Goldcorp finances Red Lake work

TSE-listed Goldcorp is spending $10 million on exploration and development at its Red Lake gold mine in Balmertown, Ont.

The program, expected to last two years, consists of 200,000 ft. of exploration drilling and about 130,000 ft. of development drilling. Exploration between the 30 and 34 levels reveals that the gold-bearing structures have good continuity. The continuity of the mineralization will be tested between the 30 and 38 levels.

The development work is focused on the area between the surface and the 30 level.

Meanwhile, Goldcorp has decided to reduce the daily production rate to 650 from 1,000 tons. Consequently, annual gold production is expected to fall to 50,000 oz. this year from 66,000 oz. in 1994.

The company has reduced its workforce, to 234 from 283 employees, for the duration of the current program.