New Canamin Resources (TSE) has applied for a mine development certificate for its Huckleberry project near Smithers, B.C. The company expects to receive the certificate in late August or early September.
Minable reserves are estimated at 91 million tonnes grading 0.517% copper and 0.014% molybdenum, plus 0.064 gram gold and 2.78 grams silver per tonne.
New Canamin is amalgamating with Princeton Mining (TSE) which, in turn, has reached an agreement with Mitsubishi Materials to help develop the mine.
The Japanese company will arrange for purchase of concentrates over the long term, as well as a US$60-million term loan. It will also acquire a 25-40% interest in the project, depending on the level of costs incurred.
The capital cost is estimated at $135 million, while yearly output is projected at 65 million lb. (29.2 million kg) during the first five years at an average production cost of US64 cents per lb.
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