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Gold Mines For Sale

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Mining Equipment, Mining Properties, Gold Mines & Gold Panning by BC Gold, British Columbia, Canada

Mining Equipment, Mining Properties, Lode Gold and Placer Mining by BC Gold, British Columbia, Canada

BC Gold - Mining Properties for Sale
Vancouver Island
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Sunro Copper Gold Mine - Former Operational Mine for Sale. Land + Mineral Rights
 Ad #:121
 Market Status: Unsold/Available
 Listing Type: For Sale
 Date Available: 04.06.2012
 Price: $2,900,000
 Category:Hardrock mining properties for sale
 Locality:Vancouver Island
Description

COPPER & GOLD MINE FOR SALE

-Includes 713 Acres of Land-

New Price: $2.9 million (was $4.9M!!)

Contact Dave Zamida at (250) 999-1221 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it

-Former operational mine, see BC Minfile 092C_073

-Revenue $20 million/year in copper and gold with $11 million investment to restart mine (est.)

-Land offers stunning Mt. Olympus views over Juan de Fuca Straight, subdivide and sell for post-reclamation residential use

Former Mine Operations

The Sunro mine was previously owned and operated by Teck Resources Ltd. It closed during a period of low copper prices. This is an underground mine with adits and shafts to privately owned surface land. Ample resources for more than 10 years operation are in place. The sale includes mineral titles from the British Columbia government covering 2,908 acres, an area 3 kilometers by 3 kilometers including all of the former mine workings, access tunnel, exploratory adits and drill holes.

The mine has three crushers, 2 rod mills and 4 ball mills, 2 flotation lines, and a single disc filter. Average ore milled was 173,000 tonnes per year. Copper production was an average of 1,900 tonnes/y, about 1.1% of the ore milled.  Silver production averaged 310 kg/y about 1.8 g/t and gold, 28 kg/y, about 0.16 g/t. The mine last operated in 1974 and all the equipment is still in place in an underwater main mill room.

Surface Land & Quarry Included

The assets for sale include 713 acres of private land serviced by gravel road and electricity from a BC Hydro transmission line across the property. There is water on the site and a tailings pond structure. The land is 2 kilometers north of the turn-off from paved highway 14 along the east side of the Jordan River. It has been cleared of trees. Most of it slopes gently to the south with a a view over the Straight of Juan De Fuca and the Olympic Peninsula in the United States. There is a rock quarry on the surface above the underground mill room. The project includes reclamation of a former waste rock area and restoration of salmon habit on the Lower Jordan River.

Property and Location

The mine is two kilometres north of highway 14 along a logging road, called Fore Bay Road, that turns off just before Jordan River, BC. The mine is underneath District Lot 922 owned by Jemi Holdings, Nanaimo. The mine is located partly under the former head pond for BC Hydro’s original power plant penstock. This land is owned by Quicksilver Hauling of Victoria. There is a rock quarry at the top elevation of the mine that is also used to burn refuse. Timber from BC Lands’ property above the mine was removed by the previous owner, Western Forest Products Ltd., prior to its sale to the present owners.

Present access to the mine is by a switchback trail starting on the west side of the head pond down into the river canyon to the mine portals along the Jordan River Canyon. The trail is wide enough for a four wheel drive vehicle but would require some maintenance prior to its use by vehicles. There are eight such portals and five are easily visible from the trail. Three of the portals are conveniently accessible. The adits have been blocked with timber and some concrete as shown in Exhibit 2. These adits are connected to the underground mill room.

Previous mine access was through a 2.4 kilometre tunnel from the south that has been blocked off. The portal can be reached by a road starting immediately at the top of the bend on Highway 14 into Jordan River. A culvert on the access road has been washed out about 300 meters from the portal. The portal is about 200 meters north of the BC Hydro Power plant at a point where there is a straight view down the Jordan River to the ocean.  

It is proposed that an existing vertical shaft would be extended to the surface and used to access the mill room and for lifting concentrate to the surface.  Some of the existing access portals along the river would also be reopened to provide alternative access including a means for bringing vehicles and other equipment into the mine. It is proposed that the existing empty pond at the surface would be used for water recycling and tailings storage.

