Detour Gold Corporation TSX:DGC announced updated mineral reserves and resources at its Detour Lake gold project in northeastern Ontario. The project now has 15.57 million ounces gold in the proven and probable reserves categories, and resources of 23.26 million ounces measured and indicated, 5.79 million ounces inferred.
President/CEO Gerald Panneton remarked, “The mineral reserves presented today are still based on a cut-off grade of 0.5 g/t and a US$850/oz gold price. We are currently working on the details of an updated life-of-mine production plan based on the same engineered pit and the new reserve estimate. The mineral reserve increase of 5% is the result of our successful 2011 infill drilling program, which targeted the western portion of the existing pit on a 40-by-40-metres drill spacing resulting in the conversion of inferred resources into reserves. With 15.6 million ounces in reserves, the Detour Lake deposit is projected to be Canada’s largest gold mining operation. The throughput rationalization study conducted in 2011 indicated that based on a US$1,200/oz gold price the best scenario of an expansion would be an increase in throughput from 55,000 to 75,000 tonnes per day. We are proceeding with a prefeasibility study and related studies on the Block A near-surface resource to establish the possibility of further increasing the gold-production profile of the company.”
View Company Profile
or Laurie Gaborit
Director, Investor Relations
by Ted Niles