Press Release Source: Yukon Zinc Corporation
Yukon Zinc Completes Mobilization For Wolverine Test Mining Program
Tuesday April 5, 9:30 am ET
VANCOUVER, April 5 /CNW/ - Yukon Zinc Corporation (TSX.V - YZC) is pleased to report that the mining equipment and most of supplies have been mobilized to the site of the proposed portal for the test mining program at Wolverine. The winter road is now being decommissioned. The portal face has been excavated and the preparation of the portal facilities and services is underway.
The test mining program includes an exploration decline from surface to access the Wolverine deposit and test mining of the massive sulphide mineralization to confirm mining conditions and remove additional sample material for final metallurgical testwork.
Planned lateral development will provide an underground platform for definition drilling of the deeper parts of the deposit. Definition drilling from surface of the upper part of the deposit is progressing with 25 fill-in holes completed. With completion of the definition drilling most of the resources will be converted into reserves. The new mining, metallurgy and reserve information will be used in the Wolverine bankable feasibility study planned for completion in late 2005.
The test mining and definition drilling program is estimated to cost approximately $14 million and should be completed by December 2005. The decline and other underground workings form part of the proposed development required for production; therefore, reducing pre-development lead time and capital costs of the mine. Permitting and engineering work continues on schedule.
Good progress has been made with several groups regarding project financing and concentrate sales. Preliminary discussions indicate that all concentrates are readily saleable with reasonable terms.
Yukon Zinc Corporation is the successor to Expatriate Resources Ltd. and is focused on the development of the Wolverine deposit as the Yukon's next significant zinc-silver mine and the exploration of the Finlayson District as Canada's newest Volcanogenic Massive Sulphide District.
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