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 (549 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

    State Troopers dedicate new office in Oracle, honor Aravaipa resident

    August 18th, 2017
    by

      On Wednesday, Aug. 9, 2017, the Arizona Department of Public Safety building on Highway 77 in Oracle was officially […]


    Prickly Pear Festival 2017 – Fun for Everyone!

    August 18th, 2017
    by

      Superior is quickly becoming famous for this unique event celebrating the Prickly Pear cactus.  The Superior Chamber of Commerce […]


    The Great American Eclipse in the Copper Corridor

    August 18th, 2017
    by

      Humans have been paying attention to eclipses for more than five thousand years, according to NASA.   Petroglyphs in […]


    Summer Sunsets Gallery Exhibit at Boyce Thompson Arboretum

    August 18th, 2017
    by

      Photographer Roger Degler became captivated by Arizona’s majestic sunsets four decades ago after moving to the Grand Canyon State; […]


  • Additional Stories

    Plans made for upgrading Superior’s Wastewater Treatment Plant to better match current needs

    August 18th, 2017
    by

    Plans are taking shape to upgrade Superior’s Wastewater Treatment Plant to better meet the town’s current needs and to be […]


    Oracle State Park to host Bug Night on Saturday, Aug. 19

    August 18th, 2017
    by

      Insects and humans have been coexisting on the Planet Earth … well for as long as there have been […]


    CAC fall registration event scheduled for Saturday, Aug. 19 at campuses in Pinal County

    August 18th, 2017
    by

    PINAL COUNTY, Ariz. – Students have until Saturday, Aug. 19, to register for the fall 2017 semester at Central Arizona […]


    Local utilities warn about the dangers lurking below – Arizona 811 and fellow state utilities stress the importance of calling before you dig

    August 18th, 2017
    by

    PHOENIX – Across the state, many shared utility services that communities rely on run through corridors directly underneath them. These […]


  • Copperarea

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