The property was briefly owned by Commerce Resources followed by Amarillo Gold. From August 2003 to August 2007 the property was held by BC geologist Andris Kikauka who completed a report based on his own surface samples and a review of past reports.

Mining History

The mine was operated at full production for an 8 year period from 1962 to 1968 and from 1972 to 1974. Some pictures of the mine are provided in Exhibit 3. Average ore mined and milled was 173,000 tonnes per year. Copper production was an average of 1,900 tonnes per year, about 1.1% of the ore milled.  Silver production averaged 310 kg/y about 1.8 g/t and gold, 28 kg/y, about 0.16 g/t.

The property was discovered in 1915 by George Winkler. First mining was by Cominco in 1919 and 1920.  Cominco maintained ownership of the mine until 2003 when Commerce Resources briefly held the property. From 1929 to 1976, Cominco optioned the property to a series of different companies that operated the mine. In 1949, Cominco optioned to property to Hedley-Mascot Mines, who installed electrical transformers and compressors near the former BC Hydro penstock intake. Entry to the mine was from adits along the river bank. The company milled 600,000 tonnes. At this time access to the mine was by a 24 inch wide railway along the side of the river. 

In 1961, Cowichan Copper took over and installed an underground mill and concentrate production system. They drove a new access tunnel to the mine, 3 meters wide by 3 meters high and 2,379 meters long. The tunnel extended from an entry portal near the former Jordan River powerhouse at an elevation of 40 meters above sea level to beyond the mill room almost to the river. They also located a concentrate storage system and shops at the portal. Production continued strongly for four years but was stopped in November, 1968, when the copper price dropped to $1.06/kg. 

In 1972, Cominco transferred operations to Jordan River Mines who continued full scale production until the end of 1974 when the copper price dropped to $1.41/kg and at a smaller low rate until January 1977 when there was cave in along the access tunnel.

The access tunnel, surface adits, the underground crushers, mills and concentrating equipment, power supply line, and electrical substation are all still in place. There are three crushers, a Joy, Traylor, and Telesmith. ( A.J. Richardson, Central Mine Engineering, Cominco, June, 1977 http://propertyfile.gov.bc.ca/PDFTemp/fileid_15086.pdf)  From the crushers there are conveyers to a large ore bin, then to two concentration circuits consisting of a rod mill and two ball mills with a combined capacity of 1000 t/d.  There are conditioning tanks, flotation cells, surge tank and single disc filter. The underground mill room is about 10 meter wide X 6 meter high by 60 meters long, and the crushing chamber, 6X6X60 metres, fine ore bin 1,000 m3 and workshop 320 m3.

Most of the mining was directly above the mill room in the River zone of ore as shown in the mine plans Exhibit 4 and 5 and the Section Exhibit 6. There was also a shaft sunk 150 meters deep below the mill room. Ore was mined at five levels from this shaft each 30 meters apart in elevation.  There was a service and ventilation shaft that went from the mill room up 150 meters to the river adit. Another access route was a 25 degree decline from the river adits. 

There were two concentrator circuits one for the River zone ore which contained almost no pyrrotite (iron sulphide) and another for the cave zone which contains pyrrotite. For the River zone the heads were about 1.6% copper, recovery was 90% and the rougher float was 10% copper. Tailings were ground to 35 mesh minimum and 63% under 200 mesh. Cave zone heads were 1.12% copper, recovery was 85% with regrinding of at least part of the rougher float to get 20% concentrate. Tailings were from 35 mesh minimum to 65% under 200 mesh. Flotation agents were Aerofloat 25 at 0.025kg/t, Xanthate Z-5 at 0.025kg/t, and pine oil at 0.04kg/t. Concentrate at 25% copper was loaded into 5 ton containers mounted on narrow gage rail cars through the access tunnel to a storage area at the portal.

The containers were transported by truck 93 kilometres and loaded on ships at Chevron’s Hatch Point loading dock in Cowichan Bay, south of Duncan.

