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Selwyn Resources (SWN.V) - further work on assessing environmental issues

Comment by Objective Capital , Dec 28, 2007
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Selwyn remains on track to start a prefeasibility study into a lead zinc mine at its Selwyn project in east-central Yukon, near the Northwest Territories border. Much of the company’s effort over the past year has gone to assessing environmental issues that the project will face. Accordingly, Selwyn Resources recently hired three former Yukon civil servants as advisors.

These new advisors are Lois Craig, a former assistant deputy minister for Yukon Energy, Mines and Resources. Maurice Albert, a former deputy minister for Yukon Economic Development and Rick Farnell, a former senior wildlife biologist with Yukon Environment. The three will provide strategic and technical advice to aid development and permitting of the project.

Objective's view:

The addition of three former Yukon bureaucrats highlights the potential obstacles the company faces in developing the huge Selwyn deposit. Yukon has an extensive mining heritage, but the territory and the Canadian government are still picking up the pieces at the former Faro lead-zinc mine. Clean-up costs at Faro could cost several hundred million dollars. Accordingly, we believe Selwyn’s prefeasibility study will have to address the key environmental concerns prior to commencement of the environmental assessment process late next year.

Ultimately, we believe Selwyn Resources will bring in a senior company to lead permitting and development of the project. The estimated capital cost of the proposed mine is in the order of C$1,000m, which we believe is beyond the current capabilities of the company. Selwyn is actively seeking a partner and the company will be releasing detailed metallurgical, engineering and other information to more than one dozen companies that have signed confidentiality agreements.

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