Cochenour - Construction and Development Progressing
A key component of the Company's overall optimization plan to sustain the Red Lake operation is the development of the Cochenour project. Located five kilometers from the Red Lake gold mine, the Cochenour project has continued to advance. Widening of the historical Cochenour shaft has reached 108 metres to a total depth of 342 metres. The five kilometer haulage drift that will transport ore from the Bruce Channel to Red Lake's existing Campbell milling facilities has advanced to 57% completion. Progress has advanced as expected and is on track to be 66% complete by year-end.
A study of the overall project, which will provide updated project costs and timing of first gold, is currently underway and expected to be complete in the third quarter. The study incorporates changes in the mine design and development resulting from exploration results obtained over the past two years.
Red LakeRed Lake Gold Mines (RLGM) is composed of two operating complexes: the Red Lake and the Campbell Complex. Situated in one of the world's most prolific gold producing regions, RLGM has produced 20 million ounces since 1949 and it continues to be one of the highest-grade gold mines and lowest cost producers in the world. RLGM is also the largest gold mine in Canada. The High Grade Zone alone has averaged more than two ounces of gold per ton. Cochenour The Cochenour Project combines the existing workings of the historic Cochenour mine with the Bruce Channel gold discovery. The Cochenour/Bruce Channel deposit is located down dip from the historic Cochenour mine and is a key component of Goldcorp's consolidation plans in the Red Lake district. Goldcorp is one of the world's fastest growing senior gold producers. Its low-cost gold production is located in safe jurisdictions in the Americas and remains 100% unhedged.