Almost six months after taking over the reins at Madeleine Mines (TSE), representatives of Oklahoma-based Kaiser-Francis Oil have resolved all remaining charges pending against the Toronto company.
Madeleine recently paid a $15,000 fine after pleading guilty to two charges that it operated facilities without a proper permit at the 50% owned Lac des Iles platinum-palladium property near Thunder Bay, Ont. The company says four other charges launched by the Ontario Ministry of the Environment have been dropped.
Kaiser-Francis has been trying to establish better relations with the ministry since it bought control of Madeleine from Patrick Sheridan companies Anyox Metals (ASE) and Zenmac Zinc (ASE).
However, Sheridan is still very much involved in the 5,000-acre property via his Sheridan Platinum Group, a private company owned 90% by Boston Bay Mines (CDN) and 10% personally by Sheridan. It owns 50% of Lac des Iles. Madeleine President Dale McDoulett says the company is now in the process of putting together applications for permission to operate an open pit palladium-mine.
“We have also been trying to get a feeling for the quality of concentrates we will produce on an ongoing basis by completing extensive metallurgical tests,” he told The Northern Miner.
McDoulett says he is unable to predict when production will begin because the company hasn’t found an appropriate destination for the mine concentrates. However, he indicated that Madeleine would like to secure a smelting contract with Inco (TSE) and discussions could begin once problems have been sorted out at Inco’s Sudbury, Ont., complex. Madeleine shares were trading recently at $3.30 in a 52-week range of $5.75 and $2.
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