Agnico Eagle Limited Signs Agreement with Aura Silver to Recommence Drilling Project
Canada-based Agnico Eagle Limited has announced it has entered into an option agreement with Aura Silver Resources Inc. to resume drilling at Aura’s Greyhound Property located in Nunavut, Canada.
The deal will allow Agnico Eagle exclusive rights to earn an undivided 51 percent ownership interest in the Property, incurring $1,750,000 in work expenditures in the first three years.
Agnico Eagle will also have the option to increase its ownership interest in the Property to 70 percent over a further three year period by A.) either solely financing the Feasibility Study or solely incurring $5,000,000 of additional work expenditures and B.) providing to the Aura Silver’s cash option payments.
According to Aura Silver CEO, Robert Boaz, the company is pleased Agnico Eagle is proceeding with the drilling program. "We are extremely happy to partner with Agnico Eagle given their in-depth knowledge of the area geology and their extensive expertise in exploration and development in Nunavut.”
Agnico Eagle will be the operator of the Greyhound Property and will utilize its mining equipment and employees to conduct work programs.
“We can now drill targets for what we anticipate to be high-grade gold and silver which have been determined by a combination of Aura Silver's past geochemical (both organic and inorganic) and geophysical analyses as well as Agnico Eagle's analysis of the data, said Boaz"
The Greyhound property is approximately 35 kilometers north of Agnico Eagle’s Meadowbank gold mine. The two properties are connected by the mine’s all-weather road which also provides access to the inland ocean port of Baker Lake.
To view more on the agreement click here: http://www.aurasilver.com/s/NewsReleases.asp?ReportID=658177
Unmanned train to allow Vale to reopen iron ore plant
Brazilian miner Vale SA will be able to resume operations at its Timbopeba iron ore dry processing plant in up to two months thanks to the use of an unmanned train, the company said in a statement this week.
Vale - Timbopeba iro ore plant
With the train, Timbopeba will be able to operate at least at 80% of its capacity of 33,000 tonnes of iron ore “fines” per day, reports Reuters.
Vale was forced to shut down the plant in the Alegria mine complex recently after labor authorities in Minas Gerais state banned activities close to the Xingu dam due to concerns of a risk of collapse.
Vale said access by workers and vehicles continues to be suspended in the flood zone of the dam due to the ban even though it remains at emergency level 2, which means there no imminent risk of rupture.
But some workers are allowed entry under strict security precautions and they will get the unmanned train going once it has been tested, which would take between one and two months, the company said.
The unmanned train will travel automatically along 16 kilometers (10 miles) of track operated by a system that can control the speed and activate the brakes, Vale said.
Vale announces first ore at Voisey’s Bay mine extension
Vale has reached the milestone of first ore production at the Reid Brook deposit at the Voisey’s Bay mine expansion project in Northern Labrador, Canada - recognised as the safest mine in Canada.