Shaft sinking at the Louvicourt Twp. massive sulphide property, east of Val d’Or, Que., is being delayed until partners Aur Resources (TSE) and Societe Miniere Louvem (TSE) complete a feasibility study and arrange project financing.
As the capital cost of bringing the project into production is expected to be in excess of $300 million, Aur secretary Peter McCarter says it makes sense to postpone shaft construction until financing is in place. Operator Aur has obtained drafts of a mine plan prepared by J.S. Redpath but McCarter says the final feasibility study probably won’t be available until the end of this month. As soon as the study is ready, representatives from Aur and Noranda Inc. (which owns 52% of Louvem) will prepare to go to the banks for financial backing.
Meanwhile Aur has ceased drilling on the Louvicourt property and won’t resume drilling until underground workings are completed and the joint venture can begin exploring the copper-zinc-rich orebody at depth.
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