The Endako mine near Fraser Lake has announced an extension of its mine life by just under two years after a recently discovered increase in metal reserves at the site.
The molybdenum mine is owned by Thompson Creek Metals and began its operations in 1965. The mine currently employs just under 300 people from across the local area.
The new metal deposits that have been discovered should see operations continue until 2028.
“The updated reserves estimate illustrates the significant value of the Endako mine,” said Kevin Loughrey, Chairman and Chief Executive Officer of Thompson Creek in a press release last week.
“We believe the resource base at the Endako mine will continue to expand with our 2011 drilling program and future exploration,” he added.
Thompson Creek plans to conduct further drilling programs at Endako over the coming months, the results of which will be released in 2012.
A new mill facility currently in construction at the mine is expected to be completed early on in 2012. The new facility is expected to increase throughput from 31,000 tons to 55,000 tons per day.