The Canadian and U.S. economies may be on the verge of a recession, but the Canadian market is in perfect shape for the development of the mining industry.
That was the message delivered by Brian Robertson, president of Victory Nickel, as he addressed more than 30 potential investors and interested individuals from across the district at the Emo Inn last Thursday.
Robertson and Paul Jones, president of Nuinsco, each shared their companies’ successes and plans for future development in Canada and elsewhere in the world.
Only 18-20 people originally were expected to attend the luncheon, but when more than 30 showed up, the presidents were forced to move their presentation to the Back Alley Bar in order to accommodate the crowd.
Nuinsco Resources Ltd., explained Jones, is a growth-orientated exploration and mining company that’s focused on advancing its uranium, copper, gold, and zinc assets in some of the world’s best mineralized belts in Canada and Turkey.
Jones, an exploration professional with 20-plus years of experience with more than 20 junior companies, spoke of their uranium mines in the Athabasca Basin in Saskatchewan and their Prairie Lake project near Marathon, Ont.
He also explained their Campbell Resources copper mine agreement in Quebec, as well as their new copper and zinc mines in Turkey.
The mine that seemed to generate the most interest among those on hand, however, is the one closest to home—namely Nuinsco’s gold mine at Cameron Lake, northeast of Nestor Falls.
“Cameron Lake has been sitting waiting for the right conditions, and that time is now,” said Jones.
The road development in the area is complete and the de-watering permits are underway.
“This mine has a possible yearly production of 35,000 ounces, with additional potential at greater depths,” he remarked.
Robertson then introduced his company, Victory Nickel, which began trading on the Toronto Stock Exchange on Feb. 6, 2007.
Victory Nickel is a well-financed pure-play nickel company focused on becoming a producer by developing existing properties and evaluating opportunities to expand it asset base.
It has, at the moment, three major mining sites: the Minago Project and the Mel Project, both in Manitoba, and the Lac Rocher Project in northwestern Quebec.
All three projects are part of Canada’s largest undeveloped sulphide nickel resources and are all scheduled to begin production in the near future.
The Lac Rocher site should begin production sometime in 2008/09, with the Mel project following in 2009 and Minago in 2010.
Both Nuinsco and Victory Nickel have attracted people with vast experience in exploration, development, production, and finance to their boards and management teams.
They also have invested in quality projects in areas of potentially high-grade ore.
As well, both companies said they have set into place well-developed plans and are on course to begin production in the near future.
If the metal markets stay strong, despite the present market conditions, then these two “junior” companies have an excellent opportunity to become strong middle or mid-range companies in the Canadian mining industry.
Fort Frances Times
Local News from Across the Rainy River District
