Vancouver, B.C., Canada (April 6, 2011) Clearlease.com An updated feasibility study has doubled proven and probable gold reserves at Goldcorp Inc’s (TSX:G) recently acquired Cerro Negro project in Argentina to 4.3 million ounces.
The Vancouver-based miner said Tuesday it now expects annual gold production of 550,000 ounces in the first five years of the mine’s operation, with average cash costs of less than US$200 per ounce in that period.
Over the full 12-year mine life, based only on existing reserves, annual production is expected to average 340,000 ounces per year at cash costs of approximately US$290 an ounce.
Total capital cost are expected to be US$750 million to full production in 2013.
Meanwhile, the company said vein extensions and new vein targets support strong potential for additional reserve growth in 2011.
“The positive results in this feasibility study confirm our expectations that Cerro Negro will contribute tremendous value for shareholders as Goldcorp’s next cornerstone gold mine,” said president and CEO Chuck Jeannes.
“Capital cost estimates reflect more than a doubling of throughput, and the straightforward nature of the project design should result in a smooth construction period toward first gold production in just over two years.”
Jeannes described the project as “extremely robust” as now configured but said that with numerous additional veins already identified “we are excited by the potential for future expansion of gold reserves and near-term upside to the production profile.”
Stock in Goldcorp, which reported the feasibility results after markets closed, was up $2.76 or 5.8 per cent, at C$50.30 Tuesday on the Toronto Stock Exchange.
The gold sector was the leading advancer on the TSX as the June bullion contract on the New York Mercantile Exchange rose $19.50 to a record close of US$1,452.50 an ounce.
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