BRITISH COLUMBIA - Vancouver-based CROSS LAKE MINERALS has received the completed independent feasibility study for restarting the QR gold mine near Quesnel. Cross Lake believes it will take $3.5 million to update the infrastructure and redevelopment of the underground mine. Another $1.0 million in working capital will also be needed in the first two years of operation.
The feasibility study, prepared by WARDROP ENGINEERING, recommends mining only the underground resource in the Midwest zone, the open pit resource in the Northwest zone, and the West zone by both open pit and underground methods. The study estimates there are 72,840 recoverable ounces of gold remaining in the deposit. Total costs would be US$462/oz. Cross Lake is negotiating the necessary financing.
The QR mine was operated from 1995 to 1998 by KINROSS GOLD. Cross Lake secured a 100% interest in the mine two years ago. There is an 800-tonne/day mill on the site and a permitted tailings system.
Contact Cross Lake president Gordon Keevil at 604-687-2038 or visit www.CrossLakeMinerals.com.