Metalpedia
Metalpedia
  • Molybdenum: industry news
  • Avanti Mining starts building C$812m BC moly mine
  • Kitsault molybdenum mineAvanti Mining said it had started construction of its C$812-million Kitsault molybdenum mine, a significant past-producing mine, located in northern British Columbia.
  • Avanti said subsequent to receiving its amended Mines Act permit earlier this month, it had collected an "Occupant Licence to Cut" from the British Columbia Ministry of Forests, Lands and Natural Resource Operations and other secondary construction-related approvals, allowing it to start camp construction activities.
  • "This is a significant milestone for the Kitsault molybdenum project and marks the completion of a very important aspect of Avanti's permitting efforts," Avanti COO Jeff Lowe said.
  • Puma Exploration confirms significant copper-molybdenum system at Nicholas-Denys Property in New Brunswick
  • Active Projects in New BrunswickPuma Exploration (TSX VENTURE:PUM) is pleased to confirm that additional drilling at its Nicholas-Denys ("ND") property near Bathurst, New Brunswick, confirms the existence of a large, near-surface copper-molybdenum system. Continuous copper and molybdenum mineralization was intersected from surface in hole FND13-04 and graded 0.10% copper equivalent (Cu Eq*) over 591 meters to outline a 180 hectares (1.2km x 1.2km) highly prospective area in the core of the porphyry.
  • Marcel Robillard, CEO of Puma Exploration, stated: "This is a very large copper and molybdenum porphyry system that is in the very early stage of definition. We are very pleased with the initial size indications of this system which so far measures approximately 16 km2 in surface area with current vertical drill-hole depths of approximately 450 meters. Recent magnetic data re-interpretations together with the preliminary results of an ongoing surface and down hole IP survey have outlined prominent, large scale arterial target structures within the porphyry that will be used to target the next round of drilling."
  • Avanti arranges $40M loan for Kitsault mine
  • Vancouver-based Avanti Mining has arranged a pre-construction loan worth US$40 million with Resource Capital Fund VI. The purpose of the loan is to provide the company with working capital for the Kitsault molybdenum project 140 km northeast of Prince Rupert. The funds will be drawn down in several tranches.
  • The money is earmarked for several pre-construction activities. BC Hydro requires a letter of credit before it re-energizes the existing power line to the mine site. The camp at the site will be expanded. New hiring for the management team is anticipated, and deposits must be made on an asphalt paving machine for the tailings dam construction. Project debt financing fees and expenses payable to mandated banks must also be paid.
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