Symons rock coke crusher cone type machinery plant for sale : NovaGold says Galore Creek prefeas expected by end-July

Teck Resources and NovaGold Resource sexpect to complete a prefeasibility study on their Galore Creek copper/gold project in north-west British Columbia by the end of July, NovaGold said in a statement on Thursday.

 

The company had previously indicated the report would be ready by mid-year.

 

The partners have approved a $30.5-million budget for the rest of the year at Galore Creek, including for infill drilling to upgrade resources, geotechnical drilling on the tunnel alignment and geotechnical drilling to confirm openpit slopes in areas targeted for conversion of inferred mineral resources.

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The firms will also complete further environmental and engineering work in preparation for feasibility level studies.

 

Teck has now spent its required $373-million to earn its 50% interest in the project, and the two companies will now each pay their way on future funding requirements.

 

Teck and NovaGold started building the Galore Creek copper/gold project in 2007, but surprised the market in November that year by announcing that construction would be stopped because of surging capital costs, which had ballooned to some $5-billion. The news sent NovaGold stock plunging at the time. a

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The partners have since been re-engineering and redesigning the project, and announced in April 2010 they had started work on a new prefeasibility study.

 

The big Galore Creek project contains measured and indicated resources of 8.9-billion pounds of copper, 7.3-million ounces of gold and 123-million ounces of silver.

 

NovaGold's other big asset is its 50% holding in the Donlin Creek gold/silver project, in Alaska, which it owns with top global gold producer Barrick Gold.

 

Donlin Creek contains 29.3-million ounces of gold in proven and probable reserves and six-million ounces in measured and indicated resources.

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The company also owns 100% of the Ambler copper/zinc/gold/silver project in Alaska, as well as some other Alaskan assets that have been identified as 'non-core'.