Princeton expands Similco reserves

A drilling program has boosted the reserve base of the Similco mine project in southwestern British Columbia.

Princeton Mining (TSE) says minable reserves at the Ingerbelle deposit have risen to 56.6 million tons.

A mining plan has already been proposed and is awaiting government approval. The first phase outlines 14.3 million tons grading 0.32% copper and 0.007 oz. gold per ton at a stripping ratio of 0.8-to-1. A second phase calls for the mining of 42.3 million tons averaging 0.329% copper and 0.007 oz. gold with a stripping ratio of 1.7-to-1.

Similco continues to process ore from a stockpile containing 10.3 million tons averaging 0.25% copper and 0.006 oz. gold. The company expects the first phase of mining to begin in early 1995.