Deal signed to take over
Cassiar asbestos deposit

JUST OVER two years afier the
Cassiar asbestos mine went into
receivership and iis workers be-
gan'to move out, three companies
have signed a deal to return,

This time two Australian firms
and ons Canadian company havé
formed a partnership -to process

~ the -mine’s gigantic lailings pile in

expeciation of recovering cnough
asbestos fibre to make a profit.

_ They've paid $184,040. to
receiver Arthur Anderson and
Company and will pay a further
royalty depending upon the
amount recovered.

The money will go to paying :

the creditors of Cassiar Mining

Corporation, chief of which is the

provincial government,
_ . Arthur Andersen official Gerry

Zuk sald the partnership, by pur-
chasing whal’s left of Cassiar,
will also take over responsibility
for turing back to nature the now
abandoncd and stripped Cassiar

. townsite, ;

That’s a. benefit because the
province would otherwise have to
cover the estimated $5 million to
$7 million reclamation cost, he

said,

. The joint venture, to be called
B.C. Chrysotile Corp., will alsa
post a $500,000 reclamation bond
with the provincial government.
"And if’ll also pay the province
another royally for asbestos
recovered,

The threes companies made the
purchase by exercising an option
taken out the middle of iast year.

That gave them the right to ex-
amine in more detail the tailings
pond,

B.C, Chrysotile will used
what’s called a wet process to
recover asbestos from the pile.
~The process. is being used suc-

cessfully in other paris of the
world, |

The tailings pile is the result of
40 years of mining by ths now
defunct corporation and contains
16 million tonnes of material.

There are some contaminated
soils in the townsite and these
will also be cleaned up.

Mines ministry reclamation: “of
ficial John Errington said’ ‘he ext

pects the company to be back in

The Terrace Standard, Wednesday, March 30, 1994 - A13

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- OMINOUS SIGN in front of the Cassiar asbestos pile may soon be replaced by |
one containing a different kind of message. Three companies have formed a joint
venture and it has purchased the pile and former townsite. The joint venture wants
to use a reclamation process to recaver fibre from the tailings pile. Work has al-
ready started at the location.

Cassiar as soon as possible to be-
gin work,

*“T know they’ve winterized one
of the (former Cassiar mine) mill
buildings,’? he said.

Errington added that B.C,
Chrysotile will first have to circu-
late some of the first fibre it pro-
duces in order to get an idea of its
market acceptance and value.

Cassiar Mining Corporation
Went inio receivership in- Febru~
ary 1992 after ithe provincial

" government refused to loan it ad-

ditional money,

The province is the largest
creditor of the corporation, ac-
cumulating. direct and indirect
cosis of nearly $50 million since
the mine closed,

An official from Minpro, one of
the Australian companies, said
last year that a successful project
will result in asbestos being
trucked to Stewart for loading
onto ships.

Call Toll-Free 1 “800. 663-6620 For Reservations
Phone & Fax (604) 562-4441

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Prince George rs

Ln Price George

Px Dillion.
| 1.3
: o1.3
$898
_ million

1991 1992 1994

SOURCE: Ministry of Finance and Corporate Relations

Here are the facts:

1, The 1994 deficit is now cut from $2.4 billion in 1991 to $998 illo
- this year.

: 2. “This is the third year in a row that the deficit has been cut.
3. BC will have a balanced hudget by 1996.

1993

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. _ Angutty BC and order your copy of the 1994 BC budget: -

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In Greater Vancouver: 775-0303 / All other arcas: 1-800-661-8773

ns cit down. Waste cut. Jobs u

Taxes are frozen
for the next three years. -

tis)

GOVERNMENT OF BRITISH COLUMBIA