Back in business? San Juan Ridge Mine seeks re-opening
February 9, 2012
With gold prices nearly five times higher than they were the last time it operated, the San Juan Ridge Mine may be reopened, pending approval by the county.
Officials with the San Juan Mining Corporation filed an application with the Nevada County Planning Department Thursday to re-open the mine, located on roughly 1,700 acres near the historic mining town of North San Juan.
In their application, San Juan Mining Corp. officials said the operation would “provide a significant boost to the local economy, including, but not limited to, 90 high paying jobs ($27.53 median hourly wage), creation of $4.5 million annual payroll, $2.9 million in local material/food purchases and the generation of $330,000 per year in secured/unsecured property tax revenue.”
The summary estimated an additional $7 million will be spent with local vendors and suppliers working to support the mine.
The San Juan Ridge Mine was opened in 1993 and shut down four years later, when the price of gold dipped below $350 per ounce and operating costs rose. It yielded 18,000 ounces of gold, according to officials.
Gold prices were reported at $1,730 per ounce on Thursday and mine officials estimate there are more than 200,000 ounces of gold still accessible.
Read complete details in the Friday edition of The Union.