Detour Gold has released an updated open pit production plan that supports a 21.5-year mine life at its Detour Lake project now under construction.
With a current mineral reserve of 15.6 million ounces of gold, grading 1.03 grams per tonne, the company said in a Sept. 4 release that construction is going well, having reached the 87 per cent completion market at the end of August.
The company said Detour Lake remains “on budget and on schedule” to start production by the first quarter of next year.
Detour president Gerald Pannelton said if commercial production is achieved next July, the mine is expected to produce up to 400,000 ounces in 2013.
“Over the first three years of operation including 2013, we estimate the project to generate over a $1 billion of operational cash flow. With average annual gold production projected at 657,000 ounces, the Detour Lake mine will be among the largest gold operations in North America.”
The mine is located 185 km northeast of Cochrane in northeastern Ontario.