Cross Lake Minerals Ltd. -
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QR Mine First "New" Gold Mine to Open in BC for 10 Years -
Cross Lake Minerals Ltd. -
("Cross Lake" or the "Company") is a Vancouver based exploration and development company focused on precious metals. In 2001, in a market characterized by very low gold prices, the Company acquired the QR Mine from Kinross Gold Corporation. The QR Mine is a fully-equipped 1000 tonne per day facility that was placed on care and maintenance in 1998. Cross Lake is now poised to take advantage of the significant increase in gold prices since that time in restarting the QR Mine in 2006. The Company also acquired several complimentary exploration projects predominantly in British Columbia, with the latest being the Porcher Island Project near Prince Rupert. Porcher Island has a long history of exploration and production and Cross Lake intends to pursue the confirmation and delineation of a significant resource that was reported by previous operators.
QR Mine in BC, Canada, One Large Gold Mine - First "New" Gold Mine to Open in BC for 10 Years -
Quesnel Museum; LeBourdais Park, Riverfront Walk;
World's Largest Gold Pan;
May 01, 2006
QR Gold Deposit
Publisher: Pacific International Securities Inc.
MIDWEST ZONE: 192,176 tonnes @ 5.54 grams Au/tonne (32,164 oz)
MIDWEST ZONE: 13,506 tonnes @ 5.27 grams Au/tonne (2,288 oz)
FEASIBILITY STUDY REVIEW (Released on March 20th - 2006)
Over the first 2 years of mine production, using a $550 CDN ($485 US) gold price per ounce, feasibility results as provided for Cross Lake by Wardrop Engineering (excluding the North Zone) are:
- In-situ Gold (ounces): 78,323
- Recovery: 93%
- Recoverable Gold (Oz):72,840
- Net Revenue: $39,661,504 CDN
- Operating Costs: $28,638,971 CDN
- Cash Flow: $11,023,533 CDN
- Cash Cost per Ounce: $393.18 CDN
- Total Cost per Ounce: $462.44 CDN
- Operating Margin Oz: $156.82 CDN
- IRR %: 109 % (2-year aggregate)
At $600 CDN gold price per ounce the project IRR is estimated to be 204%.
Development of the North Zone is projected by Cross Lake to add to mine life by at least 3 years and could more than double cash flow. Feasibility results (inclusive of the North Zone), for approximately 5 years of mine life at a $550 CDN ($485 US) gold price per ounce are:
- Reserve: 966,316 tonnes
- Grade: 6.0 grams Au/tonne
- In-situ Gold (ounces): 174,775
- Recovery: 93%
- Recoverable Gold (Oz):162,541
- Net Revenue: $88,503,555 CDN
- Operating Costs: $68,870,112 CDN
- Cash Flow: $28,805,538 CDN
- Cash Cost per Ounce: $367.28 CDN
- Total Cost per Ounce: $423.71 CDN
- Operating Margin Oz: $177.22 CDN
- IRR %: 314.1 % (5-year aggregate)
At $600 CDN gold price per ounce the project IRR is estimated to be 401.8%.
PRE-PRODUCTION MINE PLAN
Cross Lake is projecting a $10,500,000 CDN capital investment to re-start the QR Mine. Production is anticipated to begin in early 4th quarter - 2006. The budget estimates include $1,000,000 CDN - working capital, $2,000,000 CDN - establishing the letter of credit with BC Hydro to build a 29-kilometer long power line to the mill site, $3,500,000 CDN - start-up costs and $4,000,000 CDN - underground access / definition drilling of the North Zone.
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Toll Free: 1-888-525-8811, Direct: 604-718-7501
PACIFIC INTERNATIONAL SECURITIES INC.
CALGARY OFFICE HEAD OFFICE VICTORIA OFFICE
Suite 3440, 205-5th Ave. SW Suite 1900, 666 Burrard Street Suite 210, 880 Douglas Street
Calgary, AB, Canada T2P 2V7 Vancouver, BC, Canada V6C 3N1 Victoria, BC, Canada V8W 2B7
ph: (403) 543-2900, fx: (403) 543-2800 ph: (604) 664-2900, fx: (604) 664-2666 ph: (250) 405-2900, fx: (250) 405-2911
Members: Canadian Venture Exchange, Toronto Stock Exchange, Montreal Stock Exchange, Investment Dealers Association of Canada, Canadian Investor Protection Fund and International Financial Centre (Vancouver).
