Galore Creek Takes on Partner

By 250 News

Nova Gold  Resources and Teck Cominco have announced a partnership to go ahead with the construction of the Galore Creek mine, 150 km northwest of Stewart.

Under the deal,  the two companies will invest about $2 billion dollars US in the construction of the open pit mine .  Galore Creek is  said to be  rich in gold, copper and silver deposits.   It is estimated it will be  able to produce  432 million pounds of copper, 341,000 ounces of gold and 4million ounces of silver annually for the first 5 years of production.  The companies think the reserves are strong enough to keep the mine operating for 25 years.

Galore Creek is one of the largest undeveloped copper-gold projects in the world. The project is expected to create up to 1,000 jobs during the construction phase and approximately 500 full-time jobs during operation.

Email | Print | Facebook | Twitter | Digg | Del.icio.us