Canadian Zinc Corp. (TSX:CZN,OTCQB:CZICF) announced its financial results for 2014, also mapping out its plans for 2015. The company recorded a net loss and comprehensive loss of $12,434,000 for the year, up from $6,911,000 in 2013.
Canadian Zinc Corp. (TSX:CZN,OTCQB:CZICF) announced its financial results for 2014, also mapping out its plans for 2015. The company recorded a net loss and comprehensive loss of $12,434,000 for the year, up from $6,911,000 in 2013. The increase in loss was partially due to higher exploration and evaluation costs in 2014.
Other financial highlights include:
At December 31, 2014, the Company had a positive working capital balance of $12,353,000 including cash and cash equivalents of $8,792,000, short term investments of $5,023,000 and marketable securities of $450,000 (for a total of $14,265,000).
2015 plans include:
Canadian Zinc’s focus for 2015 will be to continue to advance the Prairie Creek Mine towards production.
The ongoing underground diamond drilling program will be completed within the second quarter of 2015. The planned drilling will total about 6,000 metres of diamond drill coring over 21 holes on four, 50-metre spaced sections. Six holes have already been completed from the first station. The objective is to increase the life of the mine, especially in the higher grade vein mineralization, by converting part of the currently Inferred Resource to an Indicated category.
The results of this drill program will then be incorporated into yet another updated mineral resource estimate, which will in turn be converted into an updated mineral reserve and revised mine plan, which will then be incorporated in a new economic model for the Prairie Creek Mine.
Further assessment of underground hydrology will assist in evaluating the possibility of dewatering the underground mining area prior to commencing actual development, which should have significant savings in both mining and water treatment costs and in the capital costs of water treatment facilities at surface.
Further metallurgical test work, and plant engineering and design, will be carried out to modify and simplify the proposed mineral process flow-sheet with the objective of enhancing the quality and payability of the lead and zinc concentrates. Consideration will also be given to enhancing the grinding and flotation circuits to increase the mill’s capacity and throughput.
Discussions and negotiations will continue with a select group of smelters to obtain firm indications of off-take interest, for both lead and zinc concentrates from the Prairie Creek mine, including indications of expected treatment charges and penalties.
In other news, the company recently updated the mineral resource for its Northwest Territories-based Prairie Creek mine.