QUEBEC – Ore mined by Toronto’s FIRST METALS from its Fabie Bay project will be treated at the Horne mill in Rouyn-Noranda. The mill is operated by XSTRATA COPPER CANADA. In order for the ore to be treated, Xstrata will have to refurbish the mill at First Metals’ expense. First Metals anticipates arranging a term debt to raise the needed $4.5 million.
The Fabie Bay project lies on the shore of Lac Duparquet. First Metals has begun dewatering the pit and underground workings. The water treatment plant and polishing pond are under construction. The deposit was test mined and successfully milled by Noranda in the late 1970s. Recent estimates put inferred resources at 672,800 tonnes grading 2.77% Cu.
First Metals floated its IPO in September 2006. Visit the website at www.FirstMetalsInc.com.