A new design for the Duport project of Consolidated Professor Mines (TSE) in northwestern Ontario has been proposed which will relocate all ore processing from the island mine location to a site outside the Shoal Lake watershed and may eliminate perceived risks to the lakes water quality.
The company is seeking relief from the current “environmental assessment” designation and has requested that the project now be reviewed under the less onerous and more appropriate Environmental Protection Act.
Kenora and area municipalities and the Shoal Lake First Nation communities have shown strong support for the proposal in view of the potential economic benefit to the region.
The company has negotiated an interim credit facility of $150,000 with Conwest Exploration (TSE), its principal shareholder. The money will be used for immediate operating expenses.
A rights offering to Consolidated Professor’s shareholders is also being considered. Funds from the offering will be applied to discharging debts and advancing the Duport project to the final approval stage.
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