Commodities - The Coming Bull Market Message Board

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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: Stephen O who wrote (898)	10/29/2001 4:39:36 PM
From: craig crawford	Read Replies (1) of 1643

Breakwater Announces Early Closure of Nanisivik Mine biz.yahoo.com Monday October 29, 12:50 pm Eastern Time TORONTO, Oct. 29 /CNW/ - Breakwater announces that due to the continued depressed metal prices the Nanisivik mine will be closing in September 2002. During the first six months of 2001 the Nanisivik mine had an operating loss of $8.3 million and a cash outflow of $6.1 million. As a result of historic weak zinc prices and the likelihood that prices will remain weak into the early part of 2002 a new mining plan has been developed for the Nanisivik mine, which will focus on the accelerated removal of the mine pillars. The new plan does not incorporate the mining of lower grade reserves and resources and as a result the mine will close in September 2002. All of the Company's operations are under review and the Company intends on pursuing all avenues of cash preservation, which may include the temporary suspension of operations at one or more other mines.

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