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Show Optimism Grows For Ontario Re-Opening In Late Aiigugt wages would be competitive with other western mines. He said that he anticipates most of the actual mining to be undertaken on a contractual contrac-tual basis, which provides incentive for miners to work towards higher levels of production. Addressing the eventual problem of employee housing, hous-ing, Mr. Rutheford indicated that Noranda would probably provide housing for their senior personnel but not immediately for their hourly workers. Directors of Noranda Mines Limited of Toronto are expected to meet August 7 to make a final decision on a lease option taken May 22 on the Ontario and contigent mining properties owned by United Park City Mines Company. Should Noranda agree' to exercise their option, taking over the lease currently held tij Park City '; t ' Ventures, mining activity could resume atlthe Ontario by the end of August. However, before the lease can be formaly re-assigned from Park City Ventures to Noranda Mines,j stockholders stockhold-ers of United )Park City Mines must sanction the transaction. A special meeting meet-ing of United Park , shareholders share-holders has been called for August 20 at which the lease re-assignment will be voted upon. United Park's directors direc-tors have apparently already voiced their approval of the pending lease re-assignment, saying it is in the best interest of the "Company" and Park Citv. Park City Ventures, a 60-40 partnership between Anavonda Corporation and American Smelting and Refining Re-fining repspectively, leased the Ontaio property 1 from United Park in 1970. 'they operated the mine until February 1978 when "unstable "un-stable soil conditions and tremendous ground water" forced them to suspend operations. Un May n ot this year, Park Ventures entered into agreement with . Noranda Mines Limited, ascribing to them a three month option on the lease previously granted by United Park City Mines Company. During the three months Noranda would evaluate the property making a final . decision on the lease on or before August 22 when their option expires. Currently, the evaluation has largely been completed and preliminary presenta- '" tions have been made to Noranda Subsidiaries. Present Pre-sent plans call for two Noranda Subsidiaries, Noranda Nor-anda Mines of Deleware and Pamour Porcupine Mines Limited to joint venture the Ontario property should Noranda Nor-anda decide to exercise their option. Joe Rutheford, an employee employ-ee of Pamour Porcupine and Noranda's project superin-tendant superin-tendant at the Ontario said that the results of the evaluation had been presented present-ed to Pamour and that they were possitive. He said he could not speculate of Noranda's August 7 decison but added that he hoped they would move to exercise the option. : ; In the eVent trie lease is taken over by Noranda and its subsidiaries,; Mr. Rutheford Ruthe-ford says he expects pre-, production activity to begin at the Ontario almost immediately. immed-iately. Rutheford said he thought the new oeprators would concentrate most of their initial capital investment invest-ment on more mechanized mining operations under- ; ground rather, than addition- al surface facilities. Rutheford said he expect- ed approximately 280 people to be employed at . the Ontario should Noranda take over the lease and added that |
