Here are the assets at Chibougamau...
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Chibougamau Assets
Nuinsco Resources Limited
Sean Stokes
VP Corporate Affairs
T: 416 626 0470
E: admin@nuinsco.ca
CHF Investor Relations
Cathy Hume
CEO
T: 416 868 1079 x 231
E: cathy@chfir.com
www.nuinsco.ca
Background
In early 2006, Nuinsco assisted in restructuring Campbell
Resources Limited (“Campbell”), a gold and copper
mining company with operations and exploration projects
in Quebec’s prolific Chibougamau Mining Camp.
The Chibougamau Mining Camp has produced more
than 40 million tonnes of ore, 3 million ounces of gold
and 1.5 billion pounds of copper.
During 2008, Campbell experienced significant financial
difficulties resulting from production delays and financing
issues, and in January 2009 Campbell announced that it
had entered CCAA protection.
In July 2010 Nuinsco, along with Ocean Partners Holding
Limited (Ocean Partners), both of which were secured
creditors of Campbell, acquired the $24 million debt of
Campbell they did not previously own. As a result, the
two companies hold $40 million of debt and have
effectively gained control over the Chibougamau Mining
Camp.
The Chibougamau Mining Camp includes 16 past
producing gold and copper mines. Key exploration and
development assets that form part of the Nuinsco/Ocean
Partners holdings include:
Corner Bay: 1.9 million tons grading 6.48% Cu;
near-surface, exploration potential at depth
Cedar Bay: produced 3.8 million tons grading
1.57% Cu and 0.091 oz/tonne Au; shaft down to
3,100 feet; exploration potential at depth
Copper Rand Mill: permitted 3,000+ tpd mill and
tailings facility
Chibougamau Land Package Exploration
Potential:
Factors that combine to shed new light on the
Chibougamau Mining Camp’s exploration potential
include:
An almost complete lack of exploration drilling by
the historic operators during the latter 20 years of
production;
Long-term projections for high copper and gold
prices;
New geological insights gained since the 1980s.
As a result there are now several excellent exploration
scenarios that present themselves to Nuinsco and Ocean
Partners.
