The Galore Creek Mining Corp. says it will complete a pre-feasibility study by June for its prospective Galore Creek copper-gold-silver mine in Northern B.C.
The pre-feasibility study is considered a key step in deciding whether to move forward with the project, which was put on hold in 2007 when construction cost estimates more than doubled to $5 billion.
Since then a new mine plan has been created that relocates a mining waste pond and production plant, and increases production capacity.
The new pre-feasibility report will produce data based on the new mine plan. The data will include cost estimates; production details for copper, gold and silver; and an outline on permitting and construction requirements.
Depending on the results of the pre-feasibility study, the Galore Creek project may advance directly into permitting and feasibility, said the company, jointly owned by NovaGold and Teck Resources.
The previous project has received regulatory approval from the B.C. and federal government, however, some components of the revised mining plan would require new permits or amendments to existing permits, the company said.
The Galore Creek mine, which had been expected to be complete in 2012, had been hailed by the B.C. mining community as a confidence booster as it was the first new major metal mine to start construction in a decade in the province.
Although it is located in northwest B.C., it was also touted as having benefits for Prince George, considered a supply and service centre for northern mining operations.
