The feasibility study is complete, and it looks like a green light for MIRAMAR MINING at its Hope Bay gold project in Nunavut. The study covered initial development of the high-grade Doris North deposit with production targeted for early 2005.
The feasibility study recommends spending $39.9 million to establish an underground mine and 668-tonnes/day mill. With a diluted head grade of 21.9 g/t Au and recovery at 94.9%, the project is expected to produce 311,693 ounces of gold over two years. Cash operating costs are estimated to be $109/oz.
Income from Doris North will provide the springboard for major development of the Hope Bay property. There are three deposits outlined so far: Doris, which has measured and indicated resources of 887,000 tonnes grading 21.5 g/t Au; Boston (1.39 million tonnes at 15.4 g/t); and Madrid (1.09 million tonnes at 10.3 g/t). The company claims that Hope Bay is the first gold discovery in a major Archean greenstone formation since the discoveries at Hemlo, Ont., in 1982 and at Yellowknife, NWT, in 1938.
Many interesting details of the Hope Bay project can be explored at Miramar's web site, www.miramarmining.com