Engaged in the exploration and development of mineral properties
in Quebec, Ontario and British Columbia.
| ||July 29, 2008 |
Midwest Zone Development Leads to Higher Grades and Gold Production QR Mine Project B.C.
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July 29, 2008 - Vancouver, British Columbia - Cross Lake Minerals Ltd. ("Cross Lake" or the "Company") is very pleased to announce that operations and overall mine performance of the QR Mine are improving significantly with the transition from the surface mining of the Northwest Zone to underground mining of the West Zone.
The grade of ore now being produced from the underground Midwest Zone is expected to average over 5 grams per tonne compared to the lower grade ore that was encountered in the last benches of the Northwest Zone. As a result, the gold pour for the last two weeks has been over 1,000 ounces, which are some of the highest gold pours to date from the QR Mine.
Underground mining operations have been progressing well and have met or exceeded the projected development and production rates. This, in turn, is expected to assure constant and reliable feed for the mill at the projected tonnage and grade. The mill continues to operate at acceptable rates although some adjustments have had to be completed as a result of the different nature of the Midwest Zone mineralization and the higher gold grades. With the completion of these necessary adjustments, mill recovery levels are reaching projected levels and are expected to be maintained as the new underground ore continues to be the main source of feed.
As development of the Midwest Zone continues, the Company's engineering staff is now finalizing the final design and planning to initiate further development, bulk sampling and ultimately full operations from the West Zone. The Scoping Study Technical Report prepared in 2007 projected a developable resource of 239,189 tonnes grading 5.69 grams per tonne from this area. Project planning has the West Zone development underway in the fall of 2008 to supplement the Midwest Zone. The grade of the West Zone and especially the "North Lobe" is some of the highest outlined within the QR Property and, as such. will be an important source of ore as operations continue into 2009.
While the focus of management has been towards ongoing operations, planning for the future development of the North Zone continues. Drill results have served to confirm the development potential of the North Zone that was predicted from historic surface drilling. Current plans include infill drilling, followed by initial development and bulk sampling. The North Zone decline, which was developed to allow for further exploration and evaluation of the Zone is only 50 to 75 meters from the North Zone gold mineralization.
The QR Project is being supervised by Michael Sanderson, Mine Manager and Jim Miller Tait, Vice President of Exploration who is the designated Qualified Person and who has reviewed the contents of this news release.
For further information, please contact:
Cross Lake Minerals Ltd.
Gordon A. Keevil - President
(604) 687-2038 or visit our website at www.crosslakeminerals.com
1255 West Pender Street,
Vancouver, BC, CN V6E 2V1
The Company is looking forward to a successful year of operations in 2008 and to the growth in both the resource base and value of the project as drilling and development of the North Zone and exploration of the Property continues.
The Cariboo gold belt in south-central British Columbia was a world-class producer of gold. Historic gold production in the Cariboo area was approximately 3.8 million ounces, 2 million from placer operations and 1.8 million form lode deposits. These totals are an estimate only as prior to 1874 production was not recorded. 90 percent of the placer gold was recovered from Late Pleistocene, pre-glacial and interglacial gravels in buried paleo-channels of modern stream valleys. In addition, the placer operation from the Bullion pit at Likely produced 175,000 ounces of gold and 1,800 ounces of platinum. Gold and platinum were also reported in placers in the Frank Creek area in similar proportions.
In addition to placer gold operations, four underground mines - Cariboo Gold Quartz, Island Mountain, Mosquito Creek and Cariboo-Hudson - have operated in the district. Other important gold and copper-gold deposits occur near Likely, in the southwestern part of the Cariboo district. A new open-pit copper-gold deposit on Mount Polley, located 9 km southeast of Likely, is expected to be put into production soon. Measured reserves are 49 million tonnes grading 0.38% copper and 0.54 g/t gold. Inferred reserves are 230 million tonnes grading 0.25% copper and 0.34 g/t gold.
