QUEBEC – S.W. Taylor & Co. Brokers (Middle East) has issued a commitment letter for the insurance of convertible debentures in the amount of US$15 million to be issued by Toronto's Mag Copper Limited. Mag Copper plans to reopen the Fabie Bay mine and put the Mangusi project into operation.
The two adjacent copper-zinc-gold-silver properties are located 35 km northwest of Rouyn-Noranda. The Fabie Bay open pit and underground mine operated from March 2008 to January 2009, when low copper prices forced the suspension of work. Ore was treated at the refurbished Horne mill belonging to Glencore Canada. The Mangusi project is accessible via portal.
Contact Mag Copper via its website, MagCopper.com.