August 22, 1997
(Mines and Energy)
Minister comments on new copper prospect
Charles J. Furey, Minister of Mines and Energy, commented today on a new copper prospect made by PNL Ventures Ltd. in the Baie Verte region.
"I am encouraged by the new showing of copper mineralization on the Baie Verte Peninsula. However, it my understanding that only the most preliminary form of exploration, surface grab sampling and two drill holes have been completed to date," says Furey. "These results have only enabled geologists to determine the type of mineralization in the rock. It is still much too early to determine whether the find has the potential to be economical."
"Much further drilling will be required to determine the grade, extent and economic viability of the new prospect. To speculate on this prospect becoming a new mining operation is premature, irresponsible and gives the industry a bad name," says Furey.
More exploration and full evaluation by mining professionals is required before one can speculate on whether this prospect is likely to eventually become economically viable. Furey added, "However, if it is determined that there are sufficient reserves to be economically viable, then the Government will work with investors to ensure the proper development of the project."
Contact: Tara Laing, Communications Department of Mines and Energy (709) 729-4890.
| 1997 08 22 | 12:15 p.m. |
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