Acquisition adds 2 million oz of gold to Kinross resource estimates

by carly_midgley | December 13, 2017 2:56 pm

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Toronto-based mining company Kinross Gold[2] is ending 2017 with a new acquisition. The company announced today it has gained mineral rights to the Gilmore parcel of land located adjacent to its Fort Knox[3] mine in Alaska.

This addition has yielded a number of benefits for the company. Its gold resources have expanded, with 2.1 million gold oz being added to its estimated, measured, and indicated resources and 300 koz being added to its Fort Knox estimated inferred resources. Additionally, 260 koz of its mineral resources have been converted to proven and probable reserves. This has allowed Kinross to offset some of the depletion it recorded for 2017, lengthening the mine’s estimated life by a year.

“Gilmore is a promising organic development opportunity that can potentially extend mine life at our Fort Knox mine in Alaska, one of our top-producing and high-performing operations,” said J. Paul Rollinson, Kinross’s CEO. “With the Gilmore project, we continue to deliver on our strategy of pursuing low-risk, high-potential brownfield projects that can contribute to the long-term future growth of our company.”

Kinross is currently conducting a feasibility study on the land, the results of which are anticipated in mid-2018. A permitting process for mining on the site is also expected to begin by this year’s end.

Source URL: https://www.jewellerybusiness.com/news/acquisition-adds-2-million-oz-gold-kinross-resource-estimates/

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