YELLOWKNIFE, NWT A subsidiary of MIRAMAR MINING has sold the Bluefish hydroelectric power plant to NORTHWEST TERRITORIES POWER CORP. for $10 million, payable on Dec. 31, 2004. Bluefish is a 7-MWA plant located 40 km northwest of Yellowknife and supplying the Con gold mine.
Proceeds of the sale will be used to reclaim the Con mine site when it winds down, probably in early 2005. The federal Department of Indian Affairs and Northern Development has accepted a promissory note from NWT Power against the $10 million payment as collateral for the mine's closure bond.
Miramar owns and operates both the Con mine and mill and nearby Giant gold mine. All told, these two mines have produced over 14 million ounces of gold since 1938. Miramar also owns 100% of the Hope Bay gold project in Nunavut. Hope Bay has a measured and indicated resource of 3.24 million tonnes at a grade of 15.7 g/t Au plus an inferred resource of 6.86 million tonnes at 12.3 g/t Au. This year's drill program includes 43,000 m of coring and 4,500 m of reverse circulation drilling.
More information is available from Miramar president Tony Walsh at 800-663-8780 or 604-985-2572.