Production expected to begin at Taylor Mine.

• Author: Ross, Ian
• Position: Brief Article

St. Andrew Goldfields has plans to bring its Taylor Gold Mine into production thanks to a fresh infusion of cash from a wealthy Australian mining entrepreneur.

The company is in the process of putting together a $25.3 million financing package with Joseph Gutnick that will likely put Taylor Mine, near Timmins, into production over the next three years.

Gutnick, described as one of the most successful explorationists in Australia, headed a team behind the discovery and development of three gold mines in Australia and a nickel operation. He will be appointed executive chairman of the company.

"He's one of the few guys in the world willing to raise money to drill holes in the ground," says Charles Gryba, president of the gold mining and exploration company with about 50 square miles (kin) of holdings containing a gold mm and three mines - Taylor, Stock and Hislop - in the Porcupine-Destor Fault.

Gryba says about $10-15 million will go into the development supplemented by another $10-$15 million in bank loans.

Despite being first identified by Hollinger in 1961, the property has never been in production. The mine is located in Taylor Township in the municipality of Black River Matheson to the east of Timmins.

Some drilling programs were conducted in the late 1980's when St. Andrew's acquired 50 per cent interest in the property and an exploratory shaft was sunk in an area that was believed to hold some, promising gold value, but the system wasn't considered economical to mine, says Gryba.

But when some re-assayed drill cores a few years ago yielded more than a quarter ounce of gold, the...