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Gold/Mining/Energy : Sabre Gold
SGLDF 0.163+1.7%Feb 7 3:00 PM EDT
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From: sense10/23/2021 5:41:06 PM
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May 17, 2014: Arizona mining companies face obstacles on the way to striking it rich

Tough to operate

Companies that make it to the mining stage don't always succeed, as they face obstacles that larger firms overcome by investing in geologists and technical studies to ensure they are digging as efficiently as possible.

One example in Arizona is the Copperstone gold mine between Quartzsite and Parker, which was restarted in 2011 by Vancouver-based American Bonanza.

After running for two years, the company announced in October that mining and milling would be suspended because the company was not generating enough revenue to meet expenses. One problem was maintaining a steady flow of ore to the mill. The mine also was not meeting the expected grades that came out of the mine's feasibility study.

The employees were cut back to a care-and-maintenance crew of nine.

The company planned more drilling to target higher-grade ores and to improve the underground infrastructure.

The mill worked well, the company reported, but when it reopens, the company wants to have a 30-day stockpile of ore to feed it.

Recently, a deal was negotiated to merge with Kerr Mines Inc., an exploration company in Toronto. The acquisition by Kerr is pending and subject to a vote of American Bonanza shareholders scheduled for June 20. [2014]
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