Canadian Mining Journal

News

GOLD: Detour’s new life of mine plan for Detour Lake



ONTARIO – Detour Gold Corp. of Toronto has revamped the mine plan for the Detour Lake gold mine 185 km northeast of Cochrane. The new scheme extends the life of the project for a further 23 years with average annual gold production to be 617,000 oz in each of the next three years.

The new plan is based on proven and probable open pit reserves containing 16.4 million oz of gold (514.3 million tonnes at 0.99 g/t Au). De-risking the project has given it a proposed total site cost of US$690 per oz produced. The project now has an after tax net present value (5% discount) of C$3.9 billion using a long term gold price of $1,475/oz. Furthermore, the maximum mining rate is lowered to 124 million tonnes from 140 million tonnes because the strip ratio is reduced to 4.0:1 from 4.8:1 over the next nine years, a savings of 160 million tonnes of waste that will not need to be removed.

Detour Gold held a workshop presentation and posted the presentation materials at DetourGold.com.

The company also released its 2016 guidance numbers. It expected to produce between 540,000 and 590,000 oz of gold this year at an all-in sustaining cost per ounce sold of US$840 to US$940.