova-Cogesco’s share will also be treated at the Vezina mill under a custom-milling agreement concluded between the two companies in 1988.
]]>
Be the first to comment on "Silidor partners plan 1990 opening"