ONTARIO - Toronto-based PATRICIA MINING CORP. reports that project manager RICHMONT MINES of Montreal is making progress toward reopening the Island Gold precious metals mine near Wawa. The ramp has reached the 190-m level and development of that mineralized zone will begin this month. The ramp will reach a depth of 270 m by the end of this year.
A new ventilation drift was driven 218 m laterally that will allow a ventilation and second egress raise to be driven to surface by the end of July. The new ventilation drift crossed strong mineralization in the North Shear zone. The North Shear zone is accessible from the current underground development. (It should be noted that mineralization in the North Shear zone is not included in the current resource estimate for the Island Gold deposit.) Indicated resources in the Island zone total 273,000 tonnes grading 12.30 g/t Au, and the inferred resources are 332,700 tonnes grading 12.90 g/t Au.
Infrastructure including a permanent water sump, a mobile maintenance shop and powder magazine has been constructed. A compressor plant is in the late stages of construction and is expected to be operational by July 2005. The site is home to a fully permitted 650-tonnes/day CIP mill that was built for the nearby Kremzar mine.
Richmont has an option to acquire 55% of the project by bringing the deposit into production or by investing up to $10 million. More information is available at either www.PatriciaMining.com or www.Richmont-Mines.com.