CNW Group May 08, 2008
New Goldex Mine Commissioning; Four More New Gold Mines Under
Construction
At the 100% owned Goldex mine in northwestern Quebec, proven and probable
reserves are 1.6 million ounces of gold (23.1 million tonnes grading 2.2 grams
per tonne). Current reserves are estimated to be sufficient for a nine year
mine life with expected annual production averaging 175,000 ounces. With a
large additional resource, the mine remains open for expansion. Please see the
table titled "Detailed Mineral Reserve and Resource Data - December 31, 2007"
later in this press release for further detail.
The initial ore was fed into the Goldex mill in the third week of April
and commissioning is underway. The mill is currently operating at
approximately 4,400 tonnes per day and the initial gold pour was performed on
May 7, 2008. Commercial production (70% capacity for 30 consecutive days) is
expected to be declared in mid-2008. The full production rate of 6,900 tonnes
per day is expected by September 2008. Current production is sourced from the
surface stockpile of approximately 254,000 tonnes (grading 2.02 grams per
tonne).
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