THUNDER BAY NEWSPAPER
IMPRESSIVE!!AFTER READING FINANCIALS OF BOTH STARCORE AND AVALON DON'T UNDERSTAND WHY NOT A MERGER! THIS WOULD FORM A BIGGER CORPERATION. LOVE WHEN JOBS ARE CREATED!!!!
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Place Dome jumps in
By Bryan Meadows - The Chronicle-Journal
February 22, 2001
Mining industry giant Placer Dome has joined the search for rare minerals north of Thunder Bay.
Avalon Ventures Ltd. and Starcore Resources Ltd. announced yesterday a joint-venture agreement with Placer Dome to explore the companies' Legris Lake platinum/palladium property about 75 kilometres north of Thunder Bay.
"We are very excited at having the opportunity to form a partnership for our rare metals and precious metals projects with a well-respected, senior mining company such as Placer Dome," Avalon president Donald Bubar said yesterday.
"It sort of gives us instant credibility for the projects we've been involved in," he said, noting that with Placer Dome's proven mine development expertise, "we expect to be able to rapidly push our advanced projects through feasibility to production, while also expanding our exploration efforts and creating new mineral development opportunities for both companies."
Under the agreement, which is still subject to regulatory approval, Placer Dome will have a right to earn a 50-per-cent interest in the Legris Lake property by spending $4 million on exploration work over the next four years.
Placer Dome can increase its interest to 60 per cent upon delivery of a bankable feasibility study, Bubar said.
Results of exploration work last year on the Legris Lake property showed significant palladium, platinum, copper and nickel mineralization.
It is located just south of North American Palladium's Lac Des Iles Mine.
A $140-million expansion under way there has created about 250 full-time jobs. Beginning this summer the mine's production will increase to 15,000 tonnes of palladium per day, from its current production of about 2,400 tonnes.
The mine is also the world's largest producer of platinum metals.
Demand for palladium — which is used in catalytic converters to regulate car and truck emissions — has skyrocketed as developing countries work to limit exhaust emissions.
Bubar noted that the Placer Dome alliance also bodes well for its other mining properties, including the Big Whopper petalite deposit north of Kenora.
While "Placer hasn't made any firm commitments," Bubar said "they see it as an interesting project."
"They plan to do their homework and take a look at it," he said.
Placer Dome has also agreed to invest $980,000 in Avalon to help the company with new project development and operating expenses. It has also agreed to provide project management, engineering services and assistance in obtaining project financing for the company's advanced projects.
Meanwhile, Avalon continues to explore financing options for a $5-million bulk sampling of its Big Whopper petalite discovery at Separation Rapids about 60 kilometres north of Kenora.
Petalite is a rare mineral used in the manufacture of ceramics and heat-resistant glass construction.
Company officials said the bulk sampling project will give the company the data required for a "final feasibility study" into opening an open pit mine on the 842-acre property.
The Big Whopper deposit also contains contains tantalum, a rare metallic element used primarly in the electronics industry.
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Place Dome jumps in
By Bryan Meadows - The Chronicle-Journal
February 22, 2001
Mining industry giant Placer Dome has joined the search for rare minerals north of Thunder Bay.
Avalon Ventures Ltd. and Starcore Resources Ltd. announced yesterday a joint-venture agreement with Placer Dome to explore the companies' Legris Lake platinum/palladium property about 75 kilometres north of Thunder Bay.
"We are very excited at having the opportunity to form a partnership for our rare metals and precious metals projects with a well-respected, senior mining company such as Placer Dome," Avalon president Donald Bubar said yesterday.
"It sort of gives us instant credibility for the projects we've been involved in," he said, noting that with Placer Dome's proven mine development expertise, "we expect to be able to rapidly push our advanced projects through feasibility to production, while also expanding our exploration efforts and creating new mineral development opportunities for both companies."
Under the agreement, which is still subject to regulatory approval, Placer Dome will have a right to earn a 50-per-cent interest in the Legris Lake property by spending $4 million on exploration work over the next four years.
Placer Dome can increase its interest to 60 per cent upon delivery of a bankable feasibility study, Bubar said.
Results of exploration work last year on the Legris Lake property showed significant palladium, platinum, copper and nickel mineralization.
It is located just south of North American Palladium's Lac Des Iles Mine.
