Company shutters camp at Nunavut mine

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(The Canadian Press)
(The Canadian Press)

Elgin Mining has shut down its camp at Nunavut’s Lupin gold mine site in Canada’s eastern Arctic blaming falling gold prices.

The Vancouver-based company was hoping to reopen the former mine near the border with the Northwest Territories.

It had budgeted more than $9 million for work at the site this summer but the company has now cut those costs by $5.3 million.

The plan now is to do the minimum to keep its permits in good standing.

In a news release, the company stated work could resume at the site if the markets change.

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