Additional funding is being sought by Camindex Mines for the Valdez Creek Mine gold project in Alaska, in which Camindex has a 51% interest.
The company reports it is in arrears with respect to its funding obligations. Camindex needs additional capital to maintain its interest in the project; the company reports it is currently discussing its requirements with its major shareholders and other potential investors.
During the past year, Valdez Creek Mine has been converted from a seasonal project to a year- round operation and has experienced a number of delays in achieving its original mining plan of production of approximately 40,000 oz of refined gold during 1986.
It is now anticipated that the 1986 mining plan will be completed within the next four weeks and that actual production will be between 28,000 and 32,000 oz.
Production to Feb 23 was in excess of 20,000 oz.
Camindex’s partners in the Valdez Creek Mine project are American Barrick Resources and Sullivan Mines.
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