Ongoing delineation drilling has added 80 million tonnes of reserves, contained in which are about 350,000 tonnes copper and 1.2 million oz. gold. The increase is good enough to extend the mine’s life by 2.5 years and ensure gold production until mid-2015. The new ore is predominantly in the north and northwest sections of the deposit, both inside and outside previous pit limits.
Wheaton Minerals CEO Ian Telfer says the new reserves boost life-of-mine cash flow by more than $200 million.
Definition drilling continues, and a new reserve calculation is expected in the second half of the year.
Wheaton owns a 37.5% interest in the open-pit operation; the remainder is held by operator
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