Muscocho says it is terminating operations at the mine, which went into production in 1983, because of depletion of the gold ore reserves. To October, 1989, the mine had produced a total of 90,679 oz gold and 284,579 oz silver.
Substantial base metal reserves remain at the property, which was the site of the former Anacon and Satellite base metal mines. Muscocho says it is searching for parties interested in mining the base metal reserves.
Muscocho, whose major shareholder is Echo Bay Mines, operates two gold mines in the Wawa area of northern Ontario. The company has a 50% interest in the Magino mine and a 25% interest in the newer Magnacon mine.
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