Gold Corp Inc. has increased its gold reserves at Red Lake mine by 25 per cent over last year's predictions. Commercial gold production at Red Lake mine began on Jan. 1 of this year. The mine produced more than 336,000 ounces of gold by July 31, increasing their annual production forecast to more than 450,000 ounces of gold at a cost of less than $70 per ounce. The company now estimates its gold reserves at Red Lake mine at 4.3 million ounces, grading at 1.33 ounces of gold per ton of rock, compared to earlier estimates of 3.56 million ounces, grading at 1.12 ounces of gold per rock.
