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State regulators have approved the mile-long tunnel for the project, now called Lucky Jack, but the mining company must still receive authorization from Gunnison County and the town of Crested Butte. Crested Butte last August adopted a moratorium on all development within the town’s watershed, which includes Mt. Emmons, a.k.a. the Red Lady, where the molybdenum deposit is located. The moratorium has now been extended to June.
The ore deposit, the subject of intense displeasure in Crested Butte for the last 30 years, is estimated to contain 22 million tons of high-grade molybdenum ore, and 220 million tons of low-grade molybdenum. The latter would make the deposit more extensive than that found at either the Henderson Mine, located near Berthoud Pass, or Climax Mine, near Leadville and Copper Mountain.
An environmental group in Crested Butte disputed the need for the new tunnel. Bob Slalter, mineral resource director of the High Country Citizens’ Alliance, predicted water quality problems, and declared that the real intent of the tunnel would be for future mining operations, not simply to document the ore body.
Recession slows resort
GRANBY, Colo. – National financial uncertainties are causing a slow down in development at Granby, where development of a giant high-end project called Orvis Shorefox is underway. The project has entitlements to build 600 housing units and 100 commercial accommodation units in a resort along the Colorado River that is focused on flyfishing, among other recreational amenities.
There, development officials acknowledge what is described as a “change in long-term financing.”
“This is taking longer than expected, given the unsettled conditions in the financial markets and the continuing effects of the sub-prime meltdown,” said Susan Penta, a spokeswoman for Orvis Shorefox. The developers include Grand Elk Ranch, which is doing another project nearby, although for a market aimed at a lower price point.
Although Penta described as “not news” and “not unusual,” Granby town officials said they would not allow further changes in the development plan until the money, $30,282, owed to the town gets paid. Some subcontractors are awaiting payment work done in 2006.
“Shorefox Development is working to rectify this situation and intends to get it completed, but it will take additional time and certainly more time than was anticipated,” said Penta. She said recapitalization is expected ”by the time the snow melts.”