Commercial product shipments started this month reports Steep Rock Resources, following the completion of construction of the first phase of the multi-phased ultra- fine calcite plant at Perth, Ont., earlier in the year.
The plant will provide coater and filler product to the paper industry.
This year’s earnings are expected to be adversely affected by this new development, Gerard E. Wood said at the annual meeting. However, the company expects this move into higher value products and advanced technology processing methods will be of greater benefit to the company in the future.
In other company news, Mr Wood says though the company has written off deferred development expenditures related to its Lake St. Joseph iron ore property near Atikokan, Ont., it will continue to hold the property for eventual development. The non-iron ore potential of the property will be investigated further.
At the company’s Mine Center property, which is optioned to Corporation Falconbridge Copper, exploration work is continuing in the search for poly metallic sulphide deposits, said Mr Wood.
Almaden Resources, which holds an option on the company’s King Bay gold property until this September, is conducting an economic study of the feasibility of underground development by a decline, Mr Wood said.
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