In January 1977 the access tunnel to the mine caved in 520 and 700 meters from the access tunnel entry portal in an area of previous weakness and bypasses. Cominco repaired the first section but could not fix the second one by the end of April. The BC Ministry of Mines then directed Cominco to install a 34 metre long rock plug in the tunnel 2010 meters from the portal near the point where it joins the mill room.  Workers and equipment entering the mine through the river adits.  The plug was installed with a 200 mm diameter drain pipe underneath but rock was placed ahead of the drain location and it was anticipated that the mill chamber would flood. It appears that water is seeping from the former access tunnel. Someone who entered the mine in 2010 found about three meter deep water in the mill room.

Resources

One of the mine portals at the 5,680 foot level is open and it is possible to walk from this portal through operating areas and down inclines through the five levels to the operating room at elevation 5,130 feet. The elevator from 5,130 to 5,680 has been immobilized. A large 10 meter diameter mined out stope extends from the entrance level down to crusher room at elevation 5,240. A 3 meter diameter shaft opens to the surface at 5,780 feet and continues to provide ventilation for the mine. The mine floors are dry with shallow puddles a a few spots. It is expected that the seven levels below the operating room are flooded. Some visitors to the mill room stated that it is partly flooded but we have not gone down to check the condition of the existing equipment.

As shown in the following photo, the top of the mine vent shaft is very close to an existing rock quarry located on the surface above the underground mill room. There are several adits to the upper level of the mine accessible by a rough road down the bank of the river. There have been some open pit excavations in the Cave zone of the mine south west of the quarry but these are now overgrown. There is a BC Hydro power connection and a trailer office near the quarry. The water reservoir is also close by.

The ore is a fine grained greenish rock. Less than 10% of the overall deposit has been mined to date. Most mining has occurred on the levels immediately adjacent to the ore storage and crusher rooms. As shown in the mine plan and elevation drawings, very little mining has taken place on the intermediate and lower levels.  The exploratory drilling and reserve calculations were made on the basis of proving sufficient ore for the operation at that time and were not intended to provide an overall resource estimate. Based on maps on file at BC's Ministry of Energy & Mines, most of the drilling was done from inside the mine close to the operations at the time. There was some drilling near the river adits, but little from directly above because there was a dense forest and a BC Hydro reservoir above the mine.

The mineralization of the Sunro mine is related to the placement and crystallization of Eocene Sooke Gabbro (a coarse grained igneous rock) within the Metchosin volcanics with the ore bodies occurring near contacts. The ore in the mine vicinity are elongate striking with the enclosing volcanics and may be sills. Three north westerly trending bands of gabbro occur on the Sunro property ranging in width from 150 to 900 meters, separated by about one kilometre of basalt, and known to extend along strike for about 6.5 kilometres. As many as 16 mineralized zones have been discovered outcropping along the Jordan River.

The centre band, from 600 to 900 metres wide, is the widest of the bands and is potentially the most important, hosting copper mineralization in shears in basalt along both contacts. However, mining to date has been only in the River and Cave zones. Altogether more than 14,000 meters of exploratory holes have been drilled on the River and Cave zones of the property. The zones typically occur in basalt but at least three major zones are located in areas mapped as gabbro,.  Three zones along the northeast contact of the gabbro body, the River, Cave and Centre have been most productive.

The River zone ranges in width from 30 centimetres to about 30 metres and is traceable along the strike for about 335 meters and to a depth of 340 metres. The zone dips 70 degrees southwest. The Cave zone, about 200 meters southwest of the River zone, trends at 140 degrees and has a proven length of 180 meters but may be up to 460 metres long. It is 150 metres deep. The Centre zone is 90 meters southeast from the River zone, strikes 110 degrees and dips vertically. It has been traced for a length of 200 meters, a depth of 97 metres, and width where exposed underground of 36 metres.

