Glover Island gold mine has been stalled due to financial markets
Mountain Lake Minerals could come back to a local mining project as early as late spring if Paul Smith gets his way.
The company owns a piece of land on Glover Island in Grand Lake and has been planning a gold mining project for the past several years. Recent shifts in the global economy, combined with a couple of downturns in the mining industry have meant the project had to be put on hold in 2012, but Smith, Mountain Lake’s chief executive officer, told The Western Star his company is beginning to see some light at the end of the tunnel.
Mountain Lake Minerals used to be Mountain Lake Resources before a plan of arrangement with a company called Marathon Gold, he said. The changes were made, he explained, around the time that the market was in a “steep dive off a cliff,” which resulted in several projects being put on hold.
“We’ve been in conservation mode ever since, trying to look after the cash we do have,” he said. “But things are starting to move, albeit more slowly than I’d like.”
Smith said Mountain Lake Minerals is hearing the first positive insight since 2012. He stressed that if the company does get to start this year in Grand Lake, it would be a very small project at first. Smith wanted to start something in the area this past fall, but said it was financially impossible.
“The program would be more foot-based, as in workers on the ground,” he said. “It would have small crews and we’d like to get some work done. We’d have to make sure we don’t interfere with the pine marten’s breeding habits, but it is possible to get something started this year.”
Of course, it all depends on the numbers, he added, and whether they can keep the funding levels up in the face of some of the company’s other projects.
Smith said more should be known more within the next few weeks.