Mines Act permit issued for Treasure Mountain

From BC Gov News May 18, 2012 (https://news.gov.bc.ca/releases/2012ENER0060-000701)

Huldra Silver Inc. was issued a Mines Act permit today for its Treasure Mountain silver mine, located approximately 29 km east of Hope and 40 km west of Princeton announced Rich Coleman, Minister of Energy and Mines.

The capital cost of this project is estimated at $12 million and will provide 25 full-time jobs in the area. Treasure Mountain is expected to yield 60,000 tonnes per year from an underground silver-lead-zinc mining operation.

The ore from Treasure Mountain will be processed at the Craigmont mine, which operated from 1962 to 1982. Craigmont will receive a permit amendment, and 10 additional jobs will be created at that site.

Mineral exploration and mining are important economic drivers for British Columbia. The production value of B.C.’s mining industry was approximately $8.6 billion in 2011.

Quotes:

Rich Coleman, Minister of Energy and Mines –

“Treasure Mountain is more positive news for B.C.’s mining industry. This is the fifth new mine permit towards meeting our government’s goal of eight new mines and nine expansions by 2015.”

Ryan Sharp, president & CEO, Huldra Silver –

“We are extremely excited by this announcement that will allow the company to move the Treasure Mountain Mine Project forward. Huldra Silver Inc. welcomes the opportunity to become British Columbia’s next silver producer.”

Quick Facts:

• In 2011, the mining industry increased its production value by 20 per cent from the year before to approximately $8.6 billion.
• According to preliminary estimates, $76 million was spent on 33 different exploration projects in the Thompson-Okanagan-Cariboo area in 2011.
• Mineral exploration spending exceeded $460 million in 2011, an increase of 35 per cent from 2010 and 1,500 per cent higher than a decade ago.
• B.C. accounts for approximately 15 per cent of all exploration spending in Canada.
• In 2011, more than 29,000 people were employed in mineral exploration, mining and related sectors, mostly in rural B.C.
• As committed in the BC Jobs Plan, eight new mines will open and nine will be expanded by 2015. This will result in:
  • An increase in annual mine-operation revenue by $1.6 billion.
  • Approximately 2,000 construction jobs.
  • 2,000 new direct jobs and 3,000 indirect jobs.
  • Sustaining 12,500 existing jobs (5,000 direct and 7,500 indirect).
  • Over $150 million annually in government revenue.
• New mines include Copper Mountain Mine, which began production in June 2011, and four others announced under ‘Canada Starts Here: The BC Jobs Plan’ – Mount Milligan by Prince George, New Afton by Kamloops, Barkerville by Quesnel and Red Chris by Dease Lake in northwestern B.C. All of these mines have either started construction or are about to begin.
• Five mines have been expanded under the BC Jobs Plan – Highland Valley near Ashcroft, Elkview near Sparwood, Huckleberry near Smithers, Endako near Fraser Lake and Quinsam near Campbell River.

Learn More:

To learn more about the BC Jobs Plan, visit: www.bcjobsplan.ca/

Contact:

Sandra Steilo
Media Relations
Ministry of Energy and Mines
250 952-0617