In June 1973 the River and Cave zone reserves were 1.6 million tonnes at an average of 1.43% copper. About 0.5 million tonnes were milled between June 1973 and the time of mine closure. Based on measured and drill indicated sampling and assays, the River and Cave zone of the mine had a inventory at the time of mine closure of 1.0 million tonnes @ 1.47% proven copper and 0.42 million tonnes at 1.33% copper probable. ( Andris Kikauka, P.Geol, Sooke, BC, Geological & Geochemical Report on the Sunloch Claim (Sunro Copper-Silver-Gold Mine), Jordan River, BC http://aris.empr.gov.bc.ca/ArisReports/27472.pdf) All of this ore is in the Cave and River zone although it was known that the Centre and other zones also hold significant additional resources. Two other zones were mined briefly from adits west of the Jordan River. The Vulcan property south west of the mine, also held by Cominco, was test mined from several surface trenches and pits. Further drilling would be required to bring the resources estimate up to the modern 43-101 stock exchange security standard. An 11 hole 1,800 meter drill program budgeted to cost $250,000 has been outlined by a professional geologist familiar with the property.

All of the mining was in the River and Cave zones but other areas were explored along the Jordan River and Winkler Creek. The Tiger zone is in basalt. A series of large rusty outcrops occur for a strike length of 79 meters extending from the main outcrop and elevation from 88 to 158 meters. Mineralization occurs over a length of at least 90 meters but the richly-mineralized main shoot cannot be more than 46 meters long. The ore is high in pyrotite. Core assayed 1.6% copper over a width of 6 meters. It was recommended that this zone should be tested at greater depth.

The Yellow Cliff zone showed some very good mineralization in surface trenches. In 2.1% copper over 0.9 meters and another 3.3% copper over 1.5 meters. The Caulfied zone includes six old pits scattered at intervals along 1,300 foot elevation of the southwest contact. A showing at elevation 100 meters was tested with three holes. The first cut ore between 2 and 3% copper over 1.5 to 2.1 meter widths at shallow depth.

Environmental & Stakeholders

Some of the issues to be considered include:

Use of Public Land- There would be no use or adverse impacts on public land. If agreed to by stakeholders, there would be some clean-up of waste left by previous mine owner on land off site from the proposed restarted operations. All of the proposed operations are underground with private land above. There is an existing road to the property and an existing driveway and gate.

Waste Rock- Waste rock was previous disposed of underground and this practice will be continued.

Tailings- The mine operated at a small scale intermittently from 1915. The main periods of mining were from 1962 to 1968 and from 1972 to 1978. During this period 1.3 million tonnes of tailings and waste rock was generated. About 95% of these tailings were deposited into the ocean at a rocky beach immediately east of the mouth of the Jordan River as shown below. Tailings were pumped through a 150 mm diameter plastic pipe to the portal and then an additional 1,524 meters for disposal in tidewater at what is now a small privately owned beach east of Jordan River as shown.  The last 910 meters of the tailings pipe was under water and the discharge was at a depth of 12 meters. It is proposed that a lined tailings pond and treatment system would be installed on private property in a former BC Hydro water pond. There would be no discharges to the Jordan River.

Truck traffic- One truckload of concentrate would be produced per day and this would not have a significant impact on the neighborhood or Highway 14.

Community Impacts- There are no residences within 2 kilometers of the mine and there would be no visual impact of mining operations.

Industrial Impacts- Cooperation would be needed from BC Hydro as an electricity supplier and from Queesto Community Forest Ltd. who maintain the existing Fore Bay access road.

Employment- The mine formerly employed 110 mine workers plus 21 people doing office and administrative work.

A preliminary project description will be delivered to key stakeholders including local government officials, provincial and federal agencies. We would meet with regulatory reviewers and support the mine and environmental permitting process. Since the mine will disturb less than the 750 hectares of land that was not previously disturbed, or disturb more than 50% of the land that has been previously disturbed, the project is not subject to review by BC’s Environmental Assessment Office. Applications will be made for a Mine Permit and an Environmental Permit. Public meetings would be held to answer questions, identify areas of concern, and to address any issues.

Applications for a Mine Permit, Water License, Waste Management Permit, and other related permits for the mine, plant site and required infrastructure must be made to the BC government as summarized in below. One of the key requirements is for a life of project design, sizing and reclamation of the waste rock dump.

