Natural Resources Notebook

Ashley
Ashley Fitzpatrick
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Mining from Mount Pearl to Cascabel

A photo of Hibernia taken from the MS Tûranor PlanetSolar. — Submitted photo

Mount Pearl-based Cornerstone Capital Resources has brought its proposal for a copper-gold mining exploration project in northern Ecuador to life.

With assessment and permitting completed, drilling has started on a project in Cascabel, Ecuador.

It is being worked by Exploraciones Novomining S.A., a joint venture of Cornerstone and SolGold Plc.

A first run at the prospect will see about 2,500 metres of exploratory drilling at the so-called Alpala prospect. The site is located about 20 kilometres south of the Columbian border.

Cornerstone is also involved in the Little Deer copper project near Springdale with Thundermin Resources. The company has offered to sell its 50 per cent interest in that project to Thundermin. That offer expires Sept. 15.

 

A hit to Labrador Iron

Labrador Iron Mines reported a net loss of $28.5 million in the first fiscal quarter of the year ended June 30. The loss amounts to $0.23 per share, as revenues dropped with lower iron ore shipments.

In a statement, the company attributed the change to moving less ore — slower than expected contractors in March and challenging weather.

“Labrador Iron Mines incurred significant rail related volume commitment penalties during the quarter and achieved sales of only two shipments instead of three shipments as planned,” reads the statement.

With that said, a third shipment of iron ore was sent off shortly after the quarter’s end.

 

Record for Rambler

Busy as bees on the Baie Verte Peninsula, the team at Rambler Metals and Mining reported record production for the last quarter of 2013.

"We are very pleased to see record tonnage and metal produced while head grades and recoveries moved above planned targets,” said George Ogilvie, president and CEO, in a statement issued by the company.

Operating the new Ming mine, the company clocked 1,297 ounces of gold, 5,244 tonnes of copper concentrate and 9,873 ounces of silver in the quarter.

 

Anaconda’s achievement

The company operating the Pine Cove gold mine on the Baie Verte Peninsula has reported on its operations for the year ended May 31.

"(Anaconda Mining) had another record year in terms of sales volume, revenue, operating cash flow and net income,” said president and CEO Dustin Angelo, summing things up in a statement.

Anaconda recorded $7.4 million in net income and paid off “high-cost” debt.

“As at May 31, 2013, we had a very clean balance sheet with only approximately $260,000 in low-cost, government-issued loans,” Angelo said.

The Pine Cove mill in Newfoundland operated 323 days during the year and the Pine Cove site benefitted from 309,000 tonnes of ore produced, and more than $1 million in exploration work. Anaconda also increased the project area, bringing it to about 4,785 hectares.

 

Castle in the sea

The MS Tûranor PlanetSolar, a solar-powered boat, drew lots of attention while in St. John’s in early August and has since safely completed its planned research mission, arriving in London Aug. 31.

The vessel had to make its way across the Atlantic Ocean and the ship’s crew snapped a couple of pictures of Hibernia along the way.

In an online journal entry, from Aug. 18, Gustavo Sousa refers to the offshore gravity base structure as a “castle in the sea.”

He also described St. John’s as “a place that will remain in my head forever for the best reasons.”

 

The Natural Resources Notebook is compiled by reporter Ashley Fitzpatrick.

Do you have news from the resource sectors? Let us know at  news@thetelegram.com.

Organizations: Cornerstone Capital Resources, Thundermin Resources, Labrador IronLabrador Iron Mines Anaconda Mining

Geographic location: Cascabel, Mount Pearl, Northern Ecuador Ecuador Pine Cove Springdale Newfoundland London Atlantic Ocean

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