Neptune Resources has completed a $2-million flow-through share financing which will fund the “immediate development on Neptune’s Colomac project,” in the Northwest Territories. The company is proceeding with engineering procurement and construction at the Arctic site. Other work includes the construction of a winter road.
Costing more than $80 million, the project is scheduled for completion by the second quarter of 1989 with start-up of production in May of the same year. The deposit, which will be mined via an open pit, hosts reserves of more than 16 million tons grading 0.06 oz gold per ton (N.M., Dec 14/87). Project financing remains to be arranged.
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