Donner Minerals Ltd.
Donner Minerals Ltd. english
Media Release
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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VANCOUVER, June 11 – Donner Minerals is pleased to provide the following update
on the recently signed agreement between Inco and the government of
Newfoundland and Labrador for the development of the Voisey’s Bay deposits in
Labrador, Newfoundland. Inco purchased the Voisey’s Bay deposits in 1996 for
$4.2 billion and has been negotiating for their development since that time.
Inco Limited and the Province of Newfoundland and Labrador jointly announced
today that they have entered into a statement of principles on the development
of the Voisey’s Bay nickel-copper-cobalt deposits in Labrador.
The non-binding statement of principles with the province provides for
development of a US$470 million mine and mill/concentrator processing plant at
Voisey’s Bay, and a US$120 million research and development program in
hydrometallurgical processing, including a US$85 million demonstration plant at
Argentia. This is the initial step toward the ultimate development of a
commercial processing facility to be constructed and operated in the province.
Inco expects that infrastructure, site development and other work will begin in
July 2002 with a total expected investment of approximately US$35 million by the
end of March 2003.
The Voisey’s Bay deposits are located 90 kilometres north of Donner’s South
Voisey Bay Project. Donner has been using the Voisey’s Bay geological model as
an exploration tool to help find a similar deposit in the South Voisey Bay
Project area.
As an exploration Company active in Labrador and Newfoundland, Management feels
that the development of the Voisey’s Bay deposits will have a positive impact on
the exploration activity in Labrador and provide assurance that any economic
deposit found in the area will proceed to development.
Work on the South Voisey Bay Project is scheduled to begin mid June with the
opening of the camp. Line cutting will begin shortly thereafter, followed by
surface UTEM in late June and diamond drilling in early July.
Falconbridge Limited, one of the world’s leading low-cost producers of nickel,
copper, cobalt and platinum group metals, can earn a 50% interest in the entire
South Voisey Bay Project by spending $23,000,000 on exploration over a five-year
period.
Contact in Europe:
Alexander Holtermann
Tel: +49-69-219313-59
Fax: +49-69-219313-21
e-Mail: holtermann@htcom.de
Listen to the company’s audio statement by selecting the following URL:
http://www.corporate-audio-news.de/av/data?in=CA2579041021&id=0206121746&l=en
end of message, (c)DGAP 12.06.2002
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