NEWSROUNDUP — Former Minroc finances Cassiar

Effective June 8, Minroc Mines became Cassiar Mines & Metals (CIR-T) and drew down a $5-million financing for its magnesium-chrysotile project at Cassiar in northern British Columbia.

The past-producing Cassiar mine has an estimated 20 million tonnes of mined serpentine resources on surface containing approximately 23.5% magnesium metal and 4-10% magnesium silicate fibres, as well as extensive in-mine resources.

The financing will be used to bring the first phase of the magnesium silicate fibre project into production using an existing dry process plant, the new wet plant and surface feed stocks. Beginning in the third quarter, the company aims to produce and sell into world markets 18,000 tonnes per year of high-quality fibres. An expansion to 40,000 tonnes is envisioned in the years ahead.

Meanwhile, work will continue to advance the magnesium metal project. The goal is to build a plant capable of producing 150-200 million lbs. of magnesium metal annually for the first 50 years. As a first step, the company will be seeking to raise $25 million for a bankable feasibility study.