QUEBEC — Century Mining, a Canadian junior gold producer with its corporate office in Blaine, WA, is making plans to reopen its Lamaque gold project in Val d’Or. Century plans on spending in excess of $100 million on the project over the life of the operation and will also bring significant investment into the historic mining town and is expected to create over 250 new jobs.
Century has raised $60.75 million to fund the reopening. The initial milling rate will be approximately 1,200 t/d by the end of 2010 and will rise to 2,000 t/d as production increases. Initially the mining will be room and pillar flats mining, with a transition to the longhole stoping later in 2010.
Century plans to get into action quickly in early 2010 by having the power turned on at site in late January, the underground re-opened in February, and the stockpiling of ore as early as March. The company is concurrently upgrading the crusher facilities and expects to pour gold in the second quarter of 2010. Century has defined close to 5.5 million oz of gold at the Lamaque mine complex and expects to produce approximately 45,000 oz in 2010. The Lamaque mine will reach commercial production in 2011, where output will be approximately 60,000 oz/y, and climb to just over 100,000 oz/y by 2013.
The Lamaque mine produced 9.3 million oz of gold from 1935 to 2007, and Century believes the property could host another 9.0 million oz. Lamaque was placed on care-and-maintenance in July 2008 because the company lacked development money to expand the mining operation.
Details of the financing to reopen the mine are available at www.CenturyMining.com in the news release dated Jan. 4, 2010.