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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (28487)	11/5/2008 10:23:55 AM
From: LoneClone	Read Replies (1) of 193179

North Idaho mine lays off 45, cuts contractors idahostatesman.com The operator of a northern Idaho silver mine laid off 45 workers and dismissed contractors, maintaining that the cuts were needed to reduce costs. U.S. Silver Corp. is trimming back its work force at the Galena Mine complex, the Spokesman-Review reported. In addition to the layoffs, four companies that did contract work at the underground silver mine also were let go. As of June, the mine complex had employed 210 workers and 65 contract workers. The company will combine two milling operations into one and has suspended most capital projects. Tom Parker, the interim chief executive officer, says the challenging outlook for equity markets and recent declines in silver prices have the company looking for ways to make itself more efficient. Silver was trading under $10 per ounce Monday, after briefly topping $20 per ounce this spring.

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