By Daniella D’Alimonte – Exclusive to Lead Investing News
Canadian Zinc Corporation (TSX: CZN) released Q2 financial results ending June 30. Although the company announced a net loss of $152,000, this is a $20,000 improvement from last year’s Q2.
Canadian Zinc has put an emphasis on the advancement of its Prairie Creek mine in the North West Territories. This produces zinc, lead and silver. Since 2006, almost $20 million has been invested in the exploration and drilling of this area. The company has applied for licences and permits to begin operation in 2008.
Lundin reports loss in Q2
Lundin Mining Corporation (TSX: LUN) has also released Q2 results, with net earnings at $56.2 million or $0.14 per share. The company’s high-cost zinc mine, Aljustrel, which is still in the production stage, however, has under-produced by over 20,000 tonnes. This put Lundin at a $108.4 million loss for the quarter.
Production of all metals, with the exception of zinc, was in-line with or ahead of internal expectations, according to a Lundin press release. Revised forecasts for 2008 have pegged lead production at 45,000 tonnes.
Royal Roads Corp. (TSX: RRO) is down 11.8 percent or $0.01 to $0.075. The company has released drill hole results from its Lundberg deposit in Newfoundland. The latest 12 holes from the 52-hole project expand mineralization as well as showing near-surface mineralization which could allow for open-pit mining.
In other news…..
Hathor Exploration Limited (TSX: HAT) recently announced further results from its drilling project on its Roughrider Zone. This is located within its 90 per cent-owned Midwest NorthEast property in Saskatchewan. Data suggests potential to develop significant unconformity-style uranium resources, according to a Hathor press release. Along with unconformity-style uranium, metals such as lead, nickel, cobalt, copper and molybdenum are often found in proximity. Sample results here have shown concentrations as high as 12.10 per cent lead, 19.20 per cent nickel, 2.47 per cent cobalt, 9.5 per cent copper and 2.81 per cent molybdenum.
Oleg Deripaska’s Basic Element, a Russian diversified investing company, was recently in talks with OOO Lunsin, a subsidiary of China’s Zijin Mining Group and Heilongjiang Longxing International Resource Development Group. Discussions revolved around the joint development of Lunsin-owned Kyzyl- Tashtyg zinc and lead deposit in China. It is estimated that this mine had reserves of 1.2 million tonnes of zinc and 0.6 million tonnes of lead. Preliminary negotiations are on, said Andrei Plugar, Deputy General Director for Basic Element in an interview with news agency Interfax.
Zijin Mining Group Co., Ltd., a Chinese gold producer, expects to start operations at its Kyzyl-Tashtygskoye multi-metal project by 2010-end. Located in Russia’s Tuva Republic, construction has already begun on the project with reserves of 1.29 million tonnes of zinc, 200,000 tonnes of lead, 80,000 tonnes of copper, 663.8 tonnes of associated sliver, and 15.41 tonnes of gold. The Kyzyl-Tashtygskoye project is expected to have a life of 20 years.