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Goldcorp Inc. announced that a certificate of authorization has been issued by the Quebec Minister of Sustainable Development, Environment and Parks allowing full construction of the Éléonore gold project in northern Quebec to commence immediately.
With life-of-mine gold production expected to average approximately 600,000 ounces of gold per year, Éléonore will be one of the largest underground gold mines in Canada and a key element of Goldcorp's leading growth profile. "Receipt of approvals for construction at Éléonore ensures that the strong pace of development will continue at this pure gold project," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "With robust, low-cost gold production in the heart of one of the most attractive mining jurisdictions in the world, Éléonore is well positioned as one of Goldcorp's future cornerstone assets. A strong, experienced team is already in place and we remain on track for first gold production in late 2014." Issuance of the certificate of authorization follows the execution of the collaboration agreement among the Cree Nation of Wemindji, the Grand Council of the Crees (Eeyou Istchee), the Cree Regional Authority and the Company earlier this year. "Our solid relationship with the Cree and the timely processing of the application by the government of Quebec were essential to achieving this next step toward our common interest in constructing and operating what we believe will be the best new gold mine in Canada," added Jeannes. The current Éléonore development plan details an average throughput rate of 7,000 tonnes per day, contributing to the forecast average 600,000 ounces of gold production per year at cash costs below $400 per ounce over an approximate 15-year mine life. Total capital cost is expected to be approximately $1.4 billion to full production. Significant progress has already been achieved at the site. The exploration shaft has advanced to a depth of 588 metres, with completion to full 725-metre depth on track for the second quarter of 2012. The exploration ramp has reached 663 metres in length and will provide drilling locations for further resource definition as mine development progresses. The receipt of the certificate of authorization now allows for the commencement of construction of the second production shaft and related infrastructure, as well as the 7000 tonne per day process facility, the 63-kilometre access road and the 120 Kv electrical sub-station. |
