Copper Fox Applauds Advancement of Northwest Power Line
Copper Fox Metals Inc. (CUU-TSX-V, CPFXF-S/P) applauds Premier Gordon Campbell, and the Province of British Columbia for its announcement to immediately start the environmental assessment process and
First Nations Consultation on the Northwest Transmission Line (NTL) along
Highway 37.
“The potential that the power line holds for the region, and projects under development such as Schaft Creek, is tremendous,” said Guillermo Salazar S., President of Copper Fox. “This transmission line investment, which will
allow Schaft Creek to access the electrical power grid, validates the business case made by supporters such as Copper Fox and the Mining Association of British Columbia,” said Salazar. “As we move forward in fall 2008 with the
full Feasibility Study, this development will be integral in realizing Schaft Creek’s potential.”
The province will invest the estimated $10 million to immediately restart the environmental assessment process – the first step towards building the Northwest Transmission Line. The new 287-Kilovolt line will extend 335 km from
Terrace.
The development of the NTL has the potential to attract billions of dollars of investment, create thousands of new jobs, and reduce reliance on diesel-electric generation. Read more
Energy exploration involves taking risks
One of the greatest threats to our national security and economy is the high cost of energy and the security of supply.
At $140 per barrel, the United States is spending $700 billion annually on imported oil, a number comparable to the annual Defense Department budget. I agree with Sen. Joe Biden’s July 9 op-ed article that America can only achieve energy security by reducing dependence on oil.
However, Biden’s conclusion that oil companies don’t need additional access to the Outer Continental Shelf and his call for a windfall profits tax are both flawed. Read more
Pacific Rim Suspends Further Drilling in El Salvador Until Mining Permit Granted
Pacific Rim Mining Corp. (”Pacific Rim” or “the Company”) has taken the first steps toward reducing its El Salvador work force in preparation for a slow down in exploration and investment activity on its El Dorado, Santa Rita and Zamora-Cerro Colorado gold projects in El Salvador. As the El Dorado drilling program consumed the bulk of the Company’s direct exploration costs in El Salvador, the Company believes it is prudent to reduce its drilling expenditures and suspend drilling activity for the time being. This reduction in exploration activity will continue until such time as the Company’s long sought after mining permit for the El Dorado project is granted. In the meantime, Pacific Rim is shifting its generative exploration efforts out of El Salvador to Costa Rica and Guatemala; two jurisdictions that are geologically similar but more politically stable for mining investment. Read more
Tangled Strands in Fight Over Peru Gold Mine
The Rev. Marco Arana drove his beige pickup over the curves of a dirt road 13,000 feet high in the Andes. Spread out below lay the Yanacocha gold mine, an American-run operation of mammoth open pits and towering heaps of cyanide-laced ore. Ahead loomed the pristine green of untouched hills.
María Polonia Castrejón Flores, doing her chores in Apalina, Peru, near the Yanacocha gold mine.
THE COST OF GOLD
Treasure of Yanacocha
Articles in this series examine gold mining around the world. To submit questions about this series, send an e-mail message to dispatches@nytimes.com.
“The Curse of Inca Gold,” a documentary in conjunction with this article, will be shown tonight on Frontline/World (PBS, 9 p.m., Eastern time). An expanded version will be shown on the Discovery Times Channel later this year. Read more
