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"We found additional mineable areas, particularly within the western wall of the existing pit, resulting in a 30 percent increase in contained molybdenum in proven and probable mineral reserves compared with the 2007 estimate," said Kevin Loughrey, chairman and chief executive officer. "As a result, we have adopted a new 16-year mine plan to replace the previous 10-year plan."
The Denver-based company's new plan assumes a return to full capacity use of the mine's mill by January. The mill's production rate was reduced to approximately 70 percent of capacity in March 2009 because of economic conditions.
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