Cambior bows from Lac Dor

Montreal-based Cambior (CBJ-T) has withdrawn from the Lac Dor project, a joint venture with junior McKenzie Bay International (MKBY-O).

Under an agreement entered into last summer, Cambior was to have earned a 40% interest in the project by completing a bankable feasibility study of the Lac Dor vanadium deposit, near Chibougamau, Que. (T.N.M., Nov. 29-Dec. 5/99)

The project now reverts to a previous agreement whereby McKenzie Bay is operator and whole owner. However, the junior must still deliver a bankable feasibility study to the original vendor, Quebec-government-owned Soquem, by Aug. 31, 2001. Soquem can then acquire a 20% interest in the project by paying for 20% of the cost of a mine and vanadium refinery.

Although Cambior retains no interest in the project, the company will receive roughly 20,000 McKenzie Bay shares in return for having spent $300,000 on feasibility work.

That work included surface mapping and sampling, relogging of previous diamond drill holes, a baseline environmental study and concentrate grade analysis.