Campbell suspend the exploration of resources Corner Bay property due to financial conditions, weak metals market
Campbell suspend the exploration of resources Corner Bay property due to financial conditions, weak metals market
MONTREAL (CP) - “Unfortunately, the lack of liquidity, lower copper prices and extreme difficulty in securing financing in the current market require the suspension of all activities at the Corner Bay property before to be able to carry out the bulk sample test work, “Andre Fortier, Campbell’s president and CEO, said after the markets closed on Wednesday.
“Corner Bay is a very attractive and we continue to review our options to move this project forward,” he added.
Despite the suspension of the bulk sample exploration, the company said it is moving forward with an application for environmental permit to allow commercial mining of the deposit near Chibougamau, Que . once the extraction of bulk sample is finally completed.
Campbell also reported its third quarter, ore production Wednesday, which fell by 64,572 tonnes compared to the previous year 70,223 tonnes.
For the first nine months of fiscal 2008, Campbell’s ore production reached 227,765 tonnes against 161,749 tonnes in the same period in 2007.
In September, Campbell announced it will end its operations Copper Rand mine in Quebec by the end of the year.
In trading Wednesday on the Toronto Stock Exchange, Campbell share fell 1 cent to 1 cent, a decline of 50% in trading of more than 2 million shares.