The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Don't count out a reopening of Snow Lake's long-idle gold mine just yet. That's the word from QMX Gold Corp., the junior miner that owns the Snow Lake Mine, formerly the New Britannia Mine. 'Management continues to work towards securing strategic alternatives for the Snow Lake project,' the company announced in a news release last week, 'with a renewed approach to seek out private equity investors and promoting the Snow Lake project as a near-production opportunity in a tier one (mining) jurisdiction.' QMX has long spoke of its desire to restart the Snow Lake Mine, idle since 2005, but the lack of activity at the property has jaded some Snow Lake residents. Hope for the project may be further dampened by QMX's announcement that company-wide net losses totalled $10.42 million for the first six months of 2013. QMX also owns the Lac Herbin mine in Quebec, where the company has been forced into a number of cost-cutting measures. Recently, QMX announced that it would suspend development and exploration at Lac Herbin for an undetermined period of time. Lac Herbin will continue to operate on a partial basis. Operational guidance for the mine remains at production levels of 20,500 to 23,000 ounces of gold for 2013, QMX said. Best spin In releasing its latest financial results, QMX attempted to put forth the best spin possible. The headline of last week's news release mentioned only revenue, not the fact that company continues to bleed red ink. For his part, Francois Perron, president and CEO of the Toronto-based QMX, said the company is 'now seeing the positive impacts' of cost-cutting. Lac Herbin mine, he said, 'remains cash flow positive' but 'further declines in the gold price have forced the company to make the decision to suspend development and exploration to further contain costs.' Perron touted QMX's new custom milling agreement with Armistice Resources, relating a mine in Ontario, as a step forward. '...I am hopeful that we will be able to investigate similar opportunities in the region as an additional revenue stream for the company,' he said in the release.
