QUEBEC – Co-owners Agnico Eagle Mines and Yamana Gold have announced new resource numbers for the Canadian Malartic gold mine near the town of Malartic. This is the first update since the two companies acquired the property in June 2014.
The proven and probable reserves total 263.2 million tonnes at 1.06 g/t Au or 8.94 contained oz. The number was determined using a US$1,300/oz gold price, a cut-off grade of between 0.28 g/t and 0.35 g/t, and a Canadian:US exchange rate of 1.10. The use of the higher cut-off grade reflects the payment of a 5% royalty payable to Osisko Gold Royalties. This represents a decline of about 60,000 oz from the reserve numbers previously published by Osisko. Further, a US$100/oz decline in the gold price would reduce the reserves by about 3.3% or 310,000 oz, according to Agnico Eagle.
The total measured and indicated resources (including reserves) are 314.2 million tonnes at 1.07 g/t Au or 10.80 million contained oz. The inferred resource is 46.5 million tonnes at 0.77 g/t Au or 1.14 million oz of gold.
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