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 (174 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.

  • Stories Just Posted

    Redhawk Announces Closing of Joint Venture With Anglo American on Copper Creek Project

    November 26th, 2014
    by

    Vancouver, British Columbia- Redhawk Resources, Inc. (“Redhawk” or the “Company”) (TSX:RDK)(FRANKFURT:QF7) is pleased to provide an update with respect to […]


    Learn About ‘Desert Holes’ Saturday With Author Pinau Merlin

    November 26th, 2014
    by

    Anyone who hikes desert trails – or putters around their Gold Canyon or Apache Junction back yard – has pondered […]


    Work on SR 77 in Catalina, north of Tucson 

    November 26th, 2014
    by

    North and southbound SR 77 are reduced to one lane nightly, Monday through Thursday, from 8 p.m. to 5 a.m. […]


    Hambly K-8 names Students of the Week

    November 25th, 2014
    by

    Leonor Hambly K-8 School has announced its Students of the Week for the weeks of Nov.


  • Stories Just For You

    Ray’s Galka earns Honorable Mention recognition

    November 25th, 2014
    by

    Copper Basin News Bearcats’ junior volleyball player Stormee Galka was named to the 2014 American Family Insurance Division V All-State team, earning Honorable Mention recognition.


    Fill the Bowl event raises $1500 for Superior Food Bank

    November 25th, 2014
    by

    The Superior High School DECA club hosted the second annual Fill the Bowl soup and salad dinner fundraiser.


    Superior student named as finalist in Pinal County Anti-Drug Poster Contest

    November 25th, 2014
    by

    Late last week, Aubreanna Nunez, a student at John F. Kennedy Elementary School in Superior, was named as one of the finalists in the 2015 Pinal County Anti-Drug Poster Contest.


    Oracle student named CDO Homecoming King

    November 25th, 2014
    by

    San Manuel Miner A former Mt. Vista student was selected as the Homecoming King for Canyon del Oro High School.


  • Facebook

  • [Advertisement.]
  • Arizona Headlines & Current Weather

  • Directory powered by Business Directory Plugin