BRITISH COLUMBIA CROSS LAKE RESOURCES of Vancouver has completed the purchase of the suspended QR gold mine from KINROSS GOLD. The former producer is located approximately 60 km southeast of Quesnel. Kinross operated the mine from 1995 to 1998 when it put the property on care-and-maintenance. All mining leases, permits, the mine and an 800-tonne/day mill were transferred to Cross Lake.
Cross Lake optioned the QR mine in July 2002, agreeing to pay Kinross $800,000 in cash and/or shares by May 1, 2004.
Cross Lake has begun a diamond drilling program to increase the current resource, estimated to be 903,510 tonnes with a weighted average grade of 3.1 g/t Au. Drilling will focus on the Midwest zone, which was developed for underground mining by Kinross, and the North zone. The North zone is the largest zone on the property, and the majority of this resource is partially developed and can be exploited mainly by open pit mining methods. The company says the mill could be quickly restarted with minimal capital investment if the go-ahead is given to resume production.
More information about the QR project is posted at www.CrossLakeMinerals.com.