COMINCOConsolidated Mining and Smelting Company of Canada
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In the southern part of the newly acquired claims, historical mapping and sampling by Cominco, Stealth Minerals and others documented extensive copper mineralization over a 2.1 kilometer long zone which straddles three ridges.
Cominco stopped exploration in 1930 but Fertoz believes the Project is worth reviewing given its small size, shallow phosphate, proximity to infrastructure and potential low capital cost, all of which are consistent with the Company's strategy.
The Polaris Zone is located approximately 475 metres south of the Discovery Zone - COMINCO drove an adit a total of 45 metres to intersect quartz vein mineralization cutting porphyritic diorite found in talus.
For the third quarter 2008, Teck Cominco reported royalty payments to the State and to NANA of $54 million, compared to $127 million for the same period in 2007.
The largest announced transaction in the quarter was Teck Cominco Limited's $14.4B acquisition of Fording Canadian Coal Trust, followed by the $8B proposed takeover of TransAlta Corporation by LS Power Equity Partners and Global Infrastructure Partners.
Opening in December 2008, the Teck Cominco Suite of Earth Sciences Galleries will include the Inco Limited Gallery of Minerals, a new Gold and Gem room, and the Canadian Mining Hall of Fame at the ROM.
Shareholders include industry giants Anglo American and Teck Cominco.
The project is currently under option to Teck Cominco, which can earn a 51 per cent interest by spending $14 million over four years.
The Polaris Mine, in continuous operation from its start-up in 1980 to September 2002, was owned in part by Cominco Ltd (77.5%).
miner Phelps Dodge and after Teck Cominco, a Canadian mining company, withdrew.
The company is considering bids from Phelps-Dodge and Teck Cominco Ltd.
Teck Cominco, a compatriot of Inco's, saw its offer expire.