Oracle Ridge temporarily suspending Drill Program

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

San Manuel Miner

Rumors of the Oracle Ridge Mine closing down have been heard in the community last week. It is not clear where or how the rumors started but it may have been due in part to recent cut backs at the mine. A press release dated April 13, 2014 announcing a corporate strategy update said, “Oracle Mining has temporarily suspended the 2014 Drill Program and rationalized expenditures to manage remaining financial resources while evaluating Third Party Options and continuing to advance permitting.” The update also said, “We have not made a production decision with respect to Oracle Ridge. A decision to proceed with production will be based on the corporation completing a future Feasibility Study demonstrating economic and technical viability.” On June 9, 2014, Lori Lantz, public involvement planner, was asked about the rumors of closure. She said, “In keeping with the strategy, some work at the site has been temporarily scaled back.” She pointed out that the mine has not started up and referred to the latest press releases.

A June 6, 2014 press release announced that Oracle Mining had received additional loan funds from its lender Rich Stone Mining Investment (Hong Kong) limited in the amount of $440,000 (Canadian dollars). To read the complete Oracle Mining Corporate strategy and financial updates or keep up with news regarding Oracle Ridge Mine visit their website at www.oracleminingcorp.com.

John Hernandez (412 Posts)

John Hernandez lives in Oracle. He is retired and enjoys writing and traveling. He is active in the Oracle Historical Society. He covers numerous public events, researches historical features and writes business/artist profiles.


Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather
Facebooktwitterby feather

Comments are closed.

  • Additional Stories

    More than $250K in scholarships awarded to Superior High School seniors

    April 27th, 2016
    by

      Parents, students, faculty and staff filled the Multi Purpose Room at Superior Junior-Senior High School last week for the […]


    Oracle Historical Society’s 30th Annual Oracle Spring Run Car Show was a shining success

    April 27th, 2016
    by

      The 30th Annual Oracle Spring Run Car Show, which took place during the Oracle Oaks Festival, followed the ever-popular […]


    End of an era for Ray’s JROTC program

    April 27th, 2016
    by

      After 43 years, Ray High School Marine Corps Junior Reserve Officers Training Corps program was retired with an emotional  […]


    Resolution Copper helps to protect endangered cactus

    April 27th, 2016
    by

    April 25, 2016 – Superior, AZ — Located in far eastern Pinal County, east of Superior and west of Miami, […]


  • Additional Stories

    CAC Governing Board hosts meeting at Aravaipa Campus; president vows that current board will not close campus

    April 27th, 2016
    by

      It is well known that in small towns and organizations everyone must wear multiple hats, and if you are […]


    Baseball and Softball Playoffs Set to Begin on Friday

    21 hours ago
    by

    The baseball and softball state playoffs will begin on Friday, Apr. 29 at sports complexes and stadiums throughout the state. […]


    Rios seeks re-election

    April 27th, 2016
    by

      Supervisor Pete Rios has announced that he will seek re-election to Pinal County Supervisor District 1.  The district includes […]


    Man Arrested for Physical Abuse of 11-Year-Old Girl

    April 22nd, 2016
    by

    Pinal County Sheriff Paul Babeu announced today the arrest of a 40-year-old San Tan Valley man for the physical abuse […]


  • Copperarea

  • [Advertisement.]
  • [Advertisement.]
  • Southeast Valley Ledger

  • Arizona Headlines & Current Weather