I don't think that NWI has control over the Joe Mann mine for its under Meston resources one of Campbells subsidiaries. What I think they have control over is MSV resources (2007)? by WW53 at another forum -
Nuinsco also announced that it, along with its partner, Ocean Partners, acquired substantially all of the remaining debt of Campbell Resources, giving us security on all of Campbell’s assets in the Chibougamau, Quebec mining camp. by SpeedDemon2 at Sth NWI forum 1/19/2011 1:13:17 PM | | 153 reads | Post #29138994
Twins32, I base my opinion on the news from Nuinsco and Ocean. These companies have now the vast majority of the debt, so they can decide the next actions. If they wanted to liquidate Campbell, it would be useless to buy the debt. To keep the company intact is the fastest way to restart the mine. Of course this is not the first time for Campbell and Nuinsco. Nuinsco and Ocean will get the vast majority of the new shares and company,
Production statistics from Campbell’s operations for the most recently completed fiscal year ended December 31, 2005, are as follows:
Joe Mann Gold Mine (Québec) 29,431 ounces Gold 897,460 pounds Copper 21,795 ounces Silver Ore is processed at Copper Rand mill
Copper Rand Copper/Gold Mine - 7,098 ounces Gold 6,777,000 pounds Copper 21,820 ounces Silver Goal to double production to 350,000 TPY
General Information -
Business Description: The Company is a gold and copper mining company operating principally in the Chibougamau area in northern Quebec. The two main assets of the Company are the Joe Mann Mine and the Copper Rand Mine.
Nuinsco Enters Chibougamau Mining Camp Via Agreement With Campbell ... File Format: PDF/Adobe Acrobat - Quick View 24 Apr 2006 ... announced that it has expanded into the Chibougamau mining camp ... the Copper Rand copper mine, development of the Corner Bay copper ... www.nuinsco.ca/press.../Nuinsco-campbellreleasefinal%20Apr24.pdf
Important History - Nuinsco Completes Earn-In On Corner Bay Joint Venture With Campbell Resources High-grade copper deposit to be Nuinsco’s first producing mine, production expected in Q4 2007 Toronto, July 23, 2007 – Nuinsco Resources Limited (“Nuinsco” or the “Company”) (TSX: NWI, www.nuinsco.ca) today announced that it has completed its earn-in from Campbell Resources Inc. (“Campbell”) of a 50% carried interest in the high-grade Corner Bay copper deposit near Chibougamau, Quebec. Campbell has begun development of Corner Bay, and expects mining of an initial 42,000 tonne bulk sample at an average grade of 3.7% copper to begin early in the fourth quarter of 2007. “Corner Bay puts Nuinsco on the verge of having its first operating mine which will generate cash flow to help finance our exploration programs while minimizing dilution to the shareholders,” said Nuinsco CEO René Galipeau. “With measured and indicted resources grading near 6% copper, Corner Bay is a very robust deposit with tremendous exploration upside at depth which should generate significant cash to Nuinsco’s account starting next year.” At a 3% Cu cut-off, Corner Bay has measured and indicated resources of 446,000 tonnes averaging 5.58% Cu (181,000 @ 5.07% Cu measured and 265,000 @ 5.93% Cu indicated); inferred resources total 1,441,000 tonnes averaging 6.76% Cu (Ref.: GEOSTAT Technical Report, July 2006, available on SEDAR at www.sedar.com). Ore from the Corner Bay deposit will be trucked approximately 45 kilometres and processed by Campbell at its Copper Rand mill. Following the Phase I extraction of the 42,000 tonne bulk sample, expected to be complete before the end of 2007, Phase II anticipates mining an additional 500,000 tonnes of ore grading 4.5% copper over the following three years. Corner Bay remains open at depth, and drilling has returned intercepts grading up to 9.27% copper over 6.7 metres at 1,200 vertical metres. Based on internal economic studies done by Campbell and Nuinsco using an average forward copper price over the next 27 months of $3.27 per pound and a US/CAD dollar exchange rate of .95, Phases I and II are expected to generate $58 million net of milling charges payable to Campbell by Nuinsco and after recovery of all development capital. An average mining rate of 450 tonnes per day is expected to produce 14,000,000 pounds of copper annually. Production costs are expected to be $1.09 per pound ($1.75 per pound including development capital), generating cash flow to Nuinsco’s account of $29 million. Campbell is responsible for development capital, which is expected to total $14 million before pre-production revenue credits. It should be noted that all financial and production data are internally derived estimates which are not based on either a National Instrument 43-101-compliant reserve estimate or an independent feasibility study, and therefore should not be relied upon. by ppprecies3 2/3/2011 3:43:03 PM | | 28 reads | Post #29213300 http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=29213300&l=0&r=0&s=CBLRF&t=LIST
next post on sth: Is this release still relavent today,Would NWI still follow these guildlines.
Phases I and II are expected to generate $58 million net of milling charges payable to Campbell by Nuinsco and after recovery of all development capital. An average mining rate of 450 tonnes per day is expected to produce 14,000,000 pounds of copper annually. Production costs are expected to be $1.09 per pound ($1.75 per pound including development capital), generating cash flow to Nuinsco’s account of $29 million. Campbell is responsible for development capital, which is expected to total $14 million before pre-production revenue credits.
You don't see % numbers like this everyday & at such shallow depths
Corner Bay remains open at depth, and drilling has returned intercepts grading up to 9.27% copper over 6.7 metres at 1,200 vertical metres.
Also I think by memory NWI had a 10% royalty above 145m not sure though
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