ONTARIO - Vancouver-based Quadra FNX and the Sagamok Anishnawbeck First Natation have signed a memorandum of understanding with regard to the Victoria nickel-copper project near Sudbury. The agreement forms part of the environmental permitting process for the project.
The MOU becomes the foundation for the two sides to conduct open and timely discussions concerning the project, that is at the advanced exploration stage.
The Victoria deposit may contain as much as 3.4 billion lb of copper equivalent. The scoping study conducted in 2010 outlined a base case development scenario of sinking the production and ventilation shafts concurrently. The deposit could be mined at a rate of between 2,500 and 4,000 t/d while allowing underground exploration to continue from the ventilation raise. Capital costs have been estimated at $750 million.
More information about the Victoria project as well as Quadra FNX's other projects is available at QuadraFNX.com.
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