I was thinking the same thing Ali, this person keeps coming back, worse as a bad set of royds. Well clam the last NR was totally positive and it only gets better the deeper they go. Flags got good grades from the surface down, here is a NR of a once producer, born again 4 years ago, they had O.K. grades near the surface and now is at level 37 of the mine 5,000 feet plus below the surface Wah La>> New Red Lake Mine exceeding forecast Higher grade, tonnage mined and gold recovery rate
TORONTO, Sept. 11 /CNW/ - GOLDCORP INC. (TSE: G.A, G.B; NYSE: GG.A, GG)
is pleased to announce a smooth start of its new Red Lake Mine. Forecast ore
grade (content of gold per ton) and production targets have been significantly
exceeded by the first 44,000 tons mined.
HIGH GRADE 40% HIGHER
The average grade encountered was estimated to be 1.79 ounces per ton
(opt) or 61.4 grams per tonne (gpt). This grade is 40% higher than the
forecast reserve grade of the areas mined. The implications for the size of
reserves and production costs per ounces are very positive.
MORE HIGH GRADE AT DEPTH
Two drill hole intercepts below our existing reserve outline appear to be
an extension of the HW5 zone. The estimated uncut assay values were 70.35 opt
over 1.9 feet (2,411.6 gpt over 0.6 m) in hole No. 34L812 and 9.49 opt over
2.0 feet (325.4 gpt over 0.6m in drill hole No. 34L811.)
PRODUCTION FOR 2000 AND 2001
Production for the year is projected to be 90,000 tons up from 67,000
previously disclosed. Production for 2001 is forecast at 223,000 tons.
EARLY GOLD PRODUCTION
The mine produced, or poured its first bar of gold on August 1st. During
the month of August, a total of 7,129 ounces of gold were produced from 7,923
tons milled. The head grade was 1.63 opt (55.9 gpt). Gold recovery from the
gravity circuit was 53% versus 40% forecast and the recovery from the Leach
CIP circuit was on target. Total gold recovery was a surprising 94% versus
forecast 83%.
ON BUDGET, ON SCHEDULE
The "new mine" project is on budget and on schedule to reach full
production by November. The total capital expenditures were 92% complete as at
the end of August. The mill is 100% built. It will reach the full production
rate of 600 tons per day later this month. Underground development is 87%
complete and the surface facilities are 94% complete.
ANALYSTS, PORTFOLIO MANAGERS AND CHALLENGE JUDGES VISIT MINE
The above information was provided last evening, to a group of
institutional investors, mining analysts and the judges of Goldcorp's internet
"Challenge". This group is the first outside group to visit our "new" Red Lake
Mine.
A copy of the presentation material will be posted and available,
tomorrow, on Goldcorp's website: www.goldcorp.com.
Goldcorp is a North American-based gold producer. In addition to its Red
Lake Mine, Goldcorp owns and operates the Wharf Mine, which is an open pit
gold mine located in the Black Hills of South Dakota, and industrial mineral
mines located in Saskatchewan through Saskatchewan Minerals.
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For further information: Robert R. McEwen, Chairman and CEO, Telephone:
(416) 865-0326, Fax: (416) 361-5741, e-mail: info@goldcorp.com, website:
www.goldcorp.com; Corporate Office, 145 King Street W., Suite 2700, Toronto,
Ontario, M5H 1J8
GOLDCORP INC. has 77 releases in this database.
****They gave the mine up after working it from 1948 and now it shows areas with high grade gold in the ounces per ton just like the grab sample assay from the the Park in the Rathbun Twp. 32 oz per ton!!! Adios Slug.... |
