RE:Anybody see this in management discussion
SwedishMining Development Company Vilhelmina Mineral and the Canadian Investment Company Forbes & Manhattan Inc. has signed an agreement on financing. Forbes & Manhattan invests up to 15 MSEK for 50% ownership in Vilhelmina Mineral. The investment takes place in two steps and The aim is to develop the basic metal projects Stekenjokk in Vsterbotten and the Jomaflt located in Norwegian Ryrvik municipality in Nord-Trndelag. The goal of the cooperation is to identify additional mineral resources and restart mining operations. Vilhelmina Mineral is a mining development company whose Swedish main project is the mine Stekenjokk, located in Vsterbotten. During the period 1976 to 1988, Stekenjokk was broken in total about 7 million tons of ore from Boliden and at least as much is expected to be left to break. According to previous estimation is the remaining indicated mineral resource of about 7.4 million tonnes with halves about 1.17% copper, 3.01% zinc and 47 g / ton Ag (at cut-off content 0.9% Cu). The joma area contains, among others, the former mines Grong Gruber AS in Joma and Gjersvik as below operating period 1972 to 1998, the most employed, around 130 employees, producing approximately 11.5 million tons of ore with an average content of 1.5% copper and 1.5% zinc. Jomafltet (excluding Gjersvik) is estimated to contain further indicated mineral resources of about 5.7 million tonnes halts 1.55% copper and 0.82% zinc (at cut-off level 0.8% Cu). In addition, there are additional satellite projects and several zones identified as high interest in further exploration and as Vilhelmina Mineral evaluates that develop. Forbes & Manhattan is a Canadian investment company whose business concept is to develop mining projects in early phases until mining. Forbes & Manhattan develops projects by advancing both finance and industrial skills.