The so-called “7-up Pete” joint venture of Canyon Resources (NASDAQ) and Phelps Dodge (NYSE) has initiated the permitting process in order to bring the McDonald gold deposit into production.
Situated near Lincoln, Mont., the deposit is slated for open-pit mining and heap-leach recovery. Over a 15-year period, 3.7 million oz. gold and 8 million oz. silver are to be extracted from 205 million tons of ore. Phelps Dodge holds a 72.25% interest in the joint venture which controls the deposit. Canyon owns the remainder.
Both companies anticipate that all permitting, including an environmental impact statement, will be completed by 1996.
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