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Natural Resources
July 24, 2008
First Gold Poured at
Pine Cove Mine
The province newest
mine at Pine Cove near Baie Verte has poured it first gold bars, marking
another milestone for Newfoundland and Labrador�s mineral resources
sector.
�The successful
opening of the Anaconda Mining operation is the latest in a growing list
of mineral exploration and development achievements for the province,�
said the Honourable Kathy Dunderdale, Minister of Natural Resources. �I
want to congratulate the entire team on this significant achievement in
helping return the Baie Verte Peninsula to its former glory as an
important mining centre in the province. The successful completion of
the mine and mill and beginning of gold bar production is an important
accomplishment for the people of the area.�
Anaconda Mining and
partner New Island Resources began construction of the mine in June
2007. The company estimates the mine will produce approximately 16,000
ounces of gold annually for the next 13 years and will employ 44 people
directly. The company is also carrying out additional mineral
exploration on the property, which could possibly extend the life of the
operation.
�Our strategy to
increase global awareness of our stable political climate, vast mineral
resources, infrastructure and proximity to major shipping routes is
paying dividends,� said Minster Dunderdale.
�We are
strategically investing in this industry, as demonstrated in Budget
2008, by adding permitting services to our online offerings, maintaining
record-high investments in exploration incentives and increasing
geoscientific surveying and mapping.�
Pine Cove is the
province�s fourth new mine to open in the past four years and caps off a
string of record-breaking years for the province�s mineral sector. The
latest statistics show companies spent $148 million exploring for
minerals in 2007, which is nearly 350 per cent higher than the $33
million spent in 2004. Likewise, the gross value of the province�s
mineral shipments reached $3.9 billion in 2007, up 480 per cent from
$672 million in 2004.
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Media contact:
Tracy Barron
Director of Communications
Department of Natural Resources
709-729-5282, 690-8241
tracybarron@gov.nl.ca
2008 07
24 5:00 p.m.
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