Regulatory Approvals Required For Sunro Mine Restart:

Traditional Use & Knowledge Study- Part of First Nation's consultation process. Clarifies status of First Nations' claims.

Impact Benefit Agreement- T’sou-ke First Nation and Pacheedaht First Nation- Signifies T’souke and Pacheedaht people will benefit and support the project. Required for mineral tenure approvals.

Mine and Reclamation Permit- Ministry of Energy and Mines (MEM)- Approves the mine plan (layout, geotechnical assessment and engineering design for underground workings, pits, dumps, plant, mine roads, other key facilities), mine operations, acid drainage prediction and management plans, and reclamation plan.

Waste Management Permit- Ministry of Environment (MOE)- Approves permitted solid waste disposal plans, liquid effluent quality, structural designs, and waste management and monitoring plans (pond effluents, tailings seepage, sewage, other). Approves air emission standards, equipment and dust control and other management and monitoring plans.

Water License- Ministry of Environment (MOE)- Grants approvals to withdraw, divert and use water (i.e. domestic and process water supply, drainage management plans, site water balance).

Road Use Permits- Authorizes use of Ministry of Forests, Lands & Natural Resources’ roads. (MFLNR)

Other Permits, Licenses- Various- Approves potable water supply (Ministry of Health)

 

River Restoration Program

We are hoping to gain support for the river restoration plan from BC Hydro who operate the Jordan River hydro electricity generating station, the Pacheedaht First Nation who have a log sort yard at the mouth of the river, and other stakeholders with an interest in fish habitat restoration. Part of the proposed investment in the mine restart would be allocated to restoring salmon habitat on the Lower Jordan river. Any contaminated materials from previous operation would be relocated and treated. In particular there are some old rails, 21 steel pipe supports, and other metal fragments on the river bank and about 2 tonnes of scrap steel in the river that would be removed.

The Jordan River drains a watershed of approximately 165 km2. The river flow averages 14 m3/sec but is highly variable as shown below

Water Flow in Jordan River

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec

Avg

27

24

16

13

7

4

3

2

2

12

31

24

14

 

BC Hydro’s power plant water outlet is close to sea level at about 800 meters upstream from the mouth of the Jordan River. The river is relatively flat for another 200 meters and rises rapidly to 180 meters in elevation to the mine area about 2 kilometers upstream. About 95% of the river flow is diverted from three dams (Elliot, Diversion and Bear) through a pipeline to BC Hydro’s power station. The power plant is operated to supply peak loads so there are extreme fluctuations in downstream water flow. The plant tailrace scours the river and the pipeline blocks recruitment of fresh gravel. The available spawning area is reduced to a few small pockets near the former mine access tunnel entrance. In 2003, BC Hydro commissioned a study of salmon enhancement in the 200 meter flat section of the River upstream of the power station but before it rises rapidly to the mine. This part of the river was found to have been impacted by the former mine.  

The biologists found copper concentrations, in the range 0.05 to 0.5 mg/l, with an average of 0.3 mg/l. About 80% of the measurements were in the range 0.01 to 0.09 mg/l but tests at some pools near the waste fill accounted for the higher average. The copper concentration in the river above the mine was measured at 0.003 mg/l. The drinking water for the Victoria area from the Sooke reservoir contains 0.021 mg/l copper. The toxicity lethal to 50% of test fish in 96 hours is 0.12 mg/l. The drinking water limit for Canada is 1.0 mg/l. The biologists concluded elevated copper levels do not seem to affect egg to fry survival, and that low flow was more significant for survival than the copper concentrations.

At the time of the copper concentration measurements BC Hydro was not releasing any water from its dam to the river. The only flow through this section of the river was from several small creeks below the dam. In 2007, BC Hydro invested one million dollars to put in a system that now provides a 0.25 m3/sec minimum flow bypassing the dam. This flow is intended to help dilute the lower part of the river and provide better conditions for salmon. Following dilution with water from the BC Hydro tailrace, the copper concentration  would be safe for fish.

