Terramar progresses at Calif. gold mine

The dewatering phase of the exploration program at the Reid mine pro ject near Redding, Calif., is well advanced, reports Terramar Resource Corp. President Louis P. Starck. So far, some 220 ft of the 2-compartment shaft has been retimbered between the surface and the 200 level, the haulage adit level, while the mine workings have been dewatered to the 500 level.

Currently, a 3-phase 12,000-volt power line is being installed to the property as well as a 500-kilowatt substation, a 125-hp hoisting plant and a 600-cu-ft electric air compressor.

Once this is completed, the dewatering of the workings down to the 900 level, some 1,100 ft vertically below the surface, will resume. Once the underground workings are made accessible, the development and diamond drilling program to explore the Reid, Central and Evening Star, and other parallel veins can be finalized, says Mr Starck.

Terramar now holds 100% of the freehold rights on the Reid and Evening Star mines and 14% with a leasehold interest in the Central mine.

This Concord Group controlled company posted a deficit at the end of the 6-month period ended Sept 30 of $2.7 million. Its cash position at the end of the period was $484,002. In the same period of 1985 the company had a deficit of $2.2 million and a cash position of $459.947.