Sherritt secures financing
Higher-than-estimated costs and delays in the completion of the Fort Saskatchewan plant made it necessary for Sherritt Gordon to raise $8 million and arrange for an additional $3 million, should it be required. The plant will treat nickel concentrates.
In addition to the sale of new securities, an advance of up to $5 million was arranged with the U.S. government on nickel concentrates.
President Eldon Brown says the concentrate treatment plant at Fort Saskatchewan would start producing nickel in late June.
Canadian mining worth $2b
That Canada’s booming mining industry is heading for still greater production records was made abundantly clear at the 56th annual gathering of the Canadian Institute of Mining, Metallurgy and Petroleum.
The annual value of mineral output is well on its way to exceeding $2 billion annually, Hon. George Prudham, Minister of Mines and Technical Surveys, told delegates.
Future bright for Kerr-Addison
It’s only one drill-hole, but it’s in a significant spot and therefore Kerr-Addison shareholders can fire up their already-warm enthusiasm over the future of their mine.
The hole, at nearly 4,000 ft. depth, is the deepest at the property. It returned 1.235 oz. gold over a core length of 102 ft.
This is the best gold-hole in the history of Canadian mining, and it may be the best in the world.
A feature of this drill-hole is the remarkably even tenor of the gold deposition across the body. A 5-ft. section in the core ran 5.18 oz. gold per ton.
Falco to scour Sudbury basin
Falconbridge Nickel Mines is going to place greater emphasis on exploration in the Sudbury district — an area which, as President Thayer Lindsley mentioned at the recent annual meeting, promises greater reserves per dollar of exploration expenditure than any other area in Canada.
Falconbridge has two mines in full production in the Sudbury area and six more are under development. The 6-mile belt, along the northwestern rim of the basin at Levack, is considered an area with great potential.
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