Keywords : Copper | Market | Zinc |

January 22, 2009

Torch River Resources - Media

Torch River Resources featured in the Victoria Times

Calgary firm eyes Alberni mines
Torch River Resources wants to explore three derelict 19th century operations
By Quintin Winks, Canwest News Service
January 22, 2009

A Calgary company has a plan to extract copper from three abandoned 19th century mines in Port Alberni.

Torch River Resources (TSXV:TCR) wants to begin modern exploration of the three derelict mines thought to contain high-grade copper near the Alberni Canal, 25 kilometres south of Port Alberni, in March.

"Our initial foray will use modern geophysics technology to look at production of the past mines," said company president Bill Pfaffenberger. "We would like to put in a low tonnage, high-grade mine."

The first extractions of copper from the mines began around 1898. At that time the mine extracted quite pure copper, but not in large quantities.

Pfaffenberger is hoping to resume where the old miners left off. But first Torch River Resources will begin sampling, mapping and geophysics, in the hopes it will get good targets. Then it will begin drilling holes.

"It's a huge property," Pfaffenberger said of the 8,000-hectare site. "We'll go at it in a methodical way."

Once the company has determined that it can get high-grade copper, and more of it than the original mine owners did at the turn of the century, it will apply for permits and begin an environmental impact assessment.. To get to that point will take a year at the very least, says Pfaffenberger, probably more like 18 months.

The environmental assessment for most mines is a real hurdle because of waste pools and poisonous tailings, but Pfaffenberger said Torch River Resources will most likely just mine rock and ship it to be processed, possibly at an existing zinc mine in Strathcona Park. Doing so will greatly reduce the mine's impact on the surrounding environment and make an assessment less difficult to obtain.

What all this could mean to Port Alberni is jobs.

"Absolutely, there's enough local expertise in the area that we'd hire locally," said Pfaffenberger.

That is good news for a city that is feeling the global economic slowdown and has dealt with the crippled fishing and forestry industries. Even if Torch River Resources turns up nothing, it has still pledged $1.5 million dollars in exploration over the next five years, says Pfaffenberger.

That is five more years of life for a mine that is already more than a century old. Back then the miners surveyed for copper and where they thought they would find it, they simply bored tunnels into the rock, said Pfaffenberger.

The copper was then extracted and lowered by cable down the steep bluff to be carried away.

But when the mine closed, its inconvenient location on Crown land ensured that it went largely unnoticed for years until the 1960s. At that time a company tried, and failed, to get it going.

"The owner went to raise money in the market, but something went against him," said Pfaffenberger.

"It never went anywhere. Maybe the price of copper fell, I don't know."

In the meantime, Torch River Resources and its partner company have letters of understanding from local First Nations bands who hold title to land affected by the planned mining activity.

Torch River Resouces shares finished unchanged at four cents on the Venture Exchange yesterday. The stock has a 52-week range between two and 26 cents.

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Torch River Resources Ltd.

	EXPLORATION STAGE
	CODE : TCR.V
	ISIN : CA79015E1060

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Torch River is a gold and copper exploration company based in Canada.

Torch River holds various exploration projects in Canada.

Its main exploration properties are MT. COPELAND, GROUSE MOUNTAIN, HIGHROCK ISLAND, NAHMINT and RED BIRD in Canada.

Torch River is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.2 millions as of today (US$ 2.2 millions, € 1.6 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 0.91, and its lowest recent point on April 12, 2013 at CA$ 0.01.

Torch River has 44 888 000 shares outstanding.

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Torch River Resources Ltd.

featured in the Victoria Times - January 22, 2009

Torch River Resources Ltd.