Calgary vinyl pressing plant appears to be closing

CALGARY – It appears one of the only vinyl record pressing plants in Canada has shut down its operations.Canada Boy Vinyl opened in Calgary in September 2015 expecting to take advantage of a surge in record sales — a Nielsen music report at the time said sales jumped by 52 per cent in 2014.Its machines, purchased from a pressing plant in Britain, were capable of processing up to 70,000 records per week.But things have not gone according to plan for Dean Reid, the founder and chief operating officer of Canada Boy Vinyl.“This New Year brings bad news. It is with great sadness that I must report that we do not expect CBV to be able to continue operations,” said Reid in an automatic email response.The news follows a Facebook post in early December which announced it was ceasing operations until the new year. The shutdown now appears to be more permanent.“I know you are all looking for updates and answers and my intention is to give everyone an official report by January 9th and hopefully sooner,” Reid wrote in the email.“I promise you that I will be updating everyone with the information as soon as it comes in to me. I am moving as fast as possible as I know you all have deadlines to meet and records to sell. You are all extremely important to me.”He thanked the public for its patience as Canada Boy Vinyl constructs a “plan that is in everyone’s best interest.”Reid spent 20 years in construction, playing bass guitar in his spare time, before he decided to take the plunge into a music industry that has become anything but a safe bet.He sought out investors to help finance his dream in August 2013 and got in touch with someone in England with some aging record-pressing equipment for sale.At the time Canada Boy opened for business in 2015, there were only about 40 pressing plants in the world. Canada Boy was believed to be the only pressing plant in Canada after Montreal-based Rip-V ceased operations earlier that year.In a November 2015 interview with The Canadian Press he said he understood the risks involved.“I wanted to try and get involved in a career that was way more in line with what I love and am passionate about — and that is music,” Reid said.“One of the things I was interested in was starting up a record label and I started doing some research into it. I quickly found out it can be one of the arguably worst businesses a guy could ever get into. I’ll try and enjoy it while it lasts.”— Follow @BillGraveland on Twitter Calgary vinyl pressing plant appears to be closing by Bill Graveland, The Canadian Press Posted Jan 4, 2017 12:41 pm MDT Last Updated Jan 4, 2017 at 2:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Jake Scott-Reid inspects a vinyl record as it comes off the press at Canada Boy Vinyl, the only vinyl record factory in Canada, at the facility in Calgary, Alta., Wednesday, Oct. 28, 2015. It appears one of the only vinyl record pressing plants in Canada has shut down its operations. Canada Boy Vinyl opened in Calgary in September of 2015 expecting to take advantage of a surge in vinyl record sales.THE CANADIAN PRESS/Jeff McIntosh read more

Torex developing new underground Muckahi Mining System for Media Luna gold

first_imgTorex Gold Resources has completed an updated Technical Report (TR) including a life of mine plan (LOM) for its producing El Limon Guajes (ELG) mines, that has increased average annual gold production to 430,000 oz/y, from 2019 to 2023. The TR also contains an updated Media Luna PEA, with an after-tax NPV (5%) of $582 million, and an after-tax IRR of 27%.  For purposes of illustration, the TR includes a Media Luna design using a conceptual new underground mining technology that Torex is developing.  The new technology, called the Muckahi Mining System, shows the potential to increase the Media Luna project, NPV by $197 million.  If proven, the Muckahi technology could be applicable to many other underground deposits.Fred Stanford, President and CEO of Torex stated: “With the ELG, ramp-up to steady state nearing completion, this TR incorporates the ramp-up learnings and illustrates that ELG is an asset that produces in the lowest quartile of all in sustaining costs per ounce.  The TR also lays out the ground work for growth through the ELG Underground (ELG UG) mine and Media Luna deposit, and through the advancement of the conceptual Muckahi technology.The updated Media Luna PEA delivers a healthy after-tax IRR of 27%, and an NPV (5%) of $582 million.  The CAPEX estimate is similar to the 2015 estimate, with costs updated to reflect the changes in design and three years of inflation.  Additional metallurgical test work is underway with the intention of demonstrating that metal recoveries can be increased.  Infill drilling is ongoing for this project, with the objective of upgrading 1.85 million of the 7.4 oz Inferred Au Eq (25%), to the Indicated confidence category.As expected, Muckahi illustrates a potential for material improvement over conventional mining technologies.  Using Media Luna as a demonstration example, the study indicates that using Muckahi produces an improvement of 19% in after-tax IRR from 27% to 46%. (30% less underground mining capital, 20% less mine operating cost, and 60% reduction in time to achieve commercial production.)  After many years of thought and design effort, the Muckahi Mining System is now shifting to the underground testing phase.  Manufacturing of the first of the prototype machines is underway, testing underground is scheduled to commence in Q1/19.  Torex looks forward to having a proof of concept before the Media Luna feasibility study work requires a commitment to mining method.Torex is an intermediate gold producer based in Canada, engaged in the exploration, development and operation of its 100% owned Morelos gold property, an area of 29,000 ha in the highly prospective Guerrero Gold Belt located 180 km southwest of Mexico City. The principal assets are the El Limón Guajes mining complex, comprised of the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and El Limón Deep, and the processing plant and related infrastructure, which is in the commercial production stage as of April 1, 2016, and the Media Luna deposit, which is an early stage development project. The property remains 75% unexplored.last_img read more