Show Plans 2 Million Ton Per Year Plant in Canada NEW YORK June 18 Initial Ini Ual plans for the development of Texas Gulf Sulphur Company's Company's Com Com- Com I pany's mineral discovery north of Timmins Ontario Canada were announced today today to to- day by Claud 0 O. O Stephens president following a meetIng meeting meeting meet meet- ing of the board of directors Sufficient progress In the project has been made Mr Stephens said to indicate the scope of mining opera opera- The company will therefore proceed as quickly as possible to let contracts for opening the mine construction con con- of the concentrator tor and building an access road and railroad Since reporting to the stockholders at t annual meeting Mr Stephens continued con con- the following progress pro pro- progress gress has been made Twenty six drill holes of varying depths have been completed into the ore body Assays have been completed on 17 holes These drill holes presently indicate an ore body body bo boo boody bo- bo dy roughly to feet in width and to date 1800 feet in length Although one hole has established a vertical ore depth of at least 1400 feet the overall depth has not been delimited On the basis of these additional addItional additional ad ad- drillings and 17 assays assays as as- says our engineers and an In in- in dependent mining consultant have made a preliminary reserve reserve re reo re- re serve estimate of 55 million tons of ore with an average grade of ounces of silver silver silver sil sil- ver per cent copper and per cent zinc per tonAs tonAs tonAs ton As previously announced the ore body begins at the ther r relatively shallow depth of about 20 feet which will permit permit permit per per- mit open pit mining for some years ears Preliminary metallurgical metallurgical testing Indicates the ore may be separated into its various varIous various var var- ious metal components by a process of crushing grinding and flotation to produce saleable saleable sale sale- able concentrates Our present plans are to con construct a facility that will willmine willmine mine and process tons of ore per day or tons per year Preliminary estimates indicate In Indicate in- in the above program will require a capital investment of about 25 million Initially the concentrates will probably be sold to custom custom cus cus- tom smelters However we weare weare are arc considering construction of our own roasting and smelting facilities Studies are now being made to determine determine de de- de termine where such such facilities should be located The Ontario and Northern Railroad is presently conducting conducting conducting conduct conduct- ing surveys for lor the construction construction construe construe- tion of about a mile 16 railway railway rail raU- way to the plant site Bids have also been called for lor the construction of an access road load to the mine site sch Scheduling dulIng calls for openIng openIng opening open- open Ing the mine pit immediately Production is planned to begin begin be be- gin in late 1965 Under a broad program of diversification Texas Gulf Sulphur has previously announced announced announced an an- major investments In new facilities for mining potash potash pot pot- ash and phosphate A 40 million million mil mil- lion tion potash operation in Moab Moab Mo Mo- ab Utah Is expected to start operating this year and willbe will willbe willbe be the largest in this coun coun- try An Initial Investment of 45 million Is planned to develop develop de de- de phosphate reserves on the Pamlico River in North Carolina with production scheduled to begin In 1966 |