QUESNEL The Gold Pan City - www.bcadventure.com/adventure/explore/cariboo/cities/quesnel.htm
Welcome to the Quesnel Museum
Cross Lake Minerals - Property Summary for Porcher Island -
The Porcher Island Property is located in the Skeena Mining Division, 35 kilometres south-southwest of Prince Rupert, British Columbia. There is a long history of exploration and production from the Property which includes the Surf Point and Edye Pass mines. Porcher Island is a joint venture between Cross Lake as to 65% and Imperial Metals Corp as to 35%.
Historic records indicate that a total of 77,952 tons grading 0.29 oz/t gold was produced up to 1937 until fire destroyed the mill. From 1975 to 1988 extensive exploration by E and B Exploration and Cathedral Gold Corporation resulted in a drill outlined mining reserve of 623,095 tons grading (cut and diluted) 0.20 oz/t gold over an average mining width of 11 feet.
Within this resource there are significant high grade intercepts which contain multi ounce material over mineable widths. A deep drilling program indicated the potential for an additional 900,000 tons at similar grades to a depth of 1,000 feet below surface in the AT Zone. The exploration results and resources referred to above are historical in nature and were compiled before NI-43-101.
Cariboo Property Summary
The Cariboo Property is located in the Cariboo Mining Division on the north bank of the Quesnel River immediately northwest of its confluence with the Cariboo River, 2.5 kilometers northwest of Quesnel Forks and some 61 kilometers southeast of the city of Quesnel. The Property is immediately east of the QR Mine where the Company has a fully permitted 1,000 tonne/day mill.
Exploration Program Highlights
The latest exploration program conducted by Cross Lake consisted of establishing a 20 line kilometer grid and completing soil geochemical sampling, geological mapping, 3-D Induced Polarization and Magnetic surveying followed by diamond drilling.
The exploration program successfully identified that two modes of gold mineralization occur on the property. The first is gold occurring in quartz veins and shears hosted in a mafic tuff unit with the second mode of mineralization being copper-molybdenum-gold occurring in a gabbro intrusive body. The best results obtained to date from drilling of the gold system are from drill hole C-89-6 where 5.26 grams per tonne gold over 8.5 meters was intersected. Drilling also resulted in the discovered a copper-molybdenum-gold system.
Recent geophysical data and further regional studies continue to indicate the potential for the discovery of further porphyry Copper-Molybdenum deposits in this region, which is an important deposit type in the region as indicated by the Mount Polley Mine and the Gibralter Mine both located to the south.
In 2008 Cross Lake will continue to evaluate both the epithermal gold and porphyry copper molybdenum gold potential.
Cross Lake owns part of Selkirk Metal Corp. - www.selkirkmetals.com/s/Home.asp
Cross Lake Minerals Joins Ranks of Gold Producers
By Andrew K. Burger
16 Sep 2007 at 10:45 AM GMT-04:00
Vancouver's Cross Lake Minerals joined the ranks of Canadian gold producers on Tuesday with the launch of a 1,000 tonne per day mill and processing facility at its QR Mine.
PRETORIA, South Africa (ResourceInvestor.com) -- The pieces necessary to move Vancouver-based Cross Lake Minerals [TSX:CRN] into the ranks of British Columbia's gold producers came together last Tuesday, Sept. 11. Ten years after being decommissioned by then owner-operator Kinross Gold Corp. [NYSE:KGC; TSX:K], Cross Lake Minerals has completely refurbished a mill and processing facility and is now feeding 900 tonnes of ore per day through a crushing, grinding and milling circuit at its QR Mine near Quesnel, British Columbia.
"This is obviously a major accomplishment for Cross Lake. I would like to acknowledge the contribution to the successful completion of the restarting of the QR Mine of Ross Hollinger, Mine Manager, Lloyd Penner Assistant Mine Manager, Tom Colbourne, Vice President of Mining and Jim Miller-Tait, Vice President of Exploration," Gordon Keevil, Cross Lake Minerals' president stated in a media release.
