Denver-based Sindor Resources (TSE) has suspended development of the Lisbon Valley copper project in Utah after receiving the results of recent technical and financing studies.
The company will also close its Denver office, leaving only the Toronto office to handle administration.
President Fred Lightner said current copper prices, combined with unexpected obstacles to heap leaching, make the project unattractive. The deposit is estimated to contain preliminary reserves of 10 million tons grading 0.73% copper.
“At today’s copper prices, it’s a very tight project,” he said. “And to complicate the issue we came across some problems with agglomeration.” In related developments, Cheryl Martin has resigned as secretary-treasurer of the company. France Crawford will replace her.
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