Blue Note Caribou seeking partner

Dec 23, 2008 | 11:44 AM | Anne Riley

Blue Note Caribou Mines Inc., a wholly owned subsidiary of Montreal-based Blue Note Mining Inc., said it will undergo a voluntary restructuring in January, under which it will look to lower costs by seeking out a strategic partner.

The company has only Canadian $7 million ($5.8 million) in the bank and a monthly care-and-maintenance budget of C$500,000 ($412,000).

According to the miner, a number of parties have already expressed an interest in partnering to finance the company's Caribou complex, an underground zinc-lead mine in New Brunswick that was placed on a temporary care-and-maintenance program in November under the weight of tumbling metal prices. ....

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