“While we are disappointed in the current situation, we do believe it will be rectified,” CEO Al Fabbro said in a release. “We are taking all possible steps to expedite a swift resolution so that we can resume our exploration at Kazhiba.”
Shares in Midnight Sun Mining fell 11% on Thursday in Toronto to close at C$0.355 apiece, valuing the company at C$58.7 million ($43.5 million).
Kazhiba is one of three licensed target areas on the company’s 506-sq.-km property that have had significant copper discoveries to date. It is underlain by a previously undiscovered basement dome similar to those at the Kansanshi mine held by First Quantum Minerals (TSX: FM) and Barrick Gold‘s (TSX: ABX; NYSE: GOLD) Lumwana mine, Midnight Sun said.
High-grade target
The Kazhiba project features the high-grade 22 zone, located 10 km from the western mine gate of First Quantum’s Kansanshi mine complex. This zone was discovered by follow-up…
