Rouyn Mining arranges Francoeur financing

Rouyn Mining, with a 50% interest in the mine, is the operator. Owner of the remaining 50% interest is LAC Minerals (TSE). It is estimated the property will produce 22,000 oz gold in 1989 from the custom milling of 125,000 tons.

First gold from the re-opened Francoeur mine was poured in May, 1988, from a 25,000-ton bulk sample. The mine was placed into commercial production July 1 last year.

A new 2,600-ft shaft one-half mile to the northeast of the existing No 6 shaft is being sunk on the property.

Underground exploration of the property continues. Reserves near the No 6 shaft above the 11th level are estimated to be 425,000 tons grading 0.21 oz gold per ton. Current reserves in the Zone 3 East and Zone 3 West (in the area of the new shaft) are estimated to total 2.5 million tons grading 0.2 oz.

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