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.
Jonathon Naylor Editor Alexis Minerals says it is 'closer than ever to the production decision' at an idle Snow Lake gold mine even as the junior miner reports losses of nearly $14 million for 2011. The Toronto-based company says it is continuing exploration at the former New Britannia Mine _ now called the Snow Lake Mine _ with hopes of an eventual restart. In a news release, CEO Francois Perron said Alexis continues 'to build the team and optimize the mine plan so once the project financing is secured, we will be in position to rapidly unlock the potential value of this property for our shareholders.' 'Intensely' In the release, Alexis said it is 'intensely' working on securing the needed financing, but did not indicate how much cash is needed or when it might be in place. A company spokesperson could not be reached for comment. Alexis said recent drill results at the site continue to confirm the potential for mineralization from surface to the 520-ft. depth at the east extension of a promising zone. See 'New...' on pg. 6 Continued from pg. 1 This suggests there is a major new ore zone on the strike of the existing deposit, the company said. And further drilling suggests there are additional extensions to proposed mining areas on the upper mine levels _ findings that Alexis said further solidify its mine plan. 'Exploration continues at Snow Lake, Manitoba and the company is closer than ever to the production decision,' Alexis said. But Alexis is not presently in a strong financial position, reporting a loss of $13.6 million for 2011. Expenses The company, which operates the Lac Herbin Mine in Quebec, reported $22.6 million in operating expenses for the year. Still, Perron said he is confident that Alexis' 'mine operations are on track with the turnaround plan well underway at Lac Herbin.' The Snow Lake Mine site has a long history. According to Alexis, in 1925 the land that now comprises the property was initially staked. These claims were held by the original prospector until 1938, when they were vended into a newly incorporated company called Nor-Acme Gold Mines Ltd. In 1941, Nor-Acme optioned the claims to the Howe Sound Exploration Company Ltd. in exchange for a mining royalty. Over the next two years a large, low-grade gold deposit was delineated and, after a period of inactivity during the war, construction of mine infrastructure began in August 1945. In 1949, the mine was opened as the Nor-Acme Mine and operated until its 1958 closure. TVX Gold Inc. and High River Gold Mines Ltd. formed a joint venture in 1994 and in November 1995 the mine reopened as the New Britannia Mine. The mine was placed on a care and maintenance schedule in January 2005 and has not operated since.
