Business
EACOM Timber Corporation Board approves USNR to rebuild Timmins Mill and announces completion of Elk Lake upgrades
MONTRÉAL and VANCOUVER, Dec. 12, 2012 /CNW Telbec/ - EACOM Timber Corporation (TSXV: E...
About this update from Etruscus Resources Corp.
[{"type":"text","content":"\n\n\n\n\n\nMONTRÉAL and VANCOUVER, Dec. 12, 2012 /CNW Telbec/ - EACOM Timber\n Corporation (TSXV: ETR) (\"EACOM\", or the \"Company\") is pleased to\n announce that the Board has approved entering into an agreement with\n USNRKockums Cancar Inc.,(\"USNR\") to rebuild the Timmins Mill.  The\n total cost of the project is estimated at $25 million, a substantial\n portion of which is being funded from proceeds of insurance related to\n a fire. As reported in January of this year, the mill located in\n Timmins Ontario was destroyed by fire.  To date the Company has\n received $23,700,000 of insurance proceeds, $13,700,000 related to\n business interruption and $10,000,000 for damage or destruction of\n assets.\n\n\nEacom has also completed its capital project on the sawline at the Elk\n Lake facility.  The mill has been restarted and expected to operate at\n full production in January 2013.\n\n\n\"We are continuing our capital expenditure program designed to increase\n productivity and capacity at our mills to reduce manufacturing costs. \n The rebuild of Timmins has also been designed to provide for improved\n productivity.  Lumber markets have improved and continue to contribute\n to the overall performance of the Company\" commented Rick Doman,\n President and CEO of the Company.\n\n\nAbout EACOM\n\n\nEACOM Timber Corporation is a TSX-V listed company. The business\n activities of EACOM consist of the manufacturing, marketing and\n distribution of lumber, wood chips and wood-based value-added products,\n and the management of forest resources. EACOM owns eight sawmills, all\n located in Eastern Canada, and related tenures. The mills are Timmins,\n Nairn Centre, Gogama, Elk Lake and Ear Falls in Ontario, and Val-d'Or,\n Ste-Marie and Matagami in Quebec. The mills in Ear Falls, Ontario and\n Ste-Marie, Quebec are currently idled, and operations in Val-d'Or and\n Matagami which had been temporarily shut down due to weak market\n conditions will be resuming in the third quarter. The mill in Timmins\n was seriously damaged by fire in January 2012 and remains shut down due\n to the fire. EACOM also owns a lumber remanufacturing facility in\n Val-d'Or, Quebec, and a 50% interest in an \"I\" joist plant in Sault\n Ste-Marie, Ontario.\n\n\nThe TSX Venture Exchange has neither approved nor disapproved the\n c...