NEWFOUNDLAND – Toronto-based AUR RESOURCES has entered into forward sales contracts for 75% of the future production from the Duck Pond copper-zinc-silver-gold mine in the central portion of the province. The contracts total 116,400 tonnes of zinc to be delivered on an equal monthly basis from July 2007 through December 2011. The price is set on a sliding scale but will average US$0.716/lb.
Construction of the Cdn$92-million Duck Pond mine is on schedule for start-up in the fourth quarter of this year. Annual production is set at 76 million lb of zinc and 41 million lb of copper.
The Duck Pond deposit contains reserves of 4.1 million tonnes averaging 5.7% Zn, 3.3% Cu, 59 g/t Ag and 0.9 g/t Au. The mining rate will be 1,500 tonnes/day.
The Aur website is at www.AurResources.com.