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Nunavut
April
2 , 2004
We're okay, Miramar says
In order calm nervous investors, the mining company behind the Doris North
gold project near Cambridge Bay said last week that they don't expect construction
costs for the mine to be higher than expected.
The announcement, made by Miramar Mining Corp. president Tony Walsh on March
25, comes as a reaction to news that a larger gold mining project in Nunavut
was suffering inflated expenses that will delay mine construction for at least
a year.
Earlier in the month, Cumberland Resources Ltd. blamed rising steel, concrete
and fuel costs for their decision to wait another year before developing the
Meadowbank mine. Cumberland brass hope the extra time will help them deal with
a $150 million jump in unanticipated construction expenses.
After the news of the delay, Cumberland stocks plunged 25 per cent. Miramar
took a 13 per cent hit.
However, Miramar's executive assured investors that the cost of the Doris North
project, 160 kilometres southwest of Cambridge Bay, will not "deviate significantly"
from their original plans. The company still estimates they will need $39 million
Cdn. to get the proposed mine up and running.
Miramar chief executive Tony Walsh said his company didn't face the same market
pressures as Cumberland, because the Doris North venture has gold reserves lying
closer to the surface than at Cumberland's Meadowbank site. Miramar's announcement
brought stock prices back by about one cent per share.
April
2 , 2004
Rangers off to Alert
A team of Rangers from across the North are snowmobiling from Resolute to Alert
to back up the government's promise of longer and bigger sovereignty patrols
in the region.
According to a press release from the federal Department of National Defence,
the patrol will be the longest one-way sovereignty patrol in Canadian history.
"Bigger and longer patrols establish a highly visible military presence
and confirm Canada's sovereignty over these vast areas of the North," said
Major Stewart Gibson, the patrol's commanding officer.
The patrol, made of Rangers and regular members of the armed forces from Alberta,
Northwest Territories, Nunavut and the Yukon, left Resolute on April 1, and
expects to arrive at Alert by April 12.
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