This is the latest:
Canada NewsWire
Attention Business Editors:
PRINCETON MINING CORPORATION ANNOUNCES HUCKLEBERRY MINES LTD. CONSTRUCTION UPDATE
VANCOUVER, Dec. 11 /CNW/ - Princeton Mining Corporation is pleased to
announce that its 60% owned Huckleberry project has reached a significant
milestone with closing of the roof cover on the concentrator building and a
projected closure of siding by December 16, 1996. Overhead cranes in the
grinding and flotation areas have been installed and high bay lighting will be
completed shortly.
Heating systems will also be completed and operational by December 18,
1996 to heat the mill building interior. This will allow internal work on
equipment and foundations as well as piping, mechanical and electrical work to
start during the first quarter of 1997.
Construction of the tailing dam has also reached the 1,000 meter
elevation required to capture water run-off and build the necessary reserve
for mill start-up in the fall of 1997.
All concrete foundations for the primary crusher are being completed this
week with crusher installation forecast for late January, ahead of schedule.
Delivery of major equipment is progressing as planned and some mobile
mine equipment has been received on site for assembly, with the purpose of
removing overburden and to ensure stripping is completed well ahead of the
start-up date of September 27, 1997.
Total project costs spent and committed to the end of November, 1996
represent 52% of the budget. Total expenditures forecast at completion remain
under the $137 million budget.
Princeton Mining Corporation acquired the Huckleberry project in 1995 and
in 1996 finalized a partnership with a consortium of Japanese companies to
bring the project into production. The mine is expected to produce 65 million
pounds of copper, 6,000 ounces of gold, 270,000 ounces of silver and over one
million pounds of molybdenum annually.
For further information: Susanne Gallant, Corporate Relations (604) 688-2511, fax (604) 688-4772 |
