BRITISH COLUMBIA – Royal Gold of Denver has agreed to take another 12.25% of the gold produced by the Mt. Milligan copper-gold mine under development 155 km northwest of Prince George. That brings Royal’s total gold off take commitment to 52.25% worth a total of US$781.5 million.
The Mt. Milligan project is owned by Thompson Creek Metals of Denver. Thompson Creek is planning a conventional truck-and-shovel open pit and 60,000-t/d copper flotation concentrator. During the first six years of operation, the mine will produce 89 million lb of copper and 262,000 oz of gold. Start-up is scheduled for Q3 2012 and commercial production for Q4 2013.
Thompson Creek also operates the producing Endako molybdenum mine and Davidson moly development project in British Columbia as well as the Thompson Creek moly mine in Idaho.
Additional information about the company is available at ThompsonCreekMetals.com.