In a phone interview with Independent-News, Jack McMahon, president of the Nevada Regional Team said, “Due to economic constraints, we are suspending operations. Currently the crushing and ore handing have been affected, resulting in 18 employees being laid off.”
Both McMahon and Richard Wells, manager of Borealis Holdings LLC. cited economic conditions due to the falling price of gold.
It was explained by the two that as Borealis begins to phase out other areas of their mining operations, more positions will be terminated, ultimately resulting in the loss of 30 jobs.
In January of 2013, Borealis Mining Company LLC., a subsidiary of Gryphon Gold Corporation, entered into agreement with Waterton Global Value L.P. on the ownership of the Borealis mining project.
It is unknown at this time where the companies stand financially.
McMahon concluded the interview by saying, “We would like to thank our employees for their dedication and valuable contributions to the Borealis operation. Reducing workforce levels is never easy and this was a difficult decision to make. Going forward, we will assess all long-term options that provide the best opportunity for future production and employment.”
Borealis Mining Company LLC. operates the Borealis mine which is an open-pit heap leach mining operation for gold and silver in the Walker Lane Mineral Belt. The mine is located 16 miles from Hawthorne.