Pilot Diamond Tools, a North Bay mining supplier, secured a $140,000 repayable loan from FedNor to fund a new product line.
The announcement was made in North Bay on Oct. 3.
The money is earmarked for pre-commercial work in the design, construction and field-testing of a new diamond drill bit to add to the company’s catalogue of exploration drilling tools.
The 35-employee company makes reaming shells, drill bits, grinding pins, casing shoes and locking couplings.
“This targeted investment will enable Pilot Diamond Tools Ltd. to improve its manufacturing process, grow its product line and expand into international markets, creating new economic opportunities and further positioning North Bay and all of Northern Ontario as open for business,” said Nipissing-Timiskaming MPP Jay Aspin in a statement.
