Operations cease at Faro mine

Mining at the Faro properties in the Yukon has been suspended.

Anvil Range Mining (ARO-T) cited production problems, low metal prices and a strengthening Canadian dollar as reasons for the closure. It plans to continue milling stockpiled ore at 50% of its normal annual output of 480,000 tonnes of lead, zinc and silver concentrates for the first three months of 1997. The company will evaluate the feasibility of restarting the mine throughout that period.

In a company release, Anvil Range President Kurt Forgaard states: “By taking this action now, Anvil Range believes it will be in a better position to take advantage of any future increases in metal prices if they should occur.

“We regret very much having to take these actions at this time as we are deeply cognizant of the hardships this may cause for our employees, our customers and our suppliers. . . . However, the long-term future benefits that are generated by a successful mining operation are most important.”