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The Endako molybdenum mine in British Columbia has been extended another two years, Thompson Creek Metals (TSX:TCM) said yesterday. The Denver and Vancouver-based company announced a 9% increase in mineral reserves from 286.2 million to 312.2 million pounds of molybdenum at the mine, located near Prince George, BC., meaning the mine will operate until 2028.
“The updated reserves estimate illustrates the significant value of the Endako mine. The current report has revised our reserves estimates as a result of improved engineering, refined geological modeling and new drilling data. We believe the resource base at the Endako mine will continue to expand with our 2011 drilling program and future exploration,” CEO Kevin Loughrey said in a statement.
Thompson Creek is in the midst of constructing a new mill at Endako that is expected to increase throughput from 31,000 to 55,000 tpd and boost recoveries by 4%. Total annual production is expected to reach 11-16 million pounds per year once the new mill is completed in the first quarter of 2012.
The mine is a JV between Thompson Creek Metals and Sojitz Corp of Japan which has a 25% stake.
Click here for the full news release
Electric shovel loading a truck at the Endako Mine; image by Thompson Creek Metals
2 Comments
Ned
312.2 million tonnes of Molybdenum? Or molybdenum ore?
MINING.com Editors
It should be 312.2 million pounds, not tonnes. Thanks for catching the mistake- it has been corrected. According to the press release: Endako’s proven and probable mineral reserves are estimated to be 340.3 million tons at an average grade of 0.046% Mo containing 312.2 million pounds of molybdenum.