Proven and probable reserves at the Joe Mann mine, near Chibougamau, Que., have risen 35% since the end of 2002,
The increase includes 46,057 oz. gold mined from 182,767 tons of ore grading 0.25 oz. gold per ton in 2003. At the end of 2003, reserves were pegged at 859,100 tons averaging 0.26 oz. gold per ton, equivalent to 223,089 contained ounces.
During the year, Campbell converted to reserves some 126,100 tons grading 0.48 oz. gold in the resource category. Consequently, measured and indicated resources fell to 859,100 tons grading 0.26 oz. from 856,200 tons of 0.31 oz. gold at the end of 2002.
This year, Campbell has budgeted $2.5 million for a program that will include 43,000 metres of drilling plus geophysics, mapping and sampling. About $600,000 will be used to finance 16,000 metres worth of drilling below level 3450 on the Main zone and on extensions to the West zone.
Meanwhile, at the nearby Copper Rand mine, Campbell will spend $400,000 to sink more than 15,000 metres. Work resumed at the former producer in October 2003 after Campbell reached a deal to convert into shares $10 million of the $16.5 million owed by the mine to Investissement Quebec. The conversion rate was $1.025 per share, and the deal boosted Campbell’s stake in the mine to 76% from 26%.
By the end of 2004, Campbell intends to have advanced Copper Rand’s ramp down to the 4,730-ft. level with a conveyor installed to transport ore and waste. Development work is slated for completion by 2005, by which time annual production of 40,000 oz. of gold is expected.
At last count, Copper Rand had a measured resource of 61,300 tons grading 1.15% copper and 0.135 oz. gold per ton. An additional 1.8 million tons of 1.56% copper and 0.096 oz. gold are classified as indicated.
A second phase of exploration will see the company drill more than 12,000 metres to test geophysical anomalies adjacent to the Copper Rand, Henderson 1 and Jaculet mines.
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