A winter’s worth of drilling has nearly doubled the recoverable coal reserves contained in
The mine’s surface recoverable reserves have increased to 13.2 million tonnes from 7.6 million tonnes, while salable coal reserves have climbed to 9.6 million tonnes from 5.7 million tonnes. The mine area is also home to an additional inferred resource of 20.3 million tonnes.
The new estimates are based on an additional 95 drill holes completed since the last estimate. In all, the No. 8 mine area has been tested by some 224 holes for 24,131 metres since 1961.
Grande Cache expects to receive an operating licence for the area by year-end, with prestripping slated to begin immediately afterwards. The company has already signed letters of intent to buy an electric shovel and drill; the company is in negotiations for haulage trucks, loaders, bulldozers and other equipment.
The company’s net loss for the year ended March 31, 2005, was $1.1 million, compared with $405,000 a year earlier. The increase was due to an increase in general and administrative expenses. Revenue was nil as commercial production had yet to begin.
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