However, even with BC Hydro’s controlled release of 0.25m3/sec of water past the dam salmon are not returning to spawn in the Jordan River. In 2010 biologists reported there is inadequate habitat (flow, gravel quality and quantity) and water quality. Other limiting factors are predation in the lower reaches by eagles and seals, a lack of fresh water attraction flows from the Lower Jordan River, and confounding effects of generation which may attract fish to the tailrace rather than the Lower Jordan River main stem.

Our current tests found no evidence of acid drainage from the mine. The Jordan River and surface drainage around the former entrance to the mine is acidic, pH 5.5, compared to pH 7.1 for Victoria area drinking water from the Sooke Lake reservoir. Our pH tests of the surface drainage, the river above, near and below the mine entrance, and the combined river downstream of the BC Hydro station were all about 5.5. The fine soil referred to in previous studies as “tailings” was found to have a pH of 5.8. The water below this material had the same pH as the river downstream of the BC Hydro station. Some small seepage streams from below this material also had a pH of 5.5. There are remnants of the former tailings pipe near the mine entrance as shown in the photo below. A sample of the mud from inside the pipe had a pH of 5.5. 

The waste material extends about 16 meters wide for 80 meters along the river bank and is about 7 meters thick. The volume is approximately 9,000 m3. The material is courser and blacker than the light brown mud taken from inside the tailings pipe. It does not seem correct to refer to this material as “tailings”. The quantity is about the same as the volume of material that was excavated to create the access tunnel to the mine and this seems a likely source of the material.

Estimated Capital Expenditures for Restart

The approximate cost of restarting the mine is estimated to be $11 million as shown below. Most of the mechanical equipment could still be serviceable because the mill room is still partly underwater. The electrical system would need to be entirely replaced. Our cost estimate allows for all of the underground bins and equipment to be replaced with some new and some used equipment. There is an advantage in having a proven system to restore. The former process equipment can be replaced with assurance that the former inputs, outputs and qualities can be achieved. The process technology for optimum performance has not changed significantly. There is relatively little risk in achieving production targets at an economic cost.

The land above the underground mine was recently sold by Western Forest Products and BC Hydro to private companies. These properties would be purchased at fair market value. Previous operations were entirely underground because there was a BC Hydro reservoir directly above the mine. The hydro facilities have been relocated to the west side of the Jordan River making it possible to install buildings and equipment on the surface. It is now more convenient to drive directly to the mine on a good road without the need for a tunnel. There is an intermittently operated rock quarry at the surface of the mine.

The existing mine service shaft would be extended 40 meters to the surface. At present the top of the service shaft is through an adit from the river valley. The existing declines from riverside adits down to the main mill room would be retained. These underground roads can be used to bring new equipment into the mine.  But the main access for people and materials would be by the extended vertical shaft. This shaft has two sections, a 220 meter section from the surface to the mill room; and a 150 meter section down from the mill room to the seven lower levels of the mine. The lower and upper levels are mainly undeveloped.

The former ore crushers and mills would be replaced and restored in the current locations underground. The two underground lines of flotation cells and the concentrate disc filter would also be restored. Concentrate would be brought to the surface by the extended mine shaft. Rather than tailing slurry going out through the former tunnel, it would be pumped to the surface through the extended shaft. The former water reservoir on the surface would be restored to hold tailings. Water for tailing transport would be recycled.  Dewatering equipment on the surface would allow for transport of some fine material for potential off site markets.

There would be a utility building on the surface for heaters, ventilation fans, air compressors. The main electrical substation supplied by the existing power line to the head of the former pen-stock, would also be at the surface.

Our cost estimate includes cost for organizing the mine as a publicly owned company to be listed on the Toronto Exchange. This would allow the initial investors an opportunity to maximize gains once the mine begins operations.

