Goldcorp has given approval for full-scale development of its Cochenour Gold Project at Red Lake in northwestern Ontario.
The Vancouver gold miner announced positive study results for Cochenour and its Eleonore Gold Project in Quebec, Feb. 24.
“The Eleonore and Cochenor projects are key components of Goldcorp's next generation of gold growth projects, and the positive results of these studies confirm our expectations for sustained, high quality gold production from two very important areas for Canada,” said Goldcorp president Chuck Jeannes in a statement.
The average annual gold production at Cochenour is between 250,000 and 275,000 ounces over a 20-year mine life with a processing rate of 1,500 tonnes per day. The initial capital cost is $420 million. Gold production is expected to start by the fourth quarter of 2014.
The news come on the heels of Goldcorp's record performance in 2010, posting revenues of $3.8 billion on gold sales of 2.4 million ounces, a 40 per cent increase over 2009. Jeannes said the “excellent performance” at Red Lake was a “key component” to Goldcorp's record cash flow.
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