Financial prospects iffy for mining near St Helens

Financial prospects iffy for mining near St Helens

first_imgThis is the third in a series on Ascot’s mining proposal near Mount St. Helens.Part 1: http://bit.ly/WpQKkw Part 2: http://bit.ly/WpQLooDuring the last 30 years, mining interests have tried and failed to kick start mining efforts on 900 acres just outside the boundary of the Mount St. Helens National Volcanic Monument. Ultimately, they all ran into the same problem: It just didn’t pay to mine on Goat Mountain.In fact, in a little-noticed 1993 legal decision, the U.S. Bureau of Land Management denied a prospecting company, Vanderbilt Gold Corp., permission to explore the claim after an agency review found mineral concentrations too low to be profitable and that mining the area would lose nearly $200 million over its life.Now, a Canadian prospecting company, Ascot Resources Ltd., says record high copper prices could help it make good on the same claims when it resumes test drilling for copper, gold, silver and molybdenum this summer. Ascot hopes its core samples will show the deposits are richer than previous studies show.Ascot’s chances for success, however, may be overwhelmingly low. A Longview Daily News investigation found:• To be profitable, any copper mine in that area likely would have to be an open pit operation, even though Ascot has been coy about what type of mine would be developed. Open pit mining especially would meet with strong environmental objections.last_img

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