Capital Cost Estimate ($ in thousands)

Additional Land & tenure acquisition 750          

Permitting & consultation   168

Environmental study           50

Geological consultants       164

Map, survey, drill- 11 zones           350

Site development     278

Restore entry ways, inclines, internal routes, mill room           120

Access shaft extension, headframe & elevator 800

Rock dump & tailings pond            350

Foundations & concrete work       56

Buildings & structures        250

Mining equipment   1,260

Air compressors, drills, carts, transport system, conveyors, ore bin

Processing equipment        2,080

3 Crushers, 3 mills, 2 float lines, disc filter, tanks (all used equipment)

Concentrate handling equipment            272

Utility services- compressed air, propane, ventilation fans & ducts    568

Electricity supply & substation      280

Piping- process & utility      700

Shops and offices   80

Mine design, supervision & training        251

Sample & shipping 150

Laboratory testing    160

Travel & accommodation    215

Legal fees     150

Stock listing & promotion    100

Subtotal         9,602

Contingency 15%             1,440

 Total $11,042

Revenue- At production rates similar to the average in the past the value of copper and gold produced would be about $20 million dollars per year. The breakdown of values is based on current prices for copper of $9.45/kg, silver $31/oz, equals $970/kg, and gold $1,360/oz, $43,800/kg is as follows:

Operating Cost- At the time of the mine closure mining, milling and concentrating costs were $0.70/kg and the shipping and smelting cost was $0.44/kg for a total cost of $1.14/kg. This was about $2.0 million per year. Concentrate would be filled into 24 tonne containers, trucked to Victoria and taken by ferry and trucked to one of the container terminals in the Port of Vancouver. The cost of transport to customers in Asia using this system would be about $0.10/kg concentrate equivalent to $0.42/kg copper.

When the mine closed the copper price was $1.41/kg and the income was $1.5 million per year. The average current cost of production, transport and smelting is conservatively estimated at triple the cost in 1978, about $2.10/kg or $0.95/lb equal to about $4.0 million per year. This is close to the average of competitive copper mines in the world as shown below.

Payback-The income before interest, taxes, government and First Nations royalties would be about $ 14.5 million per year. The payback on investment is expected to be less than one year.

 Additional information is available on request. Serious inquiries only.

Contact Dave Zamida at (250) 999-1221 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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True Gold Mining Inc. is pleased to announce financial results and business highlights for the six-months ended June 30, 2014.

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Rescued Nicaragua miners join hunt for missing comrades
Twenty workers dramatically rescued from a collapsed Nicaraguan gold mine joined frantic efforts to find eight comrades still missing after the cave-in, officials said Saturday. They later determined that three more miners -- who did not have relatives in the area to report their disappearance to officials -- had failed to return from the mine after the mishap. "The boys spent the night under ...

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Dynacor: Tumipampa Channel Sampling in the Disseminated Gold Zone Finds High Anomalous Values With One Sample Grading ...
Dynacor Gold Mines Inc. is pleased to announce the first results of an ongoing channel sampling campaign that is targeting an area of the Tumipampa property where disseminated gold mineralization has been ...

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Dynacor Announces Sales of US $26.8 M and Net Income of US$ 2.1 Million or US$0.06 Per Share in Q2- 2014
Dynacor Gold Mines Inc. a Corporation with gold and silver ore processing operations and exploration projects in Peru, has released its unaudited condensed consolidated financial statements and the management's ...

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Avino Reports Second Quarter 2014 Financial Results
Avino Silver & Gold Mines Ltd. is pleased to report its financial results for the quarter ended June 30, 2014. All financial information, other than non-IFRS...

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Tango Gold Mines Appoints Chief Financial Officer
Tango Gold Mines Incorporated announces the appointment of Kalyan Paul as Chief Financial Officer of the Company, effective immediately, in place of Jennifer Boyle who recently resigned due to other commitments....

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Gold Fields earnings rise as low-cost mines boost output
South African bullion producer Gold Fields reported a 20 percent rise in quarterly profit on Thursday despite a fall in prices and production as output increased at its lower-cost mines. Delays at South Deep, a mechanised operation where a team of Australian engineers has been brought in to iron out problems, has been a source of annoyance to investors. Gold Fields' adjusted headline earnings ...

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