Sherwood Ships First Minto Mine Concentrates From Skagway
Thu Oct 25, 12:41 PM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2007) - Sherwood Copper Corporation (TSX VENTURE: SWC.V) today reported that 6,615 wet metric tonnes of copper-gold concentrates produced at its high grade Minto copper-gold mine in the Yukon have been loaded on a ship bound for smelters in Asia. This represents the first of many such shipments planned through the recently refurbished Skagway Ore Terminal in Alaska, which was refurbished with funding from the Alaska Industrial Development & Export Agency ("AIDEA").
"Loading our first ship with concentrates bound for smelters in Asia represents yet another milestone for Sherwood Copper's high grade copper-gold mine in the Yukon," said Stephen P. Quin, President & CEO of Sherwood Copper. "This shipment represents the culmination of 28 months of intensive work since our acquisition of the Minto project in June 2005 and is credit to all those involved in the construction and operation of the Minto Mine and related facilities. Particular credit for this portion of the Minto story belongs to Canadian Lynden Transport for trucking the concentrates to Skagway, to AIDEA for funding the refurbishment of the Skagway Ore Terminal, R&M Consultants Inc. for management and engineering design and Hamilton Construction, general contractors for the refurbishment."
As announced September 5, 2007, the construction of the Minto mine was completed ahead of schedule and essentially on budget, with first concentrates produced at the end of May, 2007, less than two years from acquisition of the undeveloped Minto project. Commercial production was declared on October 1, 2007 and the official mine opening, attended by representatives of the Yukon Government, Selkirk First Nation, people involved in the financing, construction and operation of the mine and others, was held on October 11, 2007 at the Minto Mine site.
This shipment totalled 6,615 wet metric tonnes of copper-gold-silver concentrates and typical moisture content for the concentrates is 8-10%. Additional concentrates have been and will continue to be stockpiled at Skagway (and at the mine site during freeze-up and break-up of the Yukon River) as production continues and shipped on a regular basis from Skagway to smelters overseas.
Minto Project
The Minto Mine is a high-grade open pit copper-gold deposit located in the Yukon Territory of Canada. Sherwood acquired the Minto project in June 2005 and, in just two years from its acquisition, completed a bankable feasibility study, arranged project financing, and built a $100 million open pit copper-gold mine. Commercial production commenced on October 1, 2007. In parallel with these development activities, Sherwood has been running an exceptionally successful exploration program that has resulted in multiple discoveries of high grade copper-gold mineralization across its Minto Mine property.
Sherwood
Sherwood's successful consolidation of the ownership of the Minto Project provides a unique investment opportunity - participation in a fully permitted, operating, high-grade, open pit copper-gold mine located in Canada with tremendous exploration potential on the 100% owned property.
Additional Information
Additional information on Sherwood and its Minto Project can be obtained on Sherwood's website at sherwoodcopper.com.
On behalf of the board of directors
SHERWOOD COPPER CORPORATION
Stephen P. Quin, President & CEO
This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See the Company's filings for a more detailed discussion of factors that may impact expected results.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Contacts
Stephen Quin
Sherwood Copper Corp.
President
(604) 687-7545 or 1-888-338-2200
Brad Kopp
Sherwood Copper Corp.
(604) 687-7545 or 1-888-338-2200
Kristy Reynolds
Sherwood Copper Corp.
(604) 687-7545 or 1-888-338-2200
(604) 689-5041 (FAX)
Website: www.sherwoodcopper.com |
