What a move this was when prices retreated...gotta' love it!!
<<Hope Bay
"We believe Hope Bay is the best undeveloped gold property in Canada, containing estimated resources of 4.3 million ounces of gold. Further, it has tremendous exploration potential offering numerous opportunities for the discovery of new deposits," said Mr. Walsh. The Hope Bay resources have been extensively drilled by BHP and the largest resource, Boston, has been extensively tested underground, including 10 metres of centre drilling and 16,000 tonnes of bulk sampling, confirming the grade, tonnage and continuity of the principal mineralized zones.
"These zones are high-grade, near surface and are open to extension in all directions. With grades of 13 grams per tonne at Boston and almost 18 grams per tonne at Doris, and no need for the development of a shaft, these two resources are expected to generate gold production at very low total cash costs, well below $200 (U.S.) per ounce," said Mr. Walsh. "Given our extensive experience in these types of deposits and our management and staff's operating experience at several mines in the Far North of Canada, we are very comfortable working at Hope Bay and look forward to commencing work in January." Underground and surface in-fill drilling is expected to commence in mid-January as part of an $8-million (U.S.) program designed to rapidly advance the project toward completion of a feasibility study.>> |
