HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Voisey’s Bay Chronology
Voisey’s Bay Chronology |
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| Nov 1994 | Announcement of Voisey's Bay, nickel-copper-cobalt discovery by Archean Resources, working under contract to Diamond Fields Resources (DFR). | Feb 1998 | Thirty-day delay in environmental review process of Mine/Mill announced by MOU signatories. | ||
| Mar 1995 | Teck Corporation aquires 10.4 percent of DFR for $108 million. | Jan 1997 | Memorandum of Understanding (MOU) signed by federal and provincial governments, Labrador Inuit Association (LIA) and Innu Nation. Sets up a five-person Environmental Assessment Panel to review Mine/Mill. | FUTURE POINTS / DATES | |
| Apr 1995 | DFR creates Voisey's Bay Nickel Company (VBNC) to oversee development of nickel deposit. | June 1997 | Environmental Assessment Panel issues detailed guidelines for Environmental Impact Statement (EIS) for Mine/Mill. Spells out questions that VBNC must address in Mine/Mill EIS. | 1998 | Negotiation of separate Impact and Benefits Agreements (IBA) between Inco, the LIA and Innu Nation are ongoing. |
| Oct 1995 | Two additional mineralized zones announced: the Eastern Deeps and Western extension. | Sept 1997 | Newfoundland Supreme Court determines that construction of temporary infrastructure (road, airstrip and dock) should be included as part of the defined Mine/Mill project under review. | 1998 | Comprehensive land claim negotiations between both aboriginal groups and federal and provincial governments are ongoing. |
| Aug 1996 | Inco Limited completes acquisition of DFR, making VBNC a wholly owned subsidiary. Inco commits to build Smelter/ Refinery in Province. | Sept 1997 | Inco announces that delays in the environmental review process will delay construction of the Mine/Mill for at least one year. Completion of this review process is not expected until 1998/1999. | 1998 | Examination of power requirements and other issues relating to Smelter/Refinery are ongoing. |
| Oct 1996 | VBNC registers Mine/Mill project for environmental review. | Sept. 1997 | Citizens Mining Council petitions a Federal court to have environmental review for the Smelter and Refinery merged with that of the Mine and Mill. Case to be heard by March 1998. | 1998 | Results of a new deposit model and reserve calculations expected. Present estimates are in the 150 million tonne range. |
| Nov 1996 | Argentia selected as proposed site for Smelter/Refinery. | Nov 1997 | Three parties: federal and provincial governments and the LIA reach an agreement on major issues regarding land claims. Expect to sign Agreement-in-Principle (AIP) in April 1998. Parallel negotiations are in progress with the Innu Nation. There is a Framework Agreement in place but AIP is not expected until fall 1999. | 1998 | Province anticipates an announcement on new mining tax regime. |
| Dec 1996 | VBNC registers Smelter/Refinery complex for environmental review (a federal/provincial process) | Fall 1997 | Nickel prices weaken as supply increases. | 1998/1999 | Release of Mine/Mill from environmental review process anticipated. |
| Jan 1997 | SNC-Lavalin Inc. awarded project and construction management contract for Mine/Mill. | Dec 1997 | VBNC submits EIS for Mine/Mill and related facilities to the Environmental Assessment Panel. | 1999-2001 | Construction of Mine/Mill, Smelter/Refinery and commencement of operations. |
| Feb 1998 | Inco announces company wide cost cutting measures, potential divestitures, a new dividend rate and evaluation of all major projects |
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