A former copper/zinc producer, Goldstream has been shut down since 1984 when Noranda closed the mine after an operating run of less than a year. Poor metal prices were cited as the reason for the closure at the time.
Mineral inventory at the start of production was estimated at 4.3 million tons grading 3.69% copper, 2.63% zinc and 0.51 oz silver per ton, which was believed sufficient for an 8-year mine life. Capital costs for the mill and mine development were $70 million.
Henry Ewanchuk, president of Bethlehem, said the mill on the property has a 1,500-ton-per-day capacity and is still in excellent condition.
“We’re quite pleased with this project because we think we can have it running fairly quickly,” said Ewanchuk, adding that copper and zinc prices “remain the one thing we have to gamble on.”
The final agreement is being drafted and the acquisition is expected to close at the end of May. Golden Nevada is a Prime Capital company headed by John Ivany.
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