Also, the project will undergo a re-evaluation of schedules, plans and capital and operating costs by MSV and Northgate Exploration (TSE), whose $6.5-million financing agreement with MSV has allowed the winter progra m to be carried out.
The Northgate deal helped MSV complete its purchase of the 51% interest of Placer Dome (TSE) in the Eastmain project and become the operator. (MSV owned the other 49% interest.) Two Northgate representatives have been appointed to the MSV board of directors.
MSV reports proven and probable reserves on the Eastmain property, as calculated by Roche Ltd., are estimated to be 794,000 tons grading 0.36 oz gold per ton.
MSV says these reserves were calculated from drilling and underground exploration programs performed in 1987 and 1988 and are based on a minimum width of 5 ft. High grade assays have been cut to 2 oz per ton.
This tonnage, which MSV says compares favorably with the uncut and undiluted reserves in all categories published earlier, does not include possible reserves or any results from the current winter program. MSV previously published a reserve figure of 1.12 million tons grading 0.45 oz.
A grant from the Quebec government has been received by MSV to cover 50% of the cost of the feasibility study to a maximum of $75,000.
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