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NEWS: NIS-v PROVIDES UPDATE ON ITS PROJECTS...
Nov 05, 2009 05:21PM
"New Island has received a net of $75,000 which, depending on ore grades and current gold market prices, is projected to increase significantly in the coming months."...
$75K not much but like the sound of "projected to increase significantly in the coming months"... FINALLY!
New Island must wait for JV to fix Pine Cove mill
2009-11-05 13:27 ET - News Release
Mr. Harold Wareham reports
NEW ISLAND PROVIDES UPDATE ON ITS PROJECTS
New Island Resources Inc. has provided an update on its projects.
Pine Cove project
The Pine Cove property is on option to Anaconda Mining Inc. which can earn a 60-per-cent interest in the property by bringing the property into commercial production. To date, Anaconda has constructed a 500-ton-per-day mill at the site but has experienced operating difficulties due to a design deficiency. Modifications are presently under way to correct the deficiency with an upgraded mill with planned completion for the second quarter of 2010.
In the meantime, ore from the deposit is being trucked to the Nugget Pond mill about 50 kilometres away for processing under a custom milling contract. This contract commenced in July and is expected to be completed in June, 2010.
To date, after deducting start-up expenditures, New Island has received a net of $75,000 which, depending on ore grades and current gold market prices, is projected to increase significantly in the coming months.
Glover Island project
The Glover Island property is on option to Crew Gold Corp. which, under an agreement signed in October 2006, has committed to expend $5-million on exploration over a five-year period to obtain a 60-per-cent interest. Crew has expended a total of approximately $1.6-million on this commitment to date. Discussions are presently under way with Crew as to its intention for the remainder of its commitment.
Certain small property holdings in Labrador and on the island of Newfoundland have had no major expenditures incurred during the current year. All these properties have sufficient work commitments made to keep title in good standing during 2010 and a portion of 2011.
Investment in Prominex Resources Corp.
New Island holds a shareholder interest of approximately 18 per cent in Prominex Resource. Currently, Prominex has a cease trading order placed on it due to late filing of audited financial statements. Steps are being taken to have this deficiency corrected so that the company can be reinstated. Prominex holds a majority joint venture ownership of the Tulk's Hill base metal deposit about 35 kilometres distant from the historic Buchans mine site. The deposit is near surface, accessible by an existing adit and can be readily mined. Royal Roads Corp. is the minority partner in the joint venture. Prominex is endeavouring to obtain access to custom milling factories.