http://www.nunatsiaqonline.ca/
Elgin Mining posts $14.1 million loss for first half of 2013
Beset by financial losses and falling gold prices, the owner of Nunavut’s Lupin gold mine, Elgin Mining Inc., has put the property back into mothballs indefinitely, the company said Aug. 12 in a news release. “The Lupin camp was shut down in late April and will remain closed indefinitely,” Elgin Mining said.
The company said the Lupin camp and its infrastructure are in “excellent condition,” but that it will stay closed until the price of gold and other market conditions improve. To keep the site maintained, Elgin will spend less than $250,000 between now and the end of the year.
In 2011, when gold was trading at above $1,500 an ounce on global markets, Elgin Mining bought the property from MMG Resources Inc., the current developer of a set of lead-zinc projects in the western Kitikmeot.
At the time, Elgin planned to bring the mine, which had pumped out 3.5 million ounces of gold between 1982 and 2003, back into production.