A $140-million expansion under way there has created about 250 full-time jobs. Beginning this summer the mine's production will increase to 15,000 tonnes of palladium per day, from its current production of about 2,400 tonnes.
The mine is also the world's largest producer of platinum metals.
Demand for palladium — which is used in catalytic converters to regulate car and truck emissions — has skyrocketed as developing countries work to limit exhaust emissions.
Bubar noted that the Placer Dome alliance also bodes well for its other mining properties, including the Big Whopper petalite deposit north of Kenora.
While "Placer hasn't made any firm commitments," Bubar said "they see it as an interesting project."
"They plan to do their homework and take a look at it," he said.
Placer Dome has also agreed to invest $980,000 in Avalon to help the company with new project development and operating expenses. It has also agreed to provide project management, engineering services and assistance in obtaining project financing for the company's advanced projects.
Meanwhile, Avalon continues to explore financing options for a $5-million bulk sampling of its Big Whopper petalite discovery at Separation Rapids about 60 kilometres north of Kenora.
Petalite is a rare mineral used in the manufacture of ceramics and heat-resistant glass construction.
Company officials said the bulk sampling project will give the company the data required for a "final feasibility study" into opening an open pit mine on the 842-acre property.
The Big Whopper deposit also contains contains tantalum, a rare metallic element used primarly in the electronics industry.
--------------------------------------------------------------------------------
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Tell us what you think about this story.
Enter Freezone.com!
Circulation | Readership Promotions
Copyright © 2000 The Chronicle
TOP STORIES
Search News Archive
Place Dome jumps in
By Bryan Meadows - The Chronicle-Journal
February 22, 2001
Mining industry giant Placer Dome has joined the search for rare minerals north of Thunder Bay.
Avalon Ventures Ltd. and Starcore Resources Ltd. announced yesterday a joint-venture agreement with Placer Dome to explore the companies' Legris Lake platinum/palladium property about 75 kilometres north of Thunder Bay.
"We are very excited at having the opportunity to form a partnership for our rare metals and precious metals projects with a well-respected, senior mining company such as Placer Dome," Avalon president Donald Bubar said yesterday.
"It sort of gives us instant credibility for the projects we've been involved in," he said, noting that with Placer Dome's proven mine development expertise, "we expect to be able to rapidly push our advanced projects through feasibility to production, while also expanding our exploration efforts and creating new mineral development opportunities for both companies."
Under the agreement, which is still subject to regulatory approval, Placer Dome will have a right to earn a 50-per-cent interest in the Legris Lake property by spending $4 million on exploration work over the next four years.
Placer Dome can increase its interest to 60 per cent upon delivery of a bankable feasibility study, Bubar said.
Results of exploration work last year on the Legris Lake property showed significant palladium, platinum, copper and nickel mineralization.
It is located just south of North American Palladium's Lac Des Iles Mine.
A $140-million expansion under way there has created about 250 full-time jobs. Beginning this summer the mine's production will increase to 15,000 tonnes of palladium per day, from its current production of about 2,400 tonnes.
The mine is also the world's largest producer of platinum metals.
Demand for palladium — which is used in catalytic converters to regulate car and truck emissions — has skyrocketed as developing countries work to limit exhaust emissions.
Bubar noted that the Placer Dome alliance also bodes well for its other mining properties, including the Big Whopper petalite deposit north of Kenora.
While "Placer hasn't made any firm commitments," Bubar said "they see it as an interesting project."
"They plan to do their homework and take a look at it," he said.
Placer Dome has also agreed to invest $980,000 in Avalon to help the company with new project development and operating expenses. It has also agreed to provide project management, engineering services and assistance in obtaining project financing for the company's advanced projects.
Meanwhile, Avalon continues to explore financing options for a $5-million bulk sampling of its Big Whopper petalite discovery at Separation Rapids about 60 kilometres north of Kenora.
Petalite is a rare mineral used in the manufacture of ceramics and heat-resistant glass construction.
Company officials said the bulk sampling project will give the company the data required for a "final feasibility study" into opening an open pit mine on the 842-acre property.
The Big Whopper deposit also contains contains tantalum, a rare metallic element used primarly in the electronics industry.
--------------------------------------------------------------------------------
Comments on this story:
Tell us what you think about this story.
Enter Freezone.com!
Circulation | Readership Promotions
Copyright © 2000 The Chronicle