Roxmark ships 7.23 tons of Mo concentrate to Europe
2007-01-16 14:55 ET - News Release
Mr. Monir Younan reports
ROXMARK SHIPS MOLY CONCENTRATE MILLED FROM NORTOBA-TYSON BULK SAMPLE, RECEIVES PERMITS FOR UNDERGROUND DEVELOPMENT
Roxmark Mines Ltd. has shipped to a European buyer 7.23 tons of 54.3 per cent molybdenum concentrate from ore bulk sampled on the Nortoba-Tyson property and processed to exceed the industry's 50-per-cent standard for concentrate at the company's fully permitted Northern Empire mill. The shipment, equivalent to more than 7,200 pounds of molybdenum oxide, is valued at an estimated $190,000 net of roasting fees.
The company is in the process of analyzing in detail the results of the bulk sampling program, which delivered just over 2,030 tons of molybdenum ore to the mill, before deciding on future steps for molybdenum development. Plans for 2007 currently call for extracting a 6,000-ton bulk sample from underground at Nortoba-Tyson. All necessary permits have been received for such a program.
A diamond drilling program is also being planned to further explore several gold veins on the Nortoba-Tyson property. Historical bulk sample results show that 135 tons extracted in 1964 yielded 139 ounces of gold, an average of 1.03 ounces of gold per ton (Geological Report 122 of the Ministry of Northern Development and Mines, 1975, Mackasey). During 2006, several grab samples taken by Roxmark from the bottom of the previous bulk sample area yielded gold values ranging from 0.17 ounce per ton to 7.64 ounce per ton.
"Production of moly through our mill was an important milestone for Roxmark," said Monir Younan, Roxmark president. "Given that this was our first experience working with moly ore, results were encouraging. However, we are looking at ways to increase yield through improved mining and milling techniques as well as taking an in-depth look at a number of broader issues before deciding on next steps."
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