Operations Report No. 5 – Granduc Awaits Its Future

In mid-November, a long awaited announcement was made by John Drybrough, President of Granduc Mines Ltd. In short, he said that the extensive exploration conducted by his company and its parent organization, Newmont Mining Corp., have indicated the feasibility of a commercial copper mining operation at the company's prospect located slightly north of Stewart, B.C., and just east of the Alaskan Panhandle. The financing of the project is now being planned. SUMMARY OF PROJECT Granduc reasonably assured ore reserves are estimated at 32,510,000 tons averaging 1.93% copper content before dilution, of which 20,670,000 tons averaging 2.08;:; copper content are situated above the proposed mine access tunnel at elevation 2475 above sea level. The life of the reserves at the planned rate of production is 13 1/2 years. The probability of finding substantial additions to these present reserves is considered good.