Mineral Exploration Report By Henan Hongxing

Hongxing gold-copper and Kitsault molybdenum projects conducted engineering, environmental and archeological field studies. The Hongxing project is among the 5 largest undeveloped gold resources inside the world. It’ll be reviewed under the BC and Canadian environmental assessment processes. Aggregate resources (measured, indicated and inferred) in the adjoining Hongxing and Snowfield projects total four.37 billion tonnes containing 85 million ounces of gold. And yes, even if you are not familiar with the terminology, that’s as huge as it sounds! Kitsault molybdenum mine operated previously and may well proceed under an amendment to its current Mine Permit.

Although British Columbia experienced a slow start to the mining and exploration business in 2009 (thanks to the globe slowdown resulting from tight monetary markets), a late season surge in drilling occurred as investor optimism rose in late summer and capital became readily available. Some in the highlights from our own Northwest region show outstanding potential for the 2010 season.

Estimated spending on important and modest mine development projects was $47 million. Mineral exploration expenditures reached $65 million. There had been 17 exploration projects that exceeded $500,000. Exploration drilling totaled about 144,000 metres at 30 drilling programs. Galore Creek copper-gold proposed mine is on hold pending redesign of the project though construction with the access road continued throughout the year. Exploration at Red Chris, which also holds a development certificate for an open pit mine, continued for a deep copper-gold deposit.

Cassiar Gold project began underground development at the Table Mountain mine and surface mining of a bulk sample in the nearby Taurus mine. Function in the two internet sites was halted in November. Near Smithers, the new owner with the closed Dome Mountain mine refurbished the underground workings and applied for a Small Mines Act permit to mine the remaining gold resource for off-site milling.

The Endako molybdenum mine spent about $39 million last year, reactivating a major expansion and modernization program. This was the only important mine development project active inside the region. Huckleberry copper-molybdenum mine, south of Houston, announced a two-year extension of operations, till 2012. Fireside barite, a small seasonal quarry in the far north, continued operation.

In a landmark move, the governments of British Columbia and Canada agreed to share the price to develop the Northwest Transmission line , an extension from the 287 kilovolt power grid to Bob Quinn that could service new mines within the region, like Galore Creek. This can be also encouraging news for exploration projects inside the northwest of our province. The proposal is at present undergoing the environmental assessment phase and holding public meetings throughout our region.

During 2009, copper, silver and zinc gradually recovered considerably with the value they lost late the preceding year and gold, which had not declined, climbed to a record high value. The price of molybdenum improved only a modest quantity after it fell a lot more than any other metal. Thus far, the outlook for 2010 is moderately positive along with the early spring right here in Smithers has everyone anxious to start exploring.

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