Production is continuing on a limited basis at the Magnacon gold mine in northern Ontario while operators Muscocho Explorations (TSE) and Flanagan McAdam Resources (TSE) continue to seek refinancing. The mine is in the Mishibishu Lake area, 40 km west of Wawa, Ont. Windarra Minerals (TSE), which owns a 25% stake in the mine, and its majority shareholder Hemlo Gold (TSE) are working together with the Muscocho group to determine if the Magnacon operation can be brought to a profitable basis, and if not, ensure that net realizable values will be fully maximized.
A fully operational 600-ton-per- day mill serves the underground gold mine which has ramp access to the orebody. A planned refinancing deal with Echo Bay Mines (TSE) was not completed earlier this year by the Muscocho group.
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