Campbell newshttps://www.pr-usa.net/index.php?option=com_content&task=view&id=78474&Itemid=9
Nuinsco Resources Limited ("Nuinsco") (TSX:NWI)(
www.nuinsco.ca)today announced that Campbell Resources Inc. ("Campbell")(TSX:CCH)(OTCBB:CBLRF) has successfully mitigated groundwater inflow atthe Corner Bay copper project, and development in ore has begun at boththe 55 metre and 75 metre levels. Underground services have beencompleted, including the escapeway and vent raise, and development tothe 100 metre level is progressing. Shipment of ore to the Copper RandMill commenced today. Nuinsco holds a 50% carried interest in CornerBay, and is entitled to 50% of cash flow after recovery of capital byCampbell.
"Campbell has done a good job of meeting its commitment toaddressing the groundwater issue as quickly as possible and resumingdevelopment," said Nuinsco Vice-Chairman and CEO Rene Galipeau. "ForNuinsco, Corner Bay is our first production asset which we expect willbenefit the Company both directly though cash flow and indirectly as aresult of our approximate 11% equity interest in Campbell."
At a 3% Cu cut-off, Corner Bay has measured and indicated resourcesof 446,000 tonnes averaging 5.58% Cu (181,000 @ 5.07% Cu measured and265,000 @ 5.93% Cu indicated); inferred resources total 1,441,000tonnes averaging 6.76% Cu (Ref.: GEOSTAT Technical Report, July 2006,available on SEDAR at
www.sedar.com).
Ore from Corner Bay is being trucked approximately 45 kilometresand processed at Campbell's Copper Rand mill near Chibougamau, Quebec.Following extraction of a 42,000 ton bulk sample, Phase II anticipatesmining an additional 500,000 tons of ore grading 4.5% copper over thefollowing three years. Corner Bay remains open at depth, where drillinghas returned intercepts grading up to 9.27% copper over 6.7 metres at1,200 vertical metres, attesting to the potential for significantexpansion of resources. An exploration drilling program is planned for2008 to further test the extension at depth. Nuinsco completed itsearn-in of a 50% carried interest in the Corner Bay project in July of2007.