BALMERTOWN, Ontario For the third year in a row, GOLDCORP is pleased to report that reserves and resources at its Red Lake gold mine are increasing faster than they are being mined, and grades continue to increase at depth. Grades as high as 2.92 opt Au have been intersected 500 feet below the currently planned bottom of the new shaft.
Work done during 2003, outlined over 1.0 million oz of gold, almost double the 530,000 oz accounted for by production. Reserves and resources at the Red Lake mine grew to 6.78 million tons averaging 1.09 opt Au, for a total gold content of 7.4 million oz.
With the new 7,150-ft shaft, Goldcorp plans to increase gold output from Red Lake to more than 700,000 oz/year beginning in 2007. Of the money earmarked for the expansion, $19 million is to be spent on the shaft, $11 million on underground development, $3 million for mill upgrades, $21 million for permanent site services, and the remainder for contingencies and other expenditures. Complete plans can be viewed at www.goldcorp.com.