A mine site reclamation program is under way on Zahavy Mines’ (ASE) Favourable Lake property, 110 miles north of Red Lake in northwestern Ontario. The 6,000-acre property hosts a past-producing gold-silver-zinc mine which had been the site of renewed exploration activity in 1988. Vancouver-based Noramco Mining (TSE) owns 40.6% of the issued shares of Zahavy, while an associated company owns another 16%.
The reclamation measures, scheduled for completion by mid- April, include capping of all shafts and raise openings, site cleanup and other work as specified by the Ontario Ministry of Labour. The reclamation program is designed to assist in reducing the long-term care and maintenance costs at the remote mine site. A previous option agreement which gave Echo Bay Mines (TSE) the right to earn a 50% interest in the former mine property was terminated last year.
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