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Gold/Mining/Energy : Silver prices -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (2395)	1/21/2000 7:24:00 AM
From: long-gone	Respond to of 8010

This has a bullish tone: Thursday January 20, 1:51 pm Eastern Time Canmine sees refinery start-up (Full text of press release from BCE Emergis E-News) Canmine Secures Cobalt-Silver Feed To Put Refinery Start Well Ahead of Schedule London, Ontario, Jan 20 - Canmine Resource Corporation (TSE Symbol: CMR) has entered into an agreement with Agnico-Eagle Mines Limited (''Agnico-Eagle'') to acquire a stockpile of cobalt-silver bearing material for processing at the recently acquired Canmine Refinery in Cobalt, Ontario (the ''Refinery''). Acquisition of the Refinery and the Agnico-Eagle cobalt-silver feedstock complements development of the company's own cobalt and nickel deposits. The Refinery is a state-of-the-art facility constructed in the mid 1990's at an estimated cost of $30 million. It employs modern, commercially proven, and environmentally friendly technologies such as hydrometallurgical pressure-leach and solvent extraction to produce cobalt, nickel or copper end products. This capacity by-passes the need to ship cobalt-nickel concentrates to a smelter/refinery, paying a toll charge of 25-50% of the contained metal value for processing. Unlike the gold industry, the need for outside processing has inhibited junior cobalt-nickel companies in the past from becoming producers. Now, however, four mining companies within Canada have attained cobalt or nickel refining capacity, being INCO, Falconbridge, Sherritt and Canmine. Management sees future expansion of Canmine's refining capacities for processing its own deposits and third party feeds as a tremendous opportunity. The cobalt-silver stockpile acquired from Agnico-Eagle is estimated to contain between 500,000 and 900,000 pounds of cobalt and 538,000 ounces of silver, or between 1.76% and 3.12% cobalt and 41 ounces of silver per tonne (based on independent analysis and Canmine sampling). At an estimated 13,140 tonnes, this stockpile is capable of feeding the Refinery for the next 2-3 years. The key to this acquisition, from Canmine management's view, is that it expedites re-start of the Refinery on a low unit cost of production. It also provides a base on which to plan mine development at the Werner Lake Cobalt and Maskwa Nickel Projects and the processing of these ores by the Refinery. With the inclusion of a silver recovery circuit in the Refinery, it is anticipated the silver (cont) biz.yahoo.com