Imperial Metals paves way for shaft at Parys Mtn.

Engineering studies and permit approvals are in place for sinking a 1,500-ft shaft at Imperial Metals’ Parys Mountain base metals property in North Wales.

The phase one shaft sinking program, which includes lateral development, underground drilling and bulk sampling, is expected to take two years to complete. The second phase, which includes mill construction, will take another year, with production slated for 1991, President Pierre Lebel says.

The property is 100% owned by Anglesey Mining, a wholly- owned subsidiary of Imperial Metals. The latter expects to see its interest in Anglesey reduced to 50% following completion of an equity financing of approximately $10 million. The financing is being arranged on European equity markets to cover phase one costs. The second phase will be debt financed, Lebel says.

Mineable reserves at Parys Mountain are 5,289,000 tons grading 1.46% copper, 3.03% lead, 6.04% zinc, 2.02 oz silver and 0.013 oz gold per ton.