NORTHEAST BRITISH COLUMBIA The Willow Creek coal mine belonging to Vancouver-based PINE VALLEY MINING will reach commercial production this June. The production rate will be ramped up to 95,000 tonnes/month by September 2004. It is the first new major export metallurgical coal mine to start up in North America for almost 20 years.
Based on estimates made in the 1980s, the Willow Creek project has measured and indicated reserves of 15.2 million tonnes in the North and Central areas. Another 9.5 million tonnes of measured and indicated reserves are attributed to the Pine Pass area. There are also 78.6 million tonnes of resources in the Crassier Creek and Fisher Creek deposits.
Pine Valley has signed a letter of intent with a "leading coal trading company", that will provide a $10-million loan, repayable over three years, to bring the mine into production. Pine Valley will raise at least $3 million more to complete initial mine construction. The trading company intends to purchase 600,000 tonnes of coal over the next two years, and will be the exclusive agent for sales into Japan, Korea and Taiwan.
More detailed information on Pine Valley and the Willow Creek Coal project are available on the company's web site at www.pinevalleycoal.com.
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