Noranda to initiate advanced technology exploration program in Bathurst Mining Camp
04 December 2003 - 1:31AM
PR Newswire (US)
Noranda to initiate advanced technology exploration program in
Bathurst Mining Camp Signs Joint Venture Agreement with Slam
Exploration BATHURST, N.B., Dec. 3 /PRNewswire-FirstCall/ --
Noranda Inc. is pleased to announce that it has received program
approval from the New Brunswick government to launch an advanced
technology exploration program in the Bathurst mining camp of
northern New Brunswick. A total of $5 million will be invested in
the advanced technology exploration program in the first year of a
five-year program, of which 50 percent of the costs will be funded
under the previously announced government incentive program for
mineral exploration. As a result of the approval, Noranda is
announcing that it has signed a Joint-Venture agreement (the
"Bathurst JV") with Slam Exploration Ltd. of Miramichi, New
Brunswick. Using sophisticated, advanced technology, the Bathurst
JV will focus on a renewed exploration campaign in the Bathurst
mining camp that will cover an area in size of approximately 200
square miles. The objective is to discover new ore deposits near
Noranda's existing Brunswick zinc mine. "Our current reserves at
the Brunswick mine will be depleted at the end of 2008 and this
program provides us with an opportunity to begin an exploration
program that, if successful, could prolong the life of the
Brunswick operation," stated Al Coutts, General Manager, Brunswick
Mine. "There are no guarantees in this business, but Noranda has
been successful at discovering a new zinc deposit using the same
high-tech tools in the Abitibi region." Noranda will be the
operator of the Bathurst JV and will direct the exploration program
from its offices at the Brunswick mine. Work is expected to begin
immediately. Slam Exploration Ltd (Slam) is a mineral resource
company engaged in responsible mineral exploration and development
in Canada. Based in Miramichi, New Brunswick, Slam is listed on TSX
Venture Exchange. Noranda Inc. is a leading international mining
and metals company with more than 49 mining and metallurgical
operations and projects under development in 17 countries. Noranda
is one of the world's largest producers of zinc and nickel and is a
significant producer of copper, primary and fabricated aluminum,
lead, silver, gold, sulphuric acid and cobalt. Noranda is also a
major recycler of secondary copper, nickel and precious metals.
Noranda employs over 15,000 people. It is listed on The Toronto
Stock Exchange and The New York Stock Exchange (NRD). DATASOURCE:
Noranda Inc. CONTACT: Roger Clinch, (506) 547-6012,
http://www.noranda.com/
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