Noranda’s exploration company has signed an agreement with Goliath Gold Mines and Golden Sceptre Resources that will likely result in a producing Hemlo area mine within two years.
The deal, which gives Noranda just six months to complete a feasibility study and another 18 months to begin production, would result in a 1,000-ton-per-day milling rate at Noranda’s Geco plant, 50 km north at Manitouwadge.
Production by 1984 would be something of a record for an underground mine of this size, considering it was only discovered this past summer. Meeting the deadline would provide Noranda with a half-interest in the two large Hemlo properties held by Goliath and Golden Sceptre.
The two Vancouver-based companies would receive a royalty of $100,000 between them when production begins until mine construction costs have been recovered.
Buyer found for Hirshhorn estate
A U.S. buyer has been found for the residual Canadian mining empire of the legendary, late Joseph Hirshhorn.
He died in 1981 at age 81, and now an agreement has been entered into between the executors of his estate and Herman Becker-Fluegel of New York, N.Y., for the sale of a package that includes control of 17 juniors.
The deal includes the purchase of International Mine Services, which has provided management services for the Hirshhorn group of companies since 1956.
Denison to heap-leach uranium
Denison Mines is hoping to start a large heap-leaching operation at its Elliott Lake mine in order to extract uranium from low-grade ore left behind in previously mined areas.
As much as 25% of the company’s uranium output may eventually be produced by heap leaching, according to company sources.
The current head grade at Denison is about 1.7 lbs. per ton.
Falco inks deals with De Beers
Diamonds, so they say, are a girl’s best friend. They may also be a friend to Falconbridge.
The company is linking up with the world’s number-one diamond producer, De Beers Consolidated Mines, in a move that gives the South African major the right to acquire a half-interest in diamond exploration areas in Botswana that are held jointly by Falconbridge and Superior Oil Co.
Falconbridge says it is involved in three large exploration areas in the country.
Sisters predict US$4,000 per oz. gold
Gold is not just a metal or an investment. It is something very special — real money that, unlike paper currencies, has withstood the test of time. And we are now into a new gold market that could realistically reach $4,000 per oz. (and $120 per oz. silver) in the next four or five years.
This is the message the Aden sisters of Costa Rica offered at a seminar on gold in Toronto. They have established an uncanny reputation for calling trends in the price of the yellow metal. The seminar was attended by about 250 mining executives, and they were listening because Pamela and Mary Aden are no crackpots.
“We can expect that for the first two years of this bull market, the price of gold will be in a steady but quiet uptrend. In early to mid-1984, it will probably be reaching its old high of US$850 per oz. By that time, there will be rising inflation, interest rates, and oil prices. Soon after that figure, the price movements of gold will be much more dramatic.”
The Aden sisters are not crystal-gazing. Rather, over the past 15 years they have developed intricate techniques for analyzing the cyclical patterns of the movements of precious metals.
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