Newly-created Cominco Resources International is making good progress towards its objective of becoming an international mining company. Created in May, 1987 by parent company Cominco Ltd., which holds a 58% interest, Cominco International is the exploration and mine development arm of Cominco.
Gold production comes from the 76.4%-owned Buckhorn mine in Nevada, which is expected to yield 38,000 oz of gold this year. Although the mine has limited defined reserves, sufficient for mining to year-end 1988, exploration for deeper sulphide ore has produced encouraging results. Recent work cut 30 ft grading 0.7 oz gold per ton and 1.1 oz across 55 ft.
By 1989, Cominco hopes to have cash flow generated from two other mining projects. In Mexico, the company and a Mexican partner are working towards putting the Maria high grade copper deposit into production. Reserves total 850,000 tons grading 10.6% copper, 0.26% molybdenum and 1.6 oz silver per ton.
In Chile, the company is working on the Marte project. A potential open-pit heap leach gold operation, the Marte deposit hosts 39.6 million tons of reserves grading 0.04 oz gold per ton. A feasibility study is in progress which could lead to full operation at a rate of 90,000 oz of gold per year by 1989.
In total, the company is actively investigating more than 50 mineral projects around the world. Work is under way in South America, Europe, and North America.
Be the first to comment on "Cominco International busy with two potential mines"