NUNAVUT - Vancouver-based MIRAMAR MINING has set aside $16 million for this year's work at its 100%-owned Hope Bay gold project. Drilling to upgrade gold resources at the Boston, Doris and Madrid deposits will cost about $13 million. Another $2 million will be spent on permitting the Doris North project and community relations. The balance is earmarked for work related a feasibility study which is expected to be ready in 2006.
At the end of last year, Miramar estimated that measured and indicated resources at Hope Bay total 6.85 million tonnes grading 9.6 g/t Au, or 2.1 million ounces of contained gold. Additional inferred resources are estimated at 19.21 million tonnes grading 7.0 g/t Au, or another 4.3 million oz of gold.
Miramar closed its Con gold mine in Yellowknife, NWT, last year, and the nearby Giant mine was to close by the end of this month (March 2005). Development of the Hope Bay deposits will put the company back among the ranks of mid-sized gold producers. For more information about these plans, visit www.MiramarMining.com.