NORTHWEST TERRITORIES Faced with mounting losses the Giant gold mine in Yellowknife will be placed on care-and-maintenance in mid-July, says the owner MIRAMAR MINING of Vancouver. Operations generated losses in April and May that were in a similar range to the monthly operating losses generated in the first quarter, said the company, and the decision has now been made to shut down operations at the Giant mine earlier than originally projected.
Miramar has agreed to maintain the Giant property to ensure compliance with environmental requirements for six months, and the property will then revert to the federal Department of Indian and Northern Affairs (DIAND). Miramar will then have no environmental liabilities related to previous operations at the site. The company has fully cash bonded all reclamation obligations relating to its own activities. Miramar's nearby Con mine closed in November 2003.
Miramar will now concentrate its efforts on its 100%-owned Hope Bay gold project and its 60% option on the George and Goose Lake projects in Nunavut. Details of those are available at www.MiramarMining.com.
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