Hudson Bay Exploration and Development and Consolidated Callinan Flin Flon Mines have signed an agreement amending the previous joint venture agreement on their property located approximately one mile north of the Flin Flon mine in Manitoba.
The amended agreement will facilitate the financing of further underground exploration and development of the property and eventual production. Hudson Bay is hopeful of an immediate start.
A mineral inventory of 2.1 million tons has been outlined on joint venture ground grading 0.056 oz gold and 0.67 oz silver per ton, 1.56% copper and 4.1% zinc. An additional 600,000 tons of similar grade is located on adjacent ground fully owned by Hudson Bay.
The projected production rate indicates a mine life of seven years. Potential for further tonnage is listed as excellent.
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