"We will continue to strive towards meeting our ongoing operations goals and are now in a position to move our other development project, Porcher Island Gold, forward and evaluate other projects that will complement the QR Mine."
Building a Production Base
"Ore is being stockpiled from the Northwest Zone and underground development and ore exploration is well underway on the West Zone and the as yet defined North Zone," Keevil told Resource Investor shortly before the public announcement of the mill's launch.
The potential to develop a mining operation at Porcher Island fits right in with management's strategy of increasing shareholder value by increasing the number of gold ounces owned per share. Pursuant, Cross Lake is building a production base in British Columbia around its Cariboo, Porcher Island and QR Mine holdings and the newly refurbished mill and processing facility.
On Sept. 5 management announced results of a diamond drill program at Porcher Island 35 kilometers south-southwest of Prince Rupert Island that included identification of three distinct zones of high-grade gold mineralization and intersection of ore grading 54.3 g/t gold over a 3.4 metre section (media release).
News From Porcher Island
The latest results from Porcher Island are in-line and in some instances better than historic results from extensive drilling carried out between 1975 and 1988 in the AT Zone of the property, which is located within the island's Skeena Mining Division.
"We are yet to receive all the drilling results from the assay lab. Once in, we will complete a detailed compilation and study under the direction of Jim Miller-Tait, VP Exploration and Tom Colbourne, VP Mining," Keevil reported. "The next phase of operations will certainly be further drilling and the commencement of preliminary scoping analyses."
The current drilling program is being carried out to better define and expand on historic drilling results that outlined a mining reserve of 623,095 tonnes at a cut and diluted grade of 0.20 oz/t gold over an average mining width of 11 feet.
This year's drilling has also resulted in May reporting of the discovery of the Cedar Vein Zone parallel to and north of the AT vein system. "With the discovery of the Cedar Vein all these untested vein systems must be considered significant and will now be studied in detail and tested by surface, and if available, underground exploration and drilling," management stated in a media release.
"A program of geochemical exploration using the Mobile Metal Ions (MMI) technique is being planned over the sub-crop of the Cedar Vein area to test if this type of soil sampling will work in the ground conditions that exist on the west side of Porcher Island."
QR Mining & Mill Commissioning
If mining proves feasible at Porcher Island, ore can be transported and fed into the QR Mine mill and processing facility, where more than 118,000 ounces were produced between 1995 and 1998 when it was owned and managed by the Kinross Gold Corp.
Ultimately the North Zone, which is being accessed by an underground decline for delineation drilling and mine planning, is expected to contribute to long term operations. The decline will be completed shortly, which will be followed by underground drilling," management reported in its Sept. 5 media release.
QR's current defined resource base comes in at more than 900,000 tonnes of ore at a weighted average grade of 3.1 g/t, or approximately 85,000 ounces, according to Cross Lake.
BC Hydro began delivering electrical power to the property in July, which enabled Cross Lake to finalize its plans for mill rehabilitation and the commencement of mining. Cross Lake has a 42-man camp complete with administrative and operations support facilities at the QR site.
Two private placements completed earlier this year provided the capital Cross Lake needs to start up operations at QR and follow through with its plans to further explore and define a resource base at Porcher Island. Management last year completed a 1-for-5 share consolidation in conjunction with the $11 million financing.
"When we acquired the QR additional exploration was conducted to confirm, extend and evaluate the known zones and explore for new zones," Keevil explained. "We also needed better gold prices than those since 2006 in Canadian dollars to allow us to raise the funds to proceed with the two phase program and starting the mine with the existing resource as outlined in the Wardrop Report and commence underground development to allow for the delineation and mine planning of the North Zone."
"Gold prices have continue to improve so we are very pleased at this time with the timing of operations…With the current gold prices we are projected to generate excellent revenue once operations have been achieved at the QR and will make us of this revenue to maximize shareholder value through development of the existing projects and acquisitions as justified," he concluded.
City of Quesnel History-
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