A drop in copper prices and the resulting shutdown of mining operations at its Similco copper mine in British Columbia left Princeton Mining (TSE) with a 1993 loss of $24.8 million on revenues of $47.9 million.
The mine is now on standby and the company is currently in the process of drill testing a geophysical target (the Alabama zone) about one kilometre from the primary crusher.
The drilling program is being funded by a US$1 million loan from Mitsubishi, which is considering lending the company a further US$2 million. Princeton also expects to spend about $1.3 million this year on a number of projects in Chile.
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