Is it not a little late in the summer to commence exploration, Inco had the spring as well. Is the political climate warmer now?
Wednesday July 14, 8:03 am Eastern Time
Company Press Release
SOURCE: Inco Limited
Inco Limited Announces New Exploration Program
for its Voisey's Bay Property
TORONTO, July 14 /CNW-PRN/ - Inco Limited announced today it will begin a new round of exploration later this summer
on its Voisey's Bay property as a first step toward an underground exploration program.
This new exploration will focus on the main block area held by Voisey's Bay Nickel Company Limited (VBN), its
wholly-owned subsidiary, where the 'Ovoid' deposit is located as well as other claim blocks held by VBN.
Beginning in early September, delineation drilling of the Eastern Deeps zone of the Voisey's Bay deposit will be undertaken
from surface in preparation for its eventual underground exploration.
Some exploration drilling and geophysical work will also continue on other high priority targets including: the Sarah prospect,
some six kilometres north of the 'Ovoid', where current drilling is testing extensions to narrow intersections of high grade nickel
sulphides; the 'Kiglapaits' property, 60 kilometres north of the main claim block area; and 'Red Dog', a large area two
kilometres south of the Ovoid.
This new exploration program involves 10,000 metres of drilling at a cost of Cdn.$3.6 million. It will employ 73 people
including 23 Inco and Voisey's Bay Nickel employees as well as 50 others from contract drilling and support services firms.
The program follows the completion of Inco's exploration spending commitment under the terms of the April, 1996 agreement
covering its acquisition of Diamond Field Resources, Inc. and the Voisey's Bay deposit and other claim blocks in Labrador.
Inco will have spent more than Cdn. $80 million in exploration expenses in Labrador by the end of August, 1999.
Inco expects to release an updated estimate of the total resources at Voisey's Bay later this month.
This news release contains forward-looking statements regarding the Voisey's Bay project. Actual results may differ materially
from those contemplated by these statements depending on, among others, such key factors as the timing of receipt of
necessary federal and provincial environmental and other approvals, settlement of aboriginal land claims and exploration
activities and results.
SOURCE: Inco Limited |
