Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, Aug. 10, 2011 /CNW/ – Fire River Gold Corp. (the “Company”, “FAU”) (TSX.V: FAU) is pleased to announce it has negotiated a three year contract with Glencore International Limited for the sale of the copper concentrate produced at Nixon Fork Gold Mine. The gold rich copper concentrate is to have moderate copper content which has varied from 10% to 25% historically.
The concentrate will leave Nixon Fork Gold Mine in 1 tonne totes on pallets aboard a C130 Hercules aircraft, which will amount to approximately 900 wet (less than 10% moisture) metric tonnes per year. The product will be transported to Anchorage where it will be transferred and loaded into 40 foot international shipping containers then barged to Seattle. The final destination for the product will be a smelter in the Philippines.
Approximately half of Fire River Gold’s revenue from the Nixon Fork Gold Mine will be generated from the sale of the gold rich copper concentrate and the other half from the sale of the doré bars to the Johnson Mattheyrefinery in Utah. (Please see press release: Fire River Gold Corp. Announces Refining Contract dated July 11, 2011 – http://www.firerivergold.com/s/NewsReleases.asp?ReportID=465934)
On behalf of the Board of Directors,
(signed)
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Richard Goodwin
President & C.O.O.
Certain information regarding the Company including management’s assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbour.
