News Release Archive
NEWS RELEASE (CNS855) -->> NATURAL RESOURCES--NEW OWNER OF GAY'S RIVER MINE NATURAL RESOURCES--NEW OWNER OF GAY'S RIVER MINE ----------------------------------------------------------------- Natural Resources Minister Eleanor Norrie has announced that a Canadian subsidiary of Savage Resources Limited of Australia has purchased the Gay's River Base Metals property on the Colchester-Halifax county line near Milford. Renamed "Scotia Mine" by the new owners, the mine is currently on care and maintenance status. The new owners, Savage Zinc, plan to reactivate the mine and produce zinc concentrates. Full production is expected to be reached sometime in 1998. Mrs. Norrie says this acquisition by Savage Zinc is more good news for Nova Scotia. "This is another vote of confidence in our mineral industry, and another sign of investor confidence in Nova Scotia," says Mrs. Norrie. "This private sector investment will create as many as 100 new jobs over the next couple of years. Our government welcomes this new company and its investment in our province. Reactivation of the mine at Gay's River is good for the mineral industry and it is good for Nova Scotia." Mrs. Norrie says Nova Scotia's new mineral policy, released earlier this month, encourages private sector investment. -30- Contact: Blain Henshaw 902-424-5252 trp Nov. 26, 1996 - 11:55 a.m.