If financing can be arranged, Gold Express (NASDAQ) has plans to bring the Copper Flat mine back into production. It is in Sierra Cty., N.M., and owned 100% by Gold Express. Copper Flat hosts reserves of 53 million tons with an average grade of 0.45% copper plus related gold, molybdenum and silver. The reserve has a stripping ratio of about 1.3-to-1.
John King, president of the company, said the capital cost of the project would be in the order of US$53 million, including a mill and mining fleet.
The previous mill was dismantled and sold by the former owners.
King noted that, with the tailings pond, waste dumps and mill foundation already in, the permitting of the project is not expected to be difficult and regulatory approval could be obtained in no more than 90 days.
At a production rate of 15,000 tons per day, King estimated that yearly output would amount to 41 million lb. copper, 12,000 oz. gold, 850,000 lb. molybdenum, and 300,000 oz. silver.
Paribas Group, a French investment banking company, will act as the company’s advisers and attempt to arrange the funding.
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