Vancouver — The Kemess mine in north-central British Columbia enabled
The mine delivered a record 303,475 oz. gold and 78.3 million lbs. copper, compared with 294,117 oz. and 76.2 million lbs. in 2003. The cash cost, US$137 per oz., was lower than ever before, and considerably less than the US$219 posted for 2003.
In the fourth quarter also, gold and copper production reached record levels: 94,673 oz. gold and 23.9 million lbs. copper at a cash cost of US$116 per oz. In the year-earlier period, 78,761 oz. and 22.2 million lbs. were produced.
The daily milling rate in the fourth quarter was 52,136 tonnes, and grades were above average at 0.876 gram gold per tonne and 0.27% copper.
Drilling at the Kemess South pit throughout the year enabled Northgate to convert 11.8 million tonnes of resources grading 0.414 gram gold and 0.147% copper into reserves.
Meanwhile, 6 km to the north at the Kemess North project, a feasibility study recommended mine development, starting potentially in late 2006. The initial capital investment would be US$190 million, and the mine life is projected to be 12 years.
The run-of-mine cash cost at Kemess North is pegged at US$180 per oz. Once Kemess South is depleted and higher-grade ore from Kemess North’s core zone is extracted, overall cash costs are expected to fall to US$110 per oz.
Kemess North would produce 2.6 million oz. gold and 1.3 billion lbs. copper in total. Proven minable reserves stand at 282 million tonnes grading 0.306 gram gold and 0.159% copper; probable reserves, at 132 million tonnes grading 0.31 gram gold and 0.16% copper.
Northgate is advancing its permitting process and evaluating financing options for development of the new Kemess mine.
Be the first to comment on "Northgate posts record output at Kemess"