Basic HTML Version
Annual Report Edition, May 2011
5
1.50% Cu/5.00 m (3.40 m)
5.11% Cu/5.80 m (3.20 m)
2.13% Cu/2.55 m (0.94 m)
7.51% Cu/2.90 m (1.60 m)
2.06% Cu/2.71 m (0.89 m)
2.02% Cu/8.23 m (3.43 m)
incl. 3.29% Cu/3.98 m (1.66 m)
2.79% Cu/12.10 m (4.41 m)
3.28% Cu/2.01 m (0.73 m)
9.27% Cu/16.15 m (6.7 m)
0.65% Cu/1.09 m (0.42 m)
2.57% Cu/1.09 m (0.41 m)
4.97% Cu/7.07 m (2.31 m)
incl. 9.27% Cu/2.87 m (0.94 m)
1.59% Cu/1.23 m (0.44 m)
3.56% Cu/8.82 m (3.05 m)
5.13% Cu/5.84 m (2.02 m)
3.18% Cu/1.93 m (0.64 m)
3.38% Cu/9.47 m (3.13 m)
1.81% Cu/2.76 m (0.85 m)
1.97% Cu/3.54 m (1.09 m)
Sur face
200 m
400 m
600 m
800 m
1000 m
0+00
2+00 S
4+00 S
6+00 S
8+00 S
10+00 S
CORNER BAY
DEPOSIT
To Be
Explored
S H E A R Z O N E
D
I
A
B
A
S
E
D
Y
K
E
0
200 m
Mineralized Intercepts:
Main vein/West of dyke
Main vein/East of dyke
East vein/East of dyke
L E G E N D
Results:
Copper assets (%)
5.11% Cu/5.80 m (3.20 m)
Core length (m)
Estimate true thickness (m)
N
S
CB-05-91
CB-05-92
CB-95-01
CB-05-95
CB-05-96
CB-05-93
CB-05-97
CB-05-91
CB-05-94
CB-05-98
F-44W
F-44
F-101
CB-05-97
CB-05-93
?
?
?
?
?
Underground at
Corner Bay
The Chibougamau mining camp
is one of Canada’s major copper
and gold regions, producing
more than 40 million tonnes
of ore, 3 million ounces of gold
and 1.5 billion pounds of copper.
CHIBOUGAMAU
CAMP
Bringing a legend,
BACK TO LIFE
In early 2006, Nuinsco assisted in restructuring Campbell Resources Limited, a gold and copper
mining company with operations and exploration projects in Chibougamau.
During 2008, Campbell experienced significant financial difficulties and in January 2009 Campbell
announced that it had entered CCAA protection.
In July 2010 Nuinsco, along with Ocean Partners Holdings 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.
“It is unfortunate to have a company with such assets be victim to the effects of the financial markets,
however Campbell’s debt load made it impossible for them to recover in the recent financial environment.
This opened the door for Nuinsco and Ocean Partners to advance these assets and bring mining
development and mineral exploration back to the Chibougamau area,” said René Galipeau, Nuinsco’s
Vice-Chair and CEO.
The Chibougamau Mining Camp includes 15 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.
• 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.
Once court proceedings are complete, these assets are expected to be restructured in a manner that will
allow Nuinsco shareholders and Ocean Partners to realize the value of this historic and prolific mining camp.
•
Base Metals/Gold
•
Chibougamau Camp
Nuinsco and Ocean Partners Look to Return
Mining Region to Former Glory
Chibougamau, Quebec, Canada
- The Chibougamau mining camp
in northern Quebec is one of Canada’s major copper and gold regions,
producing more than 40 million tonnes of ore containing 3 million ounces
of gold and 1.8 billion pounds of copper. In 2011, Nuinsco intends to do
its part to make the Chibougamau region’s star rise again.
Corner Bay
Head frame of the past producing
Copper Rand Mine, Chibougamau
Mining Camp, Quebec.
Copper Rand Mill
Chibougamau
Quebec
Chibougamau
(Canada)
NWI
Location
Quebec, Canada
Ownership
50% Secured Creditor
Commodity
Multiple commodities: Au, Cu
Project Status
Exploration/Development
5,877,661 T @ 1.61% Cu, 0.028 oz/t Au
15,837 T @ 1.06% Cu, 0.22 oz/t Au
2,692,506 T @ 2.17% Cu, 0.010 oz/t Au
745,189 T @ 1.15% Cu, 0.007 oz/t Au
264,000 T @ 1.74% Cu, 0.080 oz/t Au
3,782,850 T @ 1.57% Cu, 0.091 oz/t Au
951,830 T @ 1.61% Cu, 0.028 oz/t Au
16,620,000 T @ 1.80% Cu, 0.089 oz/t Au
1,200,000 T @ 2.2% Cu, 0.07 oz/t Au
PORTAGE
S3
HENDERSON 2
HENDERSON 1
BATEMAN BAY
JACULET
COPPER RAND
COPPER CLIFF
CEDAR BAY
SHAFT #3
KOKKO CREEK
QUEBEC CHIB
MERRIL
MAIN MINE
OBALSKI
565,000 T @ 2.09% Cu, 0.090 oz/t Au
316,732 T @ 0.37% Cu, 0.18 oz/t Au
1,818,976 T @ 2.23% Cu, 0.045 oz/t Au
6,483,479 T @ 1.60% Cu, 0.041 oz/t Au
8,151,115 T @ 1.77% Cu, 0.114 oz/t Au
245,000 T @ 2.16% Cu
Chibougamau Camp Mines
Depth mined to date
Dore Lake Complex, Chibougamau Camp
TOTAL PAST PRODUCTION
46,372,000 t @ 1.76% Cu, 0.068 oz/t Au
-1000
-2000
-3000
-4000
-5000