PROJECT UPDATE: Trevali Receives Operations Permit for Caribou Mine, Concentrate Plant

- May 1st, 2013

Trevali Mining is now in possession of an operations permit for its Caribou mine and concentrate plant, situated in New Brunswick’s Bathurst Mining Camp.

Trevali Mining (TSX:TV,OTCQX:TREVF), a zinc-focused base metals development company operating in both Canada and Peru, today received the operations permit for its New Brunswick-based Caribou mine and concentrate plant, located in the Bathurst Mining Camp.

The Caribou mill and mine complex was operated by Maple Minerals, a private company, for 13 months before going into receivership in 2008 as a result of “depressed commodity prices and adverse global financial conditions,” Trevali’s website states. Trevali acquired Maple in November 2012.

The permit authorizes Trevali to operate the underground mine, as well as the crushing facility, concentrator and mine water treatment plants and tailings impoundment. It is also allowed to put up new structures “within the currently disturbed area.”

The news follows Trevali’s January signing of a Limited Environmental Liability Agreement as well as yesterday’s closure of the $30-million portion of its $60-million senior debt and prepaid precious metals facility with RMB Resources. That money will be used in part to fund its New Brunswick operations.

Dr. Mark Cruise, president and CEO of Trevali, commented in a company press release, “[i]n spite of adverse global market conditions we continue to advance our Bathurst Camp production strategy and fully appreciate the dedication and ongoing support of the Province, local communities of Bathurst and Miramichi, and the Mi’gmag First Nations.”

The press release also notes that Craig Leonard, New Brunswick’s energy and mines minister, has praised the mine and mill for their ability to create jobs in the north of the province.

With news circulating of miners being tripped up by permitting procedures in British Columbia and Ontario, Trevali’s success in New Brunswick is auspicious. And, if all goes as planned, that success will continue as the mine goes into production: Trevali intends for production from Caribou to coincide with the zinc deficit expected to result from the closure of globally significant zinc mines, including Xstrata’s (LSE:XTA) Brunswick 12 mine.

 

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article. 

Editorial Disclosure: Trevali Mining is a client of the Investing News Network. This article